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New Fingerprint Process Begins December 6

November 10, 2021
Volume 45

 
 
guidance

Guidance
  • UPC Advisories
disciplinary actions

Disciplinary Actions

 
upcoming

Upcoming Deadlines and Effective Dates
  • FINRA Requests for Comment
  • Renewal Program
education

Education and Compliance Programs

 
One week left to vote in committee elections. Committee members play an important role by helping inform FINRA’s regulatory programs. See Election Notice 10/19/21 to learn how eligible firms can cast a ballot in elections for FINRA Regional Committees. See the second Election Notice 10/19/21 for details on how eligible firms can cast a ballot to fill one North and one West Region vacancy on the Small Firm Advisory Committee. Voting instructions were included in the ballots sent to eligible firms. Ballots are due by November 18, 2021.
 



New fingerprint process effective December 6. Beginning 7 a.m. ET on December 6, broker-dealers and funding portals must send fingerprints to FINRA’s designated fingerprint provider, Sterling, for processing by the Department of Justice (FBI). Sterling will not accept or process fingerprints from broker-dealers and funding portals before that date. In preparation for the transition, FINRA will cease processing fingerprints for broker-dealers and funding portals from 11 p.m. ET on November 29, 2021, through 6:59 a.m. ET on December 6, 2021. For more information about key dates and required tasks, please visit the FINRA Fingerprint Process Change webpage.
 

 Guidance

UPC Advisories

The following UPC Advisories were published in the last week:

  • UPC #112-21: Hudson Pacific Properties (OTC Symbol: HPPCV)
  • UPC #113-21: Enterprise Financial Services (OTC Symbol: EFSSV)
  • UPC #114-21: Public Storage (OTC Symbol: PBSTV)
  Disciplinary Actions

FINRA publishes disciplinary actions to remind registered representatives and firms of specific conduct that violates FINRA rules and may result in disciplinary action. FINRA posted the following disciplinary item on the website this week:

  • FINRA announced that it sanctioned Aegis Capital Corp. approximately $2.8 million, including $1.7 million in restitution to 68 customers whose accounts were potentially excessively and unsuitably traded by the firm’s representatives. FINRA also imposed a $1.1 million fine for Aegis’ supervisory violations.

 Upcoming Deadlines and Effective Dates

FINRA Requests for Comment

FINRA requests comment in Regulatory Notice 21-32 on a proposed change to its current policy relating to the assignment of OTC symbols to unlisted equity securities. Specifically, FINRA is considering whether it should begin assigning OTC symbols to unlisted equity securities that do not have a valid CUSIP identifier, in the limited circumstance where a member firm demonstrates its best efforts to obtain a CUSIP identifier and provides documentation to identify the security. Comments are requested by November 15, 2021.

FINRA requests comment in Regulatory Notice 21-35 on a proposal to require members to publish quarterly order routing disclosure reports for held orders in OTC Equity Securities. The proposed new quarterly reports would be similar to those required for NMS stocks under the Securities and Exchange Commission’s (SEC) Rule 606(a) of Regulation NMS, with certain modifications reflecting the different structure of the OTC market. FINRA also requests input on possible steps to further facilitate investor access and understanding of current order routing disclosures for NMS securities. Comments are requested by December 6, 2021.

Broker-Dealer, Investment Adviser Firm, Agent and Investment Adviser Representative, and Branch Renewals for 2022

The 2022 Renewal Program began on November 8, 2021, when FINRA made Preliminary Statements available to all firms in E-Bill. As described in Regulatory Notice 21-39, the payment deadline is December 13, 2021.
 

 Education and Compliance Programs


Register today for the virtual Retail Member Forum on December 9. Firm Grouping Member Forums are free one-day events designed to provide financial professionals associated with FINRA member firms the opportunity to engage in key discussions with FINRA staff and connect with industry leaders and peers. The forums also include thoughtful discussions around the future landscape of the financial services industry and provide opportunities to meet one-on-one with FINRA Risk Monitoring Analysts, Directors, and Single Points of Accountability to discuss firm-specific questions.

View the latest on-demand sessions from the Access and Impact Conference. On-demand sessions are available for FINRA member firms, CRCP® graduates and non-members.

Register for all of FINRA’s upcoming events:

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Regulatory Contacts
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http://www.finra.org/FCS for further information. Requests from executive representatives to be removed from this email notification list cannot be honored.

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