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November 24, 2020
Volume 47


  • Information Notices
  • UPC Advisories

Upcoming Deadlines and Effective Dates
  • FINRA Request for Comment
  • SEC Requests for Comment on FINRA Rules
  • Renewals

Education and Compliance Programs

FINRA and Prometric continue to make the health and well-being of our community a top priority during this COVID-19 pandemic. Therefore, for exams not available online, FINRA and the MSRB will extend all enrollment windows that are currently expired, or will expire, between March 16 and December 31, 2020. FINRA and the MSRB exam enrollment end dates will be extended through the same end date of December 31, 2020. Affected enrollment windows have been systematically updated and reflected in CRD. FINRA and the MSRB will continue to assess this situation and consider whether any additional extension of their exam enrollment windows is necessary. For more information, visit our website.

Tune in to the latest episode of the FINRA Unscripted podcast. On this episode, we hear about the current and future state of artificial intelligence from three industry leaders. Listen to the podcast.

FINRA's virtual conference panels provide a unique opportunity to hear the most up-to-date compliance information directly from industry and regulatory leaders right from the comfort of your home. Watch the latest panel on Supervising Independent Contractors. Hear from FINRA staff and industry members as they address common challenges in supervising independent contractors and offer examples and suggestions for firms to use in their everyday compliance efforts.


2021 and First Quarter of 2022 Report Filing Due Dates

To assist members in their financial reporting obligations, FINRA has issued Information Notice 11/23/20 to provide the due dates for Annual Report, Financial and Operational Combined Uniform Single (FOCUS), Form Custody, and supplemental FOCUS Report filings that are due in 2021 or the first quarter of 2022. Members are reminded that all such filings submitted to FINRA must be made electronically through FINRA Gateway. The due dates set forth in this Notice are solely as to the filings that are specified in the Notice and required under SEA Rule 17a-5 or FINRA Rule 4524. These due dates take into account the federal holiday calendar as appropriate. The SEC has adopted changes to FOCUS reporting requirements in connection with security-based swaps. Prior to implementation of the changes, FINRA will separately provide guidance and instructions for reporting through FINRA Gateway. Questions regarding this Notice should be directed to your firm’s Risk Monitoring Analyst.

FINRA Reminds Firms of Exercise Cut-Off Time for Options Expiring on the Friday After Thanksgiving

The national options exchanges are closing at 1:00 p.m. Eastern Time (ET) on Friday, November 27, 2020 (the Friday after Thanksgiving), which will modify the exercise cut-off time for expiring options. In Information Notice 11/24/20, FINRA reminds firms that pursuant to FINRA Rule 2360(b)(23)(A)(viii), if a national options exchange or The Options Clearing Corporation announces a modified time for the close of trading in standardized equity options, then the deadline for an option holder to make a final decision to exercise or not exercise an expiring option will be 1 hour 30 minutes following the time announced for the close of trading on that day instead of the 5:30 p.m. ET deadline. Accordingly, option holders must make a final decision to exercise or not exercise options expiring on November 27, 2020, by 2:30 p.m. ET.

UPC Advisories

The following UPC Advisories were published in the last week:

  • UPC #46-20: Oasis Petroleum, Inc. (OASPQ)
  • UPC #47-20: FTS International, Inc.

Upcoming Deadlines and Effective Dates

FINRA Request for Comment

FINRA requests comment in Regulatory Notice 20-34 on proposed amendments to Rule 2165 (Financial Exploitation of Specified Adults) to extend the hold period and to allow temporary holds on securities transactions to further address suspected financial exploitation of senior investors. The Notice also summarizes the retrospective rule review process, including the predominant themes that emerged from stakeholder feedback and resulting actions, and provides guidance to aid member firms and senior investors. The comment period expires December 4, 2020.

SEC Requests for Comment on FINRA Rules

The SEC requests comment on FINRA’s proposal to amend FINRA Rules 5122 (Private Placements of Securities Issued by Members) and 5123 (Private Placements of Securities) that would require members to file retail communications concerning private placement offerings that are subject to those rules’ filing requirements. The comment period expires November 27, 2020. See the Federal Register notice.

The SEC requests comment on FINRA’s proposal to amend the By-Laws of FINRA Regulation, Inc., FINRA’s regulatory subsidiary, to align the grounds for member removal from the National Adjudicatory Council with an existing provision in the FINRA By-Laws related to the removal of a FINRA Governor from the FINRA Board of Governors. The comment period expires November 30, 2020. See the Federal Register notice. 

Broker-Dealer, Investment Adviser Firm, Agent and Investment Adviser Representative, and Branch Renewals for 2021

The 2021 Renewal Program began November 16, 2020, when FINRA made the Preliminary Statements available to all firms in E-Bill. As described in Regulatory Notice 20-39, the payment deadline is December 14, 2020.


 Education and Compliance Programs

Registration is open for the 2021 FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP)® Program. Week I takes place on July 18-23, 2021, and Week II takes place on November 14-19, 2021.Take advantage of our new reduced registration rates and gain your CRCP designation.

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