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Registration Now Open for the 2020 CRCP Program

Novemer 26, 2019
Volume 48

 
 
guidance

Guidance
  • Information Notice
  • Updated FAQ
  • UPC Advisory
upcoming

Upcoming Deadlines and Effective Dates
  • FINRA Request for Comment
  • SEC Requests for Comment
  • Renewals
  • Upcoming Effective Date
education

Education and Compliance Programs

 


Register today for FINRA's 2020 Cybersecurity Conference on January 14 in New York, NY. This one-day event helps you stay current on today's cybersecurity challenges and the ways in which organizations can understand vulnerabilities and threats, and create resilience against cyberattacks. View the conference agenda for more information.
 

 Guidance

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 29, 2019 (the Friday after Thanksgiving), which will modify the exercise cut-off time for expiring options. In Information Notice 11/26/19, 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 and 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 29, 2019, by 2:30 p.m. ET.


Update: FINRA Rule 2081 (Prohibited Conditions Relating to Expungement of Customer Dispute Information) Frequently Asked Questions

FINRA updated the Rule 2081 Frequently Asked Questions.


UPC Advisory

The following UPC Advisory was published in the last week:

  • UPC #40-19 Bristol Myers Squibb Co (BQBBV)

 Upcoming Deadlines and Effective Dates

FINRA Request for Comment

Registered Person Being Named a Customer’s Beneficiary or Holding a Position of Trust
FINRA has issued Regulatory Notice 19-36 to request comment on a proposal to limit a registered person from being named a customer’s beneficiary or holding a position of trust on behalf of a customer. The proposed rule would require the member firm with which the registered person is associated to review and approve the registered person assuming such status or acting in such capacity. The proposed rule would not apply where the customer is a member of the registered person’s “immediate family.” Comments are due by January 10, 2020.


SEC Requests for Comment

The SEC requests comment on FINRA’s proposal to amend FINRA Rule 6750 (Dissemination of Transaction Information) to provide that FINRA may publish or distribute weekly aggregated transaction information and statistics on U.S. Treasury Securities. The comment period expires December 11, 2019. See the Federal Register notice.

The SEC requests comment on FINRA’s proposal to amend Rules 12100, 12202, 12214, 12309, 12400, 12601, 12702, 12801, and 12900 of the Code of Arbitration Procedure for Customer Disputes to expand a customer’s options to withdraw an arbitration claim if a member or an associated person becomes inactive before a claim is filed or during a pending arbitration. In addition, the proposed amendments would allow customers to amend pleadings, postpone hearings, request default proceedings and receive a refund of filing fees in these situations. The comment period expires December 13, 2019. See the Federal Register notice.

 


Broker-Dealer, Investment Adviser Firm, Agent and Investment Adviser Representative, and Branch Renewals for 2020
The 2020 Renewal Program began November 11, 2019, when FINRA made the Preliminary Statements available to all firms in E-Bill. As described in Regulatory Notice 19-35, the payment deadline is December 16, 2019.

 


Effective Date Delayed to December 2, 2019: Amendments to Expand Published Data Relating to OTC Equity Trading Volume
Weekly aggregate non-ATS volume data is published on a two-week delayed basis for Tier 1 NMS stocks and a four-week delayed basis for Tier 2 NMS stocks and OTC equity securities. To align the implementation of the rule amendments for these data sets, FINRA has modified the initial publication timeframes described in footnote 8 of Regulatory Notice 19-29 as follows:

 

  • Beginning December 2, 2019, weekly aggregate non-ATS volume data without the de minimis exception will be available starting with the week of November 11, 2019 for Tier 1 NMS stocks.
  • Weekly aggregate non-ATS volume data for Tier 2 NMS stocks and OTC equity securities will continue to be published with the de minimis exception for the weeks of October 28, 2019 and November 4, 2019, published on December 2, 2019 and December 9, 2019, respectively.
  • Beginning December 16, 2019, weekly aggregate non-ATS volume data without the de minimis exception will be available starting with the week of November 11, 2019 for Tier 2 NMS stocks and OTC equity securities.
  • Additionally, monthly aggregate non-ATS volume data without the de minimis exception will be available starting with the month of October 2019, and new non-ATS block-size data will be available starting with the month of October 2019.
     

 Education and Compliance Programs

Registration is now open for the 2020 FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP) program. Take advantage of our new reduced group rates when you register two or more employees at the same time. Visit our web page for more information.


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