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FINRA's Board Holds Last Meeting of 2021

December 1, 2021
Volume 48



  • UPC Advisories

Upcoming Deadlines and Effective Dates

  • FINRA Requests for Comment
  • New Fingerprint Process

Education and Compliance Programs

Tune in to the latest episode of the FINRA Unscripted podcast.
On this episode, we sit down with Market Regulation and Transparency Services’ Jon Kroeper and Ola Persson to learn about FINRA's historical commitment to market transparency and how it has impacted FINRA's regulatory regime. Listen to the podcast.


Register today for the next Small Firm Conference Call on Monday, December 6, at 4:30 p.m. ET. FINRA CEO Robert Cook and Vice President of Member Relations and Education Kayte Toczylowski will be joined by Vice President of Testing and Continuing Education (CE) David Scrams to discuss the CE Transformation and important year-end reminders. Registration is open to all member firms.

Reminder: 2022 Renewal Program. 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.

This week, the FINRA Board of Governors will hold its final meeting of 2021. The Board committees will consider several items, including a review of FINRA’s 2021 financial performance and its 2022 budget, as well as proposed amendments to the Codes of Arbitration Procedure to accelerate the processing of arbitration proceedings for elderly or seriously ill parties.


UPC Advisories

The following UPC Advisories were published in the last week:

  • UPC #125-21: Granite Pt Mtg Tr Inc (OTC Symbol: GPMTV)
  • UPC #126-21: New York Mortgage Trust Inc (NYMGP)
  • UPC #127-21: First Rep Bk San Francisco (FRCDL)
  • UPC #128-21: Eagle Point Credit Company Inc (EPCCP)
  • UPC #129-21: Granite Pt Mtg Tr Inc (GPMTP)

 Upcoming Deadlines and Effective Dates

FINRA Requests for Comment

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.

FINRA is soliciting comment in Regulatory Notice 21-40 on a proposal to amend FINRA Uniform Practice Code Rule 11880 (Settlement of Syndicate Accounts). The proposed amendments would reduce the maximum time for the final settlement of syndicate accounts in a public offering of corporate debt securities from 90 days to 30 days following the syndicate settlement date. Comments are requested by January 18, 2022.

New Fingerprint Process

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 ceased processing fingerprints for broker-dealers and funding portals on November 29 at 11 p.m. ET. Electronic fingerprints submitted after that time must be resubmitted to Sterling beginning December 6 at 6:59 a.m. ET. Due to ongoing mail delivery delays, FINRA will forward hardcopy fingerprint cards received between November 30 and December 6 to Sterling. For more information about key dates and required tasks, please visit the FINRA Fingerprint Process Change webpage.

 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 brochure for a detailed agenda and speakers.

Reserve your spot now for the 2022 FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP)® Program in Washington, DC! This popular program brings together world-renowned professors, expert faculty and fellow industry participants for two non-consecutive weeklong courses on the foundation, theory and practical application of securities laws and regulation. Both Week I and Week II sold out this year. Be sure to register early to secure your seat. Week I will be held on July 17 – 22 and Week II will be held on November 13 – 18.

Register for all of FINRA’s upcoming events:

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