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FINRA Board of Governors Meets Virtually for Final Meeting of 2020

December 2, 2020
Volume 48

 
 
guidance

Guidance
  • Regulatory Notices
upcoming

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

Education and Compliance Programs

This week, the FINRA Board of Governors will meet virtually for its final meeting of 2020. At the meeting, Board committees will consider several key rulemaking items, including proposed amendments to enhance the continuing education program and proposed amendments to FINRA rules regarding security-based swaps. In addition, the Finance, Operations and Technology Committee will review FINRA’s 2021 budget and conduct its annual review of FINRA’s guiding principles.
 



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.
 

 Guidance

FINRA Alerts Firms to Phishing Email Using Invest-FINRA.org Domain Name

In Regulatory Notice 20-40, FINRA warns member firms of an ongoing phishing campaign that involves fraudulent emails that include the domain “@invest-finra.org”. FINRA recommends that anyone who clicked on any link or image in the email immediately notify the appropriate individuals in their firm of the incident. The domain of “invest-finra.org” is not connected to FINRA and firms should delete all emails originating from this domain name. FINRA has requested that the Internet domain registrar suspend services for "invest-finra.org". FINRA reminds firms to verify the legitimacy of any suspicious email prior to responding to it, opening any attachments or clicking on any embedded links. For more information, firms should review the resources provided on FINRA’s Cybersecurity Topic Page, including the Phishing section of our Report on Cybersecurity Practices.

FINRA Amends Its Equity Trade Reporting Rules Relating to Timestamp Granularity

FINRA has amended its rules to require firms to report time fields in trade reports submitted to a FINRA equity trade reporting facility (or FINRA Facility) using the same timestamp granularity that they use when reporting to the Consolidated Audit Trail (CAT). Once the amendments are effective, firms that report time on CAT order execution events in increments finer than milliseconds must report to the FINRA Facilities in such finer increment—up to nanoseconds. The effective dates of the amendments, along with the schedule for publication of updated technical specifications and testing, are set forth in Regulatory Notice 20-41.

 

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.

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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