Skip to main content

Bill St. Louis Named Head of National Cause and Financial Crimes Detection Program

December 8, 2021
Volume 49

 
 
guidance

Guidance
  • UPC Advisories
upcoming

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

Education and Compliance Programs



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.


FINRA has appointed Bill St. Louis to Executive Vice President and Head of its National Cause and Financial Crimes Detection Program (NCFC). St. Louis, currently Senior Vice President and Firm Group Leader in FINRA’s Member Supervision department, will begin his new role on December 13 and report to Greg Ruppert, Executive Vice President and Head of Member Supervision. St. Louis will succeed Ruppert, who previously led the NCFC.


FINRA introduced a new and improved Fund Analyzer tool in June to help investors and financial professionals better understand the impact of fees and potential discounts on mutual funds, exchange-traded funds, exchange-traded notes and money market funds. The Fund Analyzer’s data feed allows individuals to sort through and compare more than 30,000 products and run a wide variety of investment scenarios. The tool’s enhancements enable users to better calculate how a fund’s fees, expenses and discounts impact the value of a fund over time. Users can also access an expanded Help Library. FINRA has maintained both the old and new versions of the tool while users acquainted themselves with the tool's new enhancements and data displays. The old version of the tool will be fully retired at the end of this year.


As a reminder, effective January 1, 2022, FINRA will implement a proportional increase to its fees. A summary of the fee increase schedules can be found on FINRA’s website. For additional background, please refer to the October 2020 rule filing with the SEC.

 



FINRA’s Board of Governors met last week in New York. During the meeting, it approved two rule proposals and FINRA’s 2022 budget, appointed members to the Small Firm Advisory Committee (SFAC) and National Adjudicatory Council, and received the results of recent SFAC and Regional Committee elections.
 

 Guidance

UPC Advisories

The following UPC Advisories were published in the last week:

  • UPC #130-21: OFS CR CO INC (OTC Symbol: OCCEV)
  • UPC #131-21: OFS CR CO INC (OCCEP)

 Upcoming Deadlines and Effective Dates

FINRA Request for Comment

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.

SEC Requests for Comment

The SEC requests comment on FINRA’s proposal to amend FINRA Rule 6732 (Exemption from Trade Reporting Obligation for Certain Transactions on an Alternative Trading System) to provide FINRA with authority to, subject to conditions, exempt transactions by a member alternative trading system that meet specified criteria from the transaction reporting obligations of FINRA Rule 6730 (Transaction Reporting). Comments are due December 21, 2021. See the Federal Register notice.

The SEC requests comment on FINRA’s proposal to amend FINRA Rule 6730 (Transaction Reporting) to require members to append modifiers to identify delayed Treasury spot and portfolio trades when reporting to FINRA’s Trade Reporting and Compliance Engine (“TRACE”). Comments are due December 28, 2021. See the Federal Register notice.

 

 Education and Compliance Programs

There is still time to register 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.

FINRA’s virtual conference panels provide a unique opportunity to hear the most up-to-date compliance information directly from industry and regulatory leaders from the comfort of your home. Watch our latest panel today on Developments in the Digital Assets Market. This session explores issues related to broker-dealer’s involvement in the market and developments concerning DeFi and stablecoins.

FINRA is currently working to make an enhanced Form BR filing process available in FINRA Gateway in early 2022. Join FINRA staff for a webinar on Thursday, December 16, at 2
 p.m. ET to preview the key features of this enhanced process.

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:

FINRA logo

 facebook   twitter   linked in

Regulatory Contacts
FINRA By-Laws require member firms to maintain an Internet email account on behalf of their executive representatives. This facilitates firm notification of important publications and information added to the FINRA website.

Firms wishing to change the name or email address of their executive representative or designated assistant should do so through the FINRA Contact System (FCS). See
http://www.finra.org/FCS for further information. Requests from executive representatives to be removed from this email notification list cannot be honored.

Subscribers
You received this message because you are currently subscribed to the email subscription list on the FINRA website. To update, sign up for other email lists or cancel your subscription at any time, use our "update information" or "unsubscribe" forms located at
http://www.finra.org/Industry/Subscriptions.