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Guidance
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Upcoming Deadlines and Effective Dates
- SEC Request for Comment on FINRA Rules
- Renewals
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Education and Compliance Programs |
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In response to COVID-19, FINRA has administratively postponed all in-person arbitration and mediation proceedings scheduled through February 28, 2021 unless the parties stipulate to proceed telephonically or by Zoom or the panel orders that the hearings will take place telephonically or by Zoom. For more information, visit FINRA’s website.
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FINRA’s Board of Governors met on December 2 and 3. During the meeting, it approved three rule proposals, reaffirmed FINRA’s Financial Guiding Principles, appointed members to the National Adjudicatory Council (NAC) and the Small Firm Advisory Committee (SFAC), received the results of recent SFAC and Regional Committee elections, and received several operational updates. For more information about the discussions that took place during the December FINRA Board of Governors meeting, please watch the December 2020 Board Report video.
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Guidance
UPC Advisories
The following UPC Advisories were published in the last week:
- UPC #48-20: Lonestar Resources US, Inc. (LONEQ)
- UPC #49-20: Luminar Media Group, Inc. (OTC: LRGR) and Luminar Technologies, Inc. (NASDAQ: LAZR)
- UPC #50-20: Tailored Brands, Inc (TLRDQ)
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Upcoming Deadlines and Effective Dates
SEC Request for Comment on FINRA Rules
The SEC requests comment on FINRA’s proposal to: (1) adopt FINRA Rule 4111 (Restricted Firm Obligations) to require member firms that are identified as “Restricted Firms” to maintain a deposit in a segregated account from which withdrawals would be restricted, adhere to specified conditions or restrictions, or comply with a combination of such obligations; and (2) adopt a new FINRA Rule 9561 (Procedures for Regulating Activities Under Rule 4111), and amend FINRA Rule 9559 (Hearing Procedures for Expedited Proceedings Under the Rule 9550 Series), to create a new expedited proceeding to implement proposed Rule 4111. The comment period expires December 28, 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 Preliminary Statements available to all firms in E-Bill. As described in Regulatory Notice 20-39, the payment deadline is December 14, 2020.
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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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