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Guidance
- Regulatory Notice 22-28
- Regulatory Notice 22-29
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Disciplinary Actions
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Upcoming Deadlines and Effective Dates
- FINRA Request for Comment
- SEC Request for Comment
- Fee Increases
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Education and Compliance Programs
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FINRA and the Small Firm Advisory Committee (SFAC) are pleased to announce the recipients of the FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP)® program Small Firm Scholarships: Paul Barrese of Stout Capital, LLC; Lisa Bember of Realized Financial, Inc.; Brad Callen of BB Graham & Co., Inc.; Scott Johnson of Allied Millennial Partners and Sujai Pitale of PEAK6. The five recipients were chosen from a wide range of talented applicants through a blind selection process by a subcommittee of the SFAC.
Visit our website for more information on the CRCP® Program. Information on the next scholarship application period will be available Summer 2023.
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Tune in to the latest episode of the FINRA Unscripted podcast. On this episode, Kayte Toczylowski, Vice President of Member Relations and Education, joins us to share the top five FINRA tools and resources that you will want to make sure you’re aware of and be sure to share with all of your colleagues. Listen to the podcast.
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Guidance
Recently published Regulatory Notice 22-28 recognizes the adopted amendments by FINRA to the Rule 6700 series (Trade Reporting and Compliance Engine (TRACE)) to require members to report to TRACE transactions in U.S. dollar-denominated foreign sovereign debt securities. The amendments will take effect on November 6, 2023.
FINRA has received reports about increasing numbers and sophistication of ransomware incidents. Regulatory Notice 22-29 addresses the proliferation of ransomware attacks due to, in part, increased use of technology and continued adoption of cryptocurrencies, which bad actors use to hide their identities when collecting ransom payments.
FINRA has adopted amendments to Rule 6730 (Transaction Reporting) in Regulatory Notice 22-27 to: (i) require members to report transactions in U.S. Treasury securities to FINRA’s Trade Reporting and Compliance Engine (TRACE) as soon as practicable but no later than 60 minutes from the time of execution; and (ii) require members to report electronically executed transactions in U.S. Treasury securities to TRACE in the finest increment captured by the system used to execute the transaction, subject to an exception for members with limited trading volume in U.S. Treasury securities.
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Disciplinary Actions
FINRA publishes disciplinary actions to remind registered representatives and firms of specific conduct that violates FINRA rules and may result in disciplinary action. FINRA recently published the November 2022 Monthly Disciplinary Actions.
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Upcoming Deadlines and Effective Dates
FINRA Request for Comment
FINRA requests comment on Regulatory Notice 22-26, a proposal to provide additional transparency into delayed Treasury spot trades in corporate debt securities—i.e., corporate bond trades where the dollar price of the trade is based on a spread to a benchmark U.S. Treasury security that was agreed upon at an earlier time on the same day.
SEC Request for Comment
The SEC requests comment on FINRA’s proposal to require members to: (i) publish order routing reports for orders in OTC Equity Securities; and (ii) submit both their existing order routing reports for NMS Securities and the new order routing reports for OTC Equity Securities to FINRA for publication on the FINRA website. Comments are due December 27, 2022. See the Federal Register notice.
Fee Increases
As a reminder, as detailed in our October 14, 2020 rule filing with the SEC, FINRA is implementing a proportional increase to fees it relies on to substantially fund its regulatory mission in a manner that preserves equitable fee allocation across FINRA members. This began in 2022 and will be phased in over a three-year period. For details on fee increases taking effect on January 1, 2023, please see the Fee Increase Schedule posted on our website.
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Education and Compliance Programs
Firm compliance personnel who are new to registration and licensing—or would like to become more familiar with navigating related systems—are invited to join FINRA virtually for an upcoming Registration Systems Foundation training. These training sessions run from noon to 5 p.m. ET on two consecutive days.
Registration is now open for early 2023 sessions. See the Virtual Training Schedule & How to Register page for more information.
Register now to take advantage of early-bird rates for the 2023 Annual Conference. Attend our premier event to connect and network with industry peers, engage in informal conversations with FINRA senior leaders and exchange diverse perspectives on the most timely compliance and regulatory topics.
Reserve your spot for the 2023 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. The program sold out this year. Register early to secure your seat. Week I will be held on July 16 – 21 and Week II will be held on November 12 – 17.
Register for all of FINRA’s upcoming events:
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