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Notification Preferences Coming Soon to FINRA Gateway

December 15, 2021
Volume 50


  • Regulatory Notice
disciplinary actions

Disciplinary Actions


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

Education and Compliance Programs

As a reminder, December 13 was the payment deadline for Preliminary Statements of registration renewal fees, and Final Statements will be available in E-Bill on January 2, 2022. Failure to pay may result in all registrations terminating, effective December 31, 2021. This annual program simplifies firms' registration renewal process with FINRA and participating regulators by requiring just one payment to FINRA. See Regulatory Notice 21-39 and visit the Annual Renewal Program webpage for details.

Notification preferences available December 17 in FINRA Gateway. The new Notification Preference page will allow users to subscribe to specific notifications and to choose if they want to be notified via web and/or by email. By default, users will be subscribed to only web notifications. Users can update their preferences by clicking on the gear icon in the top right corner of the Notification bell dropdown in FINRA Gateway.

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 recently held annual elections to fill vacancies on the Small Firm Advisory Committee (SFAC) and the Regional Committees. Additionally, at its December meeting, the FINRA Board of Governors also appointed several individuals to fill additional vacancies on the SFAC and the National Adjudicatory Council (NAC). Election Notice 12/15/2021 lists the individuals recently elected and appointed to the SFAC, Regional Committees and NAC.


FINRA Alerts Firms to “Log4Shell” Vulnerability in Apache Log4J Software

FINRA is alerting firms in Regulatory Notice 21-42 to a recently identified vulnerability in Apache Log4J software, which is an open-source, Java-based logging utility widely used by enterprise applications and cloud services. The “Log4Shell” vulnerability presents risk for member firms because they may be using this software in internal applications, or the software may be embedded in third-party software packages. In addition, many applications written in Java are potentially vulnerable.

  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 posted the following disciplinary items on the website this week:

  • December 2021 Disciplinary Actions
  • FINRA announced that as a result of its targeted examination of Unit Investment Trust (UIT) early rollovers, FINRA has reached settlements with six member firms and obtained more than $16.8 million in restitution to approximately 10,000 investors. All of the firms failed to reasonably supervise early rollovers of UITs, which caused customers to incur potentially excessive sales charges.

 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

Register for access to listen to the latest Small Firm Conference Call: Continuing Education (CE) Transformation and Year-End Reminders. FINRA President and CEO Robert Cook and Vice President of Member Relations and Education Kayte Toczylowski were joined by Vice President of Testing and Continuing Education David Scrams to discuss the CE Transformation, including information on the Maintaining Qualifications Program and the transition to an annual Regulatory Element requirement.

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.

FINRA and the Small Firm Advisory Committee (SFAC) are pleased to announce the recipients of the FINRA Institute at Georgetown CRCP®program Small Firm Scholarships: Leena Howard of Bankoh Investment Services, Inc.; Michelle Ellis of NatAlliance Securities; Thomas Frain of Siebert Williams Shank & Co. LLC; Corinne Dennis of Sage, Rutty & Co., Inc.; and Christopher Currie of Frontegra Strategies LLC. The five recipients were chosen through a blind selection process by a subcommittee of the SFAC. Information on the next scholarship application period will be available late summer 2022.

Register for all of FINRA’s upcoming events:

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Regulatory Contacts
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