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FINRA Names New Head of Market Regulation and Transparency Services

December 16, 2020
Volume 50


  • Election Notice
disciplinary actions

Disciplinary Actions


Upcoming Deadlines and Effective Dates
  • FINRA Request for Comment
  • SEC Request for Comment on FINRA Rules
  • Exam Enrollment Extensions

Education and Compliance Programs

FINRA’s 529 Expense Analyzer (529 EA) has been retired. FINRA tests these tools periodically to assess whether they still work as intended. During this year’s assessment, we concluded that the tool requires an upgrade and are determining next steps. Additional free and professional tools are available at

Due to the impacts of COVID-19 on the administration of FINRA qualification examinations at test centers, FINRA has extended the 120-day period that individuals designated prior to January 1, 2021 can function as a principal or Operations Professional to pass the appropriate examination(s) to April 30, 2021.

New e-Learning course on understanding information barriers. FINRA’s newest e-learning course is designed to help securities industry professionals understand information barriers as they relate to the safeguarding of material nonpublic information (MNPI) and the prevention of insider trading. Through review of relevant laws and regulations, learners are reminded of the foundational concepts of information barriers and review some regulatory obligations of firms and associated persons regarding MNPI. Risks of information barrier failure and potential risk control strategies are explored through scenarios involving research and investment banking personnel. The course is eligible for 0.5 CFP CE credits.

FINRA appoints Scott W. Anderson as head of Market Regulation and Transparency Services. Anderson began his career at NASD, FINRA’s predecessor organization, and has 25 years of experience working on complex legal and compliance matters relating to the regulation of securities markets. He will join FINRA on January 25, report to President and CEO Robert W. Cook and serve on FINRA’s Management Committee.


FINRA Announces Regional Committee, SFAC and NAC Election Results and Appointments

FINRA recently held annual elections to fill vacancies on its Regional Committees, Small Firm Advisory Committee (SFAC), and the National Adjudicatory Council (NAC). Additionally, at its December meeting, the FINRA Board of Governors also selected individuals to fill several appointed seats on the SFAC and NAC. Election Notice 12/15/20 lists the individuals recently elected and appointed to the Regional Committees, SFAC and NAC.

  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 item on the website this week:

Upcoming Deadlines and Effective Dates

FINRA Request for Comment

FINRA welcomes feedback in Regulatory Notice 20-42 on lessons learned from stakeholders’ experiences during the COVID-19 pandemic, including the impact of changes made to member firms’ operations and business models, and the effectiveness of business continuity planning. FINRA further requests comment on whether it should consider changes to its rules, operations or administrative processes to address lessons learned during the pandemic or to address anticipated long-term impacts of the pandemic on member firms and investors. The comment period expires February 16, 2021.

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.

Reminder: FINRA-Administered Exam Enrollment Extensions

As previously announced, FINRA and the MSRB have extended all enrollment windows that are currently expired, or will expire, between March 16 and December 31, 2020. FINRA and the MSRB exam enrollment end dates will be extended through the same end date of December 31, 2020. FINRA and the MSRB will continue to assess this situation and consider whether any additional extension of their exam enrollment windows is necessary.


 Education and Compliance Programs

FINRA's premier event — the 2021 FINRA Annual Conference — will be held entirely online. This year we are bringing the conference to you. Join us virtually as practitioners, peers and regulators exchange ideas on timely compliance and regulatory topics. Nowhere else will you find this unique combination of the highest-caliber speakers discussing issues that matter most for the financial services industry. Register today and take advantage of our virtual pricing!

The recording of the latest Small Firm Conference Call is now available for FINRA members. On the call, FINRA President and CEO Robert Cook and Vice President of Member Relations and Education Kayte Toczylowski are joined by FINRA staff to discuss FINRA updates and technology changes including CE Transformation, FINRA Gateway and CAT.

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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