FINRA's Annual Conference Goes Virtual

Guidance

• UPC Advisory

Upcoming Deadlines and Effective Dates

• FINRA Request for Comment
• SEC Request for Comment on FINRA Rules

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!
 

UPC Advisory

The following UPC Advisory was published in the last week:

• UPC #51-20: Vivus, Inc. (VVUSQ)

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:

• FINRA sanctioned Transamerica Financial Advisors, Inc. $8.8 million for supervisory violations related to variable annuities, mutual funds and 529 plans.

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.
 

 Education and Compliance Programs

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.