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Classic CRD Form U4 Filing Capabilities Will Retire April 2021

December 30, 2020
Volume 52

 
 
guidance

Guidance
  • UPC Advisory
upcoming

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

Education and Compliance Programs



Classic CRD Form U4 Filing Capabilities Will Retire April 2021
Form U4 filing is available in both FINRA Gateway and Classic CRD. The Classic CRD Form U4 filing experience will be retired no earlier than April 5, 2021. As previously mentioned, firms are encouraged to prepare for the retirement of Classic CRD Form U4 filing capabilities by beginning to use the Form U4 filing functionality in FINRA Gateway now and providing feedback about their filing experience. See the Registration Filing on the FINRA Gateway page for more information.
 


FINRA Announces Interim Progress of Voluntary 529 Plan Share Class Initiative

FINRA announced the initial results of its voluntary self-reporting 529 Plan Share Class Initiative (529 initiative), which include more than $2.7 million in restitution and interest to customers owning approximately 3,900 accounts, arising from settlements with two firms and 17 matters resolved through cautionary action letters. All 19 firms in this initial group agreed to remediate harmed customers and to enhance their supervisory systems and procedures, where appropriate. In January 2019, FINRA launched the initiative through Regulatory Notice 19-04 to promote member firms’ compliance with the rules governing share-class recommendations of 529 savings plans and promptly compensate harmed customers.
 

FINRA's premier event—the 2021 FINRA Annual Conference— will be held entirely online. 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!
 

 Guidance

UPC Advisory

The following UPC Advisory was published in the last week:

  • UPC #52-20: Guitar Center, Inc.

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.

In consultation with the U.S. Department of the Treasury, FINRA is soliciting comment in Regulatory Notice 20-43 on potential enhancements to the information reported to FINRA’s TRACE facility regarding transactions in U.S. Treasury securities. The comment period expires February 22, 2021.

SEC Request for Comment on FINRA Rules

On December 18, 2020, the SEC issued an order instituting proceedings to determine whether to approve or disapprove FINRA’s proposal, as modified by Amendment No. 1, to amend the Codes of Arbitration Procedure relating to requests to expunge customer dispute information, including creating a special arbitrator roster to decide certain expungement requests. The comment period expires February 1, 2021. See the SEC Notice of Order.
 

 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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