News Releases

Board Approves Rule Proposal to Shorten the Securities Settlement Cycle to T+1 Consistent with Recent SEC Rule Changes, and Allocation of 2022 Fine Monies WASHINGTON—FINRA’s Board of Governors met on March 9-10 for the first time in 2023. The board approved a rule proposal to amend FINRA rules to conform to the SEC’s rule changes to shorten the securities settlement cycle and discussed a variety of regulatory topics and technology initiatives.

Firm Also Failed to Maintain Supervisory System, Report Customer Complaints WASHINGTON—FINRA announced today that it has fined Webull Financial LLC $3 million for not exercising reasonable due diligence before it approved customers for options trading; not maintaining a supervisory system reasonably designed to identify and respond to customer complaints; and not reporting certain written customer complaints to FINRA as required.

WASHINGTON—FINRA announced today that Jessica Hopper plans to leave FINRA on February 3, after an 18-year tenure culminating in her leadership of the Department of Enforcement.

Report Reflects New and Evolving Risks, Industry Trends, and Noteworthy Findings WASHINGTON—FINRA published today its 2023 Report on FINRA’s Examination and Risk Monitoring Program to provide member firms with key insights and observations to use in strengthening their compliance programs. The comprehensive report from FINRA’s regulatory operations covers 24 topics — including four new topics — relevant to the evolving securities industry.

Board Approves Rule Proposals and FINRA’s 2023 Budget, Previews 2023 Report on FINRA’s Examination and Risk Monitoring Program WASHINGTON—FINRA’s Board of Governors held its fifth and final meeting of the year on Dec. 14-15. During the meeting, the Board approved two rule proposals and FINRA’s 2023 proposed budget, appointed members to the Small Firm Advisory Committee (SFAC) and National Adjudicatory Council (NAC), and previewed the 2023 Report on FINRA’s Examination and Risk Monitoring Program.

One in Five Investors Started Investing Recently Younger Investors More Comfortable with Risky Investments One Third of Investors Open to Cryptocurrencies WASHINGTON—A substantial proportion of investors joined the market relatively recently, younger investors are more likely to engage in riskier investment behaviors and a third of investors are considering investing in cryptocurrencies.

REMA brings together the Office of the Chief Economist and the Office of Financial Innovation WASHINGTON—FINRA announced today that it has promoted Jonathan Sokobin to Executive Vice President and Head of the newly created Office of Regulatory Economics and Market Analysis (REMA).  Sokobin, previously Senior Vice President and Chief Economist, will remain Chief Economist and a member of FINRA’s management committee, and continue to report to FINRA President and CEO Robert Cook.

New Committee Highlights FINRA’s Commitment to Improving DEI in the Securities Industry WASHINGTON—FINRA announced today that it has established an Industry Diversity Advisory Committee, advancing its commitment to diversity, equity and inclusion (DEI) in the securities industry. The FINRA Board of Governors appointed members to the new committee at its September meeting, implementing a recommendation by FINRA’s Racial Justice Task Force (RJTF).

Playbook Can be Accessed by 1.7 Million Girls, Including 571,000 From Communities of Color WASHINGTON—The FINRA Investor Education Foundation (FINRA Foundation) announced today that it has partnered with Girl Scouts of the USA (GSUSA) to launch new financial education programming and resources to meet the needs of girls and their families in underserved communities.

Pennington Elected to One of Three Large-Firm Seats on FINRA Board WASHINGTON—FINRA announced today that Penny Pennington, Managing Partner of Edward Jones, was elected as a large-firm governor of the FINRA Board of Governors at a special meeting of large-firm members.