Board Approves New Maintaining Qualifications Fee;
Reaffirms FINRA’s Financial Guiding Principles
WASHINGTON – FINRA’s Board of Governors met on Sept. 23-24 and approved a proposal to establish a modest fee for individuals who choose to complete continuing education (CE) to remain qualified for up to five years following the termination of the individual’s registration.
News Releases & Statements
WASHINGTON—In a combined effort to provide additional protection for investors, FINRA and the North American Securities Administrators Association (NASAA) today announced a new campaign urging investors to provide their financial firms with a trusted contact. The U.S. Securities and Exchange Commission’s Office of Investor Education and Advocacy (SEC OIEA) is also collaborating on this initiative.
FINRA today announced the appointment of Sarah Gill as Ombudsman and Cindy Foster as Vice President of the Membership Application Program (MAP) and Statutory Disqualification.
As the new Ombudsman effective Oct. 4, Gill will handle issues, inquiries and complaints that arise from FINRA’s interactions with public investors, member firms, member firm employees, FINRA staff and other stakeholders. She succeeds Foster in the role. Foster, who had served as FINRA’s Ombudsman since 2009, was appointed to lead MAP, effective June 14.
WASHINGTON—New findings from a two-year study bring researchers closer to understanding why some people are more likely to lose money to financial fraud. The FINRA Investor Education Foundation (FINRA Foundation), Better Business Bureau (BBB) Institute for Marketplace Trust, and the University of Minnesota completed the study, Exposed to Scams: Can Challenging Consumers’ Beliefs Protect Them from Fraud?, in advance of World Investor Week, October 4-10, 2021.
WASHINGTON—The Securities and Exchange Commission's Division of Examinations and Office of Municipal Securities (OMS), the Municipal Securities Rulemaking Board (MSRB), and FINRA today announced the opening of registration for the 2021 Compliance Outreach Program for Municipal Advisors. The virtual program will be held Thursday, Oct. 7, 2021, 10 a.m.-5 p.m. ET. Additional information and program materials, including the agenda, are available on FINRA’s website.
WASHINGTON—FINRA announced today that Bari Havlik, EVP and Head of the Department of Member Supervision, plans to retire from FINRA later this year. Havlik will be succeeded by Greg Ruppert, who currently reports to Havlik and serves as EVP and leader of FINRA's National Cause and Financial Crimes Detection Program (NCFC), on November 1st. She will remain an adviser to Ruppert to assist with the transition until the end of the year.
WASHINGTON – FINRA announced today the election or appointment of five industry members to its 22-member Board of Governors.
Seven of the 10 industry seats on FINRA’s Board are decided via election, and large, mid-size and small firms decide the Governors who represent their respective firm categories in those seats. At the Annual Meeting of FINRA Firms on Sept. 1, firms elected the following Governors to fill the three open elected seats:
FINRA Requests Comments on Report
WASHINGTON—A diversity of cloud computing models is transforming how broker-dealers operate, with the potential to enhance agility, efficiency, resiliency and security within firms’ operations, while also highlighting the importance for firms to consider relevant regulatory factors for maintaining investor protection and market integrity, according to a new research report from FINRA.
WASHINGTON – The FINRA Board of Governors has appointed Sam Deshpande as a new public Governor. Deshpande is Chief Information Officer for Humana, a U.S. health insurance company. His term on the FINRA Board begins immediately, and he will join the Board at its upcoming Board of Governors meeting on July 21-22.
FINRA and FINRA Foundation Issue Special Notice Soliciting Comment on Ways to Reach and Educate Novice Investors
WASHINGTON—FINRA today announced it has launched a multi-year, multi-faceted $30 million initiative to explore innovative ways to reach and educate investors, especially new, self-directed retail investors who conduct transactions through online accounts or using mobile apps.