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Three FINRA Elections are Underway to Fill Vacancies on the NAC, Regional Committees and the SFAC

September 5, 2018
Volume 36

  • UPC Advisory

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

Education and Compliance Programs

Three FINRA elections are underway to fill vacancies on the National Adjudicatory Council (NAC), Regional Committees and the Small Firm Advisory Committee (SFAC). Eligible candidates will be included on the appropriate ballot if they submit a candidate nomination and profile form to the FINRA Corporate Secretary by the following deadlines.

  • Individuals interested in petitioning to become candidates to fill one small firm vacancy on the National Adjudicatory Council must complete and submit a candidate profile form by September 26, 2018. See Election Notice 08/13/18.
  • FINRA’s Regional Committees (formerly known as District Committees) for the South and West Regions each have six full-term vacancies, and the Midwest, North and New York Regions each have four full-term vacancies to fill. The candidate nomination and profile form, which must be submitted by September 28, 2018, is available in Election Notice 08/29/18.
  • Two seats on the SFAC representing the North and West Regions are up for election. Any eligible candidate wishing to have his or her name added to the ballot must submit the relevant information via the candidate profile form to the Corporate Secretary of FINRA no later than Friday, September 28, 2018. The candidate profile form is available in Election Notice 08/29/18.

UPC Advisory
The following UPC Advisory was posted in the last week:

  • UPC #27-18 Sysorex, Inc. Common Stock (SYSXV)

 Upcoming Deadlines and Effective Dates

FINRA Requests for Comments

FINRA published three requests for comments.

FINRA is requesting comment on proposed amendments to the Discovery Guide’s Firm/Associated Persons Document Production List to require firms and associated persons, upon request, to produce documents concerning third-party insurance coverage in a customer arbitration proceeding. The proposed amendments would strictly limit the circumstances under which insurance coverage information could be presented to the arbitrators. See Regulatory Notice 18-22 for more information. Comments are due September 24, 2018.

FINRA seeks comment on proposed amendments to the NASD Rule 1010 Series (Membership Proceedings). The proposal is the result of FINRA’s retrospective review of the MAP rules and processes, and is intended to reduce unnecessary burdens on new and existing firms, while strengthening investor protections. The proposed amendments would replace the NASD Rule 1010 Series with the proposed FINRA Rule 1100 Series (New and Continuing Membership). The proposed amendments would also include additional provisions to address regulatory issues FINRA staff identified and codify existing membership-related interpretations and practices. See Regulatory Notice 18-23 for more information. Comments are due October 5, 2018.

FINRA published a Special Notice seeking comment on how it can support financial technology (fintech) innovation consistent with its mission of investor protection and market integrity. The Notice builds on an initiative FINRA launched last year to improve communication with the securities industry around fintech. In addition, FINRA requests comment on certain fintech areas, including the provision of data aggregation services, supervisory processes concerning the use of artificial intelligence, and the development of a taxonomy-based machine-readable rulebook. The Notice requests comment by October 12, 2018.

SEC Request for Comment on FINRA Rules

The SEC has requested comment on two FINRA proposed rule changes.

The SEC requests comment on FINRA’s proposal to amend FINRA Rule 7730 (Trade Reporting and Compliance Engine (TRACE)) to modify the technological connectivity options available to members for reporting transactions to TRACE. Specifically, the proposed rule change would amend Rule 7730 to remove Computer-to-Computer Interface (CTCI) as a technological means of connectivity for use in reporting transactions to TRACE. The comment period expires September 13, 2018. See the Federal Register notice.

The SEC requests comment on FINRA’s proposal to amend FINRA Rule 6710 (Definitions) to modify the dissemination protocols with respect to Agency Debt Securities. The proposal would apply a $5 million dissemination cap to all Agency Debt Securities, regardless of the rating assigned to the security. The comment period expires September 13, 2018. See the Federal Register notice.

 Education and Compliance Programs

CRCP Small Firm Scholarship Now Accepting Applications – Deadline Extended
FINRA is offering five scholarships to industry professionals from FINRA small firms (less than 150 registered reps) to attend the FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP)® program. The scholarship covers full tuition for the entire CRCP program, including room and board. FINRA has extended the deadline for scholarship applications until Monday, September 24, 2018.

For more information, including eligibility requirements, the selection process and application form, watch our video and visit our website

FINRA Market Regulation is hosting an Options Industry Conference on Monday, September 17, 2018, from 2 p.m. to 4 p.m. Senior representatives from each of the options exchanges will participate in a panel discussion of regulatory issues across the options markets. A question-and-answer session will follow. Additionally, FINRA Market Regulation Staff will be available to answer questions.

Participants can attend in-person at FINRA's office at One Liberty Plaza in New York or participate over the phone. Pre-registration is required.

Space is limited—register today for next week’s Fixed Income Conference in New York, NY. This year's conference features more than 25 speakers from various organizations, including a keynote address from Jack Brennan, chairman emeritus and senior advisor of The Vanguard Group, Inc.

Register today for Week I of the 2019 CRCP program—which takes place July 21 – 26, 2019. The FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP)® Program—provides an executive educational experience that covers the theory and practical application of securities laws and regulation through intensive instruction, discussion and case studies.

Watch our latest video to learn more about the CRCP® program and get answers to the most frequently asked questions about the program. Visit FINRA's website for additional details and registration information.

This year’s FINRA Small Firm Conference, which takes place November 7 – 8 in Santa Monica, CA, features a Fireside Chat with FINRA President and CEO Robert Cook and FINRA Executive Vice President of Member Supervision Bari Havlik, and a keynote address from Mr. Cook.

Download the conference agenda and register today.

Register today for two upcoming Member Forums. The forums, designed for FINRA member firms, feature panel discussions around the future landscape of the financial services industry and provides opportunities to engage in key discussions with FINRA staff and connect with industry leaders and peers. There is no cost to attend the forums. Register today to attend a forum in your area.

District compliance events are designed for compliance and legal professionals at FINRA member firms, and offer an opportunity to hear about current regulatory issues while engaging with District Office staff. Review the list of upcoming events being held in the Boca Raton, Denver, Woodbridge, Kansas City and Atlanta districts.

Review the compliance calendar to see a complete list of events that may be in your area.

FINRA is hosting several upcoming Half-Day Compliance Boot Camps across the country, each with different areas of focus. Visit FINRA's website for more information and to register.

Upcoming Half-Day Compliance Boot Camps:

  • September 13 | Dallas, TX
  • September 18 | St. Louis, MO
  • October 3 | Stamford, CT
  • October 18 | Jericho, NY
  • October 24 | New York, NY

Also coming up:

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