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FINRA Encourages All Eligible Small Firm, Mid-size and Large Firms to Vote in the Current FINRA Board of Governors Election

August 1, 2018
Volume 31

Upcoming Deadlines and Effective Dates
  • FINRA Requests for Comment

Education and Compliance Programs

Tune in to the FINRA Unscripted podcast to hear FINRA leaders review existing and emerging regulatory topics that impact the broker-dealer industry, as well as other insights into the operations of FINRA.

Susan Schroeder, Executive Vice President, Enforcement, discusses the principles that guide FINRA’s decision making when it comes to taking Enforcement action. Listen to the podcast.

Tom Gira, Executive Vice President, Market Regulation and Transparency Services, explains how FINRA’s use of technology, specifically the cloud and machine learning, has improved FINRA’s quality of regulation. Listen to the podcast.

The second-quarter data tables for the TRACE Fact Book are now available. The tables include aggregated information for securitized products as well as corporate and agency debt securities, including trades reported, the top 50 issues by trades and by par value, the average daily par value traded, customer buy vs. customer sell ratios and more.

FINRA announced the Department of Enforcement’s new structure and senior leadership team. This marks the completion of the final phase of the integration of FINRA’s enforcement functions—a process that began with the July 2017 promotion of Susan Schroeder to FINRA’s Head of Enforcement to create a unified enforcement function. Under the unified structure, the Department of Enforcement contains two new centralized groups designed to ensure a more consistent and foreseeable enforcement program. The staff of more than 150 attorneys is organized in teams to facilitate consistent decision-making across the program while retaining subject-matter expertise in specialized groups.

FINRA encourages all eligible small firm, mid-size and large firms to vote in the current FINRA Board of Governors election. Firms that were members of FINRA as of the close of business on Friday, July 20, 2018, are eligible to vote. The voting period concludes at FINRA’s Annual Meeting of firms that will take place on Tuesday, August 28, 2018. See Election Notice 7/23/18 for information about the voting methods and candidate profiles.

 Upcoming Deadlines and Effective Dates

FINRA Requests for Comments

FINRA published three requests for comments in the past week.

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.


 Education and Compliance Programs

CRCP Small Firm Scholarship Now Accepting Applications

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 is accepting applications through September 17, 2018.

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

Join us in New York this fall for two upcoming conferences. The conference brochures, which include the full agenda, speakers and session descriptions, are now available:

Each conference covers a range of topics and provides an opportunity to hear the most up-to-date regulatory information and effective practices. Register today.

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, Chicago, Denver, Dallas, Woodbridge, Kansas City, Los Angeles, 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. Review the list of upcoming July events, or visit FINRA's website for a full list of FINRA's Compliance Boot Camps and to register.

Upcoming Half-Day Compliance Boot Camps:

  • August 9, 2018 | Del Mar, CA
  • August 28, 2018 | Southfield, MI
  • September 13 | Dallas, TX
  • September 18 | St. Louis, MO

Also coming up:

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