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FINRA Recently Enhanced Its Compliance Calendar

July 18, 2018
Volume 29
 
 
guidance

Guidance
  • Information Notice
education

Education and Compliance Programs


FINRA’s Board of Governors is meeting this week to discuss several key items. The Regulatory Policy Committee will review several current rulemaking and policy initiatives, including:

  • a proposal to expand the categories of persons that can act as custodians of the books and records of firms leaving the business;
  • proposed amendments to the Customer Account Information Rule to allow for electronic signatures of associated persons authorized to exercise discretion in a customer’s account;
  • a proposal to enhance and expand the summary firm data that FINRA publishes on its website relating to over-the-counter (OTC) trading volume; and
  • a proposal to provide firms additional time to report to TRACE certain transactions in U.S. Treasury Securities.

In addition, the Regulatory Policy Committee will meet with the Regulatory Operations Oversight Committee to review and discuss the lifecycle of a FINRA disciplinary matter, from examination and investigation to disciplinary proceeding and appeal.


FINRA processed an unprecedented amount of market activity through the first six months of 2018, averaging a record 57.9 billion electronic records per day during the period—a 62-percent increase over the average daily volume in 2017. FINRA’s pioneering cloud strategy has allowed it to handle the record-setting volume smoothly while performing vigorous regulatory oversight of securities trading. This year has witnessed some of the most volatile markets in years, with as many as 101 billion electronic messages coursing through FINRA’s regulatory platform in a single day – nearly triple the average daily volume experienced in 2017. All of the 10 highest-volume days on record have occurred in 2018, with four of them in a single week: the exceptionally volatile week of Feb. 5.


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. 

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.

FINRA’s newest E-Learning course, Annual Compliance Reminders for Registered Representatives – Vol. 8, is designed to remind registered representatives about their compliance obligations. Volume 8 covers cybersecurity, Form U4 disclosures, insider trading and private securities transactions. This course uses scenarios adapted from actual FINRA disciplinary actions. As a mobile-responsive e-learning course, users have the option to take this course and complete all scenarios on their smartphone or tablet, as an alternative to using a computer.

Visit www.finra.org/elearning to take this course—or any of FINRA’s 100-plus e-learning courses—and to learn how to add FINRA courses directly to your firm’s learning management system. Note that many of FINRA’s e-learning courses are now available for CFP credit.

 



FINRA recently enhanced its Compliance Calendar, a tool that gives firms a calendar view of upcoming deadlines and events. When you access the calendar via the Firm Gateway, you can now customize it to display all past and upcoming regulatory filing deadlines specific to you (“My Filings”) or your firm (“Firm Filings”). Other new features include the ability to export a month of regulatory deadlines and events into Excel and sending a deadline or event via email right from the calendar.
 

 Guidance

FINRA Warns Firms of Regulator Impersonators
Recently, FINRA has received reports of member firms receiving telephone calls from persons claiming to work for FINRA in an attempt to deceive firms into revealing confidential information. FINRA is notifying firms that these individuals may be impersonators. Firms that receive telephone calls or emails purportedly from someone at FINRA requesting any type of information—confidential or otherwise—should use caution and verify the identity of the caller or sender before providing any information or responding to an email. See Information Notice 7/13/18 for more information.
 

 Education and Compliance Programs

Join us in New York this fall for two upcoming conferences. The conference brochures, which include the full agenda 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.


Registration is now open 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.


Join FINRA on July 23 at 4 p.m. ET for the second Small Firm Report conference call. The discussion will include recent updates to FINRA rule proposals, including background checks and Rule 3110(e) and exam restructuring and the Securities Industry Essentials (SIE) Exam. The call will conclude with Q&A. 

This event is open to all members. Register here
.


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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Regulatory Contacts
FINRA By-Laws require member firms to maintain an Internet email account on behalf of their executive representatives. This facilitates firm notification of important publications and information added to the FINRA website.

Firms wishing to change the name or email address of their executive representative or designated assistant should do so through the FINRA Contact System (FCS). See
http://www.finra.org/FCS for further information. Requests from executive representatives to be removed from this email notification list cannot be honored.

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