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CRCP Small Firm Scholarship Now Accepting Applications

August 22, 2018
Volume 34

Upcoming Deadlines and Effective Dates
  • FINRA Requests for Comment

Education and Compliance Programs

The recording of FINRA’s July 23 Small Firm Report, a conference call series dedicated to the unique regulatory challenges faced by small firms, is now available. If you were unable to join the live event, or would like to listen again, you can register for access to a recording of the call.

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. 

Haime Workie and Kavita Jain talk about the Innovation Outreach Initiative and share their insights on the fintech innovations that are driving market activity around the world. Listen to the podcast.


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.


 Disciplinary Actions

FINRA publishes disciplinary actions to remind registered representatives and firms of specific conduct that violates FINRA rules and may result in disciplinary action. FINRA posted the following disciplinary items on the website this week:

  • FINRA fined Interactive Brokers LLC $5.5 million for Regulation SHO violations and supervisory failures spanning a period of at least three years. FINRA found that from July 2012 through June 2015, Interactive’s supervisory system, including its written supervisory procedures, was not reasonably designed to achieve compliance with the requirements of Regulation SHO.

 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.

FINRA Elections

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.

FINRA announced the nomination process to fill one Small Firm vacancy on the National Adjudicatory Council (NAC). Individuals interested in petitioning to become candidates must complete and submit a candidate profile form by September 26, 2018. See Election Notice 08/13/18.


 Education and Compliance Programs

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.

The Fixed Income Conference is only three weeks away. Register today and gain new insights from regulators, industry experts, peers and exhibitors. 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.

Download the conference brochure, which includes the full agenda, session descriptions and confirmed speakers.

Register today for FINRA's upcoming AML Half-Day Seminar, which takes place August 30 in New York. The seminar is designed for AML compliance professionals from firms of all sizes who are new to their role, or who are looking to reinforce their understanding of regulatory requirements and compliance responsibilities.

Visit FINRA's website to learn more and register.

Registration is now open 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, Dallas, 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. 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 28 | Southfield, MI
  • September 13 | Dallas, TX
  • September 18 | St. Louis, MO

Also coming up:

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