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FINRA Published FINRA360 Organizational Review

April 25, 2018
Volume 17

Upcoming Deadlines and Effective Dates
  • FINRA Requests for Comment

Education and Compliance Programs

FINRA will conduct a special meeting of large firm members to elect one individual to fill a vacant Large Firm Governor seat on the FINRA Board of Governors. Eligible individuals who have not been nominated by FINRA’s Nominating Committee may be included on the ballot for the election of governors by following the petition procedures described in Election Notice 4/20/18. Petitions for candidacy are due June 4, 2018.

The first-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 published a comprehensive progress report summarizing the significant operational and regulatory changes FINRA has made in the first year of its ongoing FINRA360 organizational review. “The first year of FINRA360 is already resulting in significant change across the organization,” FINRA CEO Robert Cook wrote in the report. “We have placed particular emphasis on changes that benefit investors, promote compliance, address duplicate operations, enhance transparency, foster engagement, or improve our day-to-day supervisory interactions with firms.”

 Upcoming Deadlines and Effective Dates

FINRA Requests for Comment

FINRA has four open requests for comment:

  • FINRA is conducting a retrospective review of Rule 3110 (Supervision), governing annual compliance meetings to assess its effectiveness and efficiency. Regulatory Notice 18-14 outlines the general retrospective rule review process and seeks responses to several questions related to firms’ experiences with this specific rule. Comments are due June 25, 2018.
  • FINRA seeks comment on proposed rule amendments that would revise the quantitative suitability obligation under FINRA Rule 2111 (Suitability) to more effectively address instances of excessive trading in customers’ accounts. The proposed rule amendments would remove the element of control that currently must be proved to demonstrate a violation, but would not change the obligations to prove that the transactions were recommended and that the level of trading was excessive and unsuitable in light of the customer’s investment profile. See Regulatory Notice 18-13 for more information. Comments are due June 19, 2018.
  • FINRA is conducting a retrospective review of the rule governing carrying agreements to assess its effectiveness and efficiency. Regulatory Notice 18-10 outlines the general retrospective rule review process and seeks responses to several questions related to firms’ experiences with this specific rule. Comments are due May 23, 2018.
  • Comments are due April 27, 2018, on FINRA’s proposed new rule to address the outside business activities of registered persons. The proposal is the result of FINRA’s recent retrospective review of FINRA’s rules governing outside business activities and private securities transactions, FINRA Rule 3270 (Outside Business Activities of Registered Persons) and FINRA Rule 3280 (Private Securities Transactions of an Associated Person), respectively. The proposed rule would replace FINRA Rules 3270 and 3280 and is intended to reduce unnecessary burdens while strengthening investor protections relating to outside activities. See Regulatory Notice 18-08.

 Education and Compliance Programs

This year's FINRA Annual Conference (May 21 – 23, 2018) features more than 50 sessions and over 150 speakers, including keynote addresses from FINRA President and CEO Robert Cook; The Honorable Jay Clayton, Chairman, U.S. Securities and Exchange Commission; and The Honorable Preston Rutledge, Assistant Security of Labor, Employee Benefits Security Administration, U.S. Department of Labor.

Learn more about this year's event, which offers industry professionals sessions related to trends in technology, cybersecurity, risk management and much more.

Download the conference brochure. Group rates are available. Register today.

FINRA’s RAD Training will conduct a Foundations of Web CRD/IARD training May 15-16 in Rockville, MD. In-person registrants for the 2018 FINRA Annual Conference (May 21 – 23) may be interested in attending this session during their trip to the DC Metro 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 Chicago, Woodbridge, New Orleans, Kansas City, Los Angeles and Boston districts.

FINRA has several Half-Day Compliance Boot Camps coming up soon.

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

Also coming up:

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