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FINRA Unscripted Podcast: National Cybersecurity Awareness Month

October 24, 2018
Volume 43
 
 
guidance

Guidance
  • Regulatory Notice
upcoming

Upcoming Deadlines and Effective Dates
  • FINRA Requests for Comment
  • FINRA Elections
education

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.

In honor of National Cybersecurity Awareness Month, Barry Suskind and Eugene Mindel of FINRA’s Cyber and Information Security team join us to provide resources and best practices for keeping you, your family and your clients protected while online. Listen to the podcast.

 

 Guidance

FINRA Amends Capital Acquisition Broker Rule 331 to Conform to FinCEN’s Final Rule on Customer Due Diligence Requirements for Financial Institutions

FINRA has filed for immediate effectiveness amendments to Capital Acquisition Broker (CAB) Rule 331 (Anti-Money Laundering Compliance Program) to reflect the Financial Crimes Enforcement Network’s (FinCEN) adoption of a final rule on Customer Due Diligence Requirements for Financial Institutions (CDD Rule). The implementation date is November 19, 2018. See Regulatory Notice 18-36.
 

 Upcoming Deadlines and Effective Dates

FINRA Requests for Comments

FINRA has three open requests for comments.

FINRA requests comment from member firms and other interested parties on enhancements to the Securities Industry Continuing Education Program (CE Program) under consideration by the Securities Industry/Regulatory Council on Continuing Education (CE Council). These enhancements include the transition of the Regulatory Element program to a more focused and shorter learning requirement administered annually. The CE Council is also gathering feedback on the current Firm Element program and supporting resources as well as on the overlap of the Firm Element program with other firm training requirements. The program enhancements that are under consideration are published on the CE Council’s website and in Regulatory Notice 18-26. Comments are due November 5, 2018.

FINRA requests comment on a proposal to expand the summary firm data relating to over-the-counter (OTC) equity trading that FINRA publishes on its website by (1) publishing on a one-month delayed basis new monthly aggregate block-size trading data for OTC trades in NMS stocks executed outside an alternative trading system (ATS); (2) publishing aggregate non-ATS volume for all firms, by eliminating the existing de minimis exception; and (3) separately identifying firms’ volume of trading on a single dealer platform (SDP), by requiring firms to use a unique market participant identifier (MPID) when reporting their SDP trades to FINRA. The proposal is described in Regulatory Notice 18-28 and comments are due November 12, 2018.

FINRA released a white paper outlining recent regulatory technology (RegTech) developments within the securities industry and potential opportunities and implications these technologies may have for broker-dealers. FINRA highlights five areas where industry participants have most prominently leveraged RegTech innovations: surveillance and monitoring, customer identification and antimoney laundering compliance, regulatory intelligence, reporting and risk management and investor risk assessment. FINRA has requested comments and feedback from interested parties by November 30, 2018.


FINRA Elections

Three FINRA elections to fill vacancies on the Regional Committees, the Small Firm Advisory Committee (SFAC) and the National Adjudicatory Council (NAC) are underway. Ballots for each election are due November 15, 2018. The candidates running for election are listed in the following Election Notices:

 Education and Compliance Programs

Register today for FINRA's upcoming AML Half-Day Seminar, which takes place November 6 in Boca Raton. 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 to register.


Register today for an upcoming Member Forum in your region to engage in key discussions with FINRA staff and industry peers around the future landscape of the financial services industry. There is no cost to attend the forums.


The FINRA Small Firm Conference is sold out and we currently have a waitlist. If you are looking for other educational offerings, register today for the 2019 FINRA Annual Conference—which includes sessions designed specifically for small firms.

The Annual Conference takes place May 15-17, 2019 in Washington, DC. Reduced rates are available for the first 500 in-person registrants before March 29, 2019. Register today.


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 San Francisco and Denver districts. To see a complete list of events that may be in your area, review the compliance calendar.


Also coming up:

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