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FINRA Unscripted Podcast: Member Supervision: Introducing Bari Havlik and the Exam Program Transformation

November 7, 2018
Volume 45

  • Regulatory Notice

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

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. 

Bari Havlik, Executive Vice President of Member Supervision, shares more about her vision for the future of FINRA’s exam and risk monitoring programs. Listen to the podcast.



Amendments to the SEC’s Financial Reporting Requirements—eFOCUS System Updates and Annual Audit Requirements

The Securities and Exchange Commission (SEC) has adopted amendments that simplify and update, among other rules and forms, certain of the FOCUS reporting requirements for brokers and dealers and make changes to the annual audit requirements. FINRA is updating the electronic FOCUS filing system (the eFOCUS System) to incorporate the SEC’s amendments. To facilitate members’ efforts to comply with the new requirements, FINRA is making available on the FINRA website resources that illustrate the eFOCUS System updates. The new annual audit requirements apply to annual audit reports due for fiscal years ending in January 2019 and after. See Regulatory Notice 18-38 for more information.

 Upcoming Deadlines and Effective Dates

FINRA Requests for Comments

FINRA has two open requests for comments.

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:

In addition, FINRA is conducting a Special Election to fill a Small Firm Vacancy on the National Adjudicatory Council. Petitions for candidacy are due December 13, 2018. Any eligible individual who obtains the requisite number of valid petitions may be included as a candidate on the ballot by following the petition procedures set forth in FINRA Regulation’s By-Laws and Election Notice 10/29/18.

Broker-Dealer, Investment  Adviser Firm, Agent and Investment Adviser Representative, and Branch Renewals for 2019

The 2019 Renewal Program begins on November 12, 2018, when FINRA makes the Preliminary Statements available to all firms in E-Bill. As described in Regulatory Notice 18-37, the payment deadline is December 17, 2018.

 Education and Compliance Programs

Registration is now open for FINRA’s third Small Firm Report—a free conference call series hosted by senior FINRA leaders. The call takes place Tuesday, November 27 at 3:30 p.m. ET.  Senior Vice President Chip Jones will be joined by CEO Robert Cook, SVP for Investor Education Gerri Walsh and Senior Director for Advertising Regulation Amy Sochard to discuss new research on millennial investors and implications for industry, and digital communications and social media compliance.

Register today.

FINRA is hosting a conference call on Wednesday, Dec. 5, 2018, 2-3 p.m. Eastern Time, to discuss the CTCI migration. Effective Feb. 3, 2020, FIX will be the only protocol supported for reporting trades to FINRA's TRACE and ORF platforms. Register for the call to learn:

  • the steps that firms will need to take to successfully complete the migration;
  • where to find documentation;
  • about network and application testing for direct connections as well as for firms reporting via a service bureau; and
  • where to get support.

The call will be in listen-only mode. Questions may be submitted prior to or during the call to [email protected]

Register today for FINRA’s new RegTech Conference—a forum for regulators, thought leaders and industry practitioners to learn more about the use of RegTech tools, and related opportunities and challenges.

The conference takes place January 17 in New York City. Download the schedule-at-a-glance, which includes the full agenda and session descriptions.

Register today for the New York Region Member Forum, which takes place December 6. The forum provides an opportunity for participants to engage in key discussions with FINRA staff and industry peers around the future landscape of the financial services industry. Plus, hear a fireside chat with FINRA President and CEO Robert Cook and FINRA Senior Vice President and Regional Director Michael Solomon.

Download the updated agenda, which includes session descriptions and confirmed speakers.

Register early for the Annual Conference, which 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.

Also coming up:

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