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On Occasion, the Securities Markets May Unexpectedly Close for Business

December 4, 2018
Volume 49
 
 
guidance

Guidance
  • UPC Advisories
upcoming

Upcoming Deadlines and Effective Dates
  • SEC Request for Comment on FINRA Rules
  • FINRA Election
  • Registration Renewal
education

Education and Compliance Programs


On occasion, the securities markets may unexpectedly close for business, for example, on the national day of mourning declared in memory of President George H.W. Bush on December 5, 2018. FINRA has published related guidance:

  • Regulatory  Notice 18-39 provides guidance to members regarding SEA Rules 15c3-1, 15c3-3, 17a-5(a) through (d), Rule 204 under Regulation SHO, FINRA Rules 4210, 4230(b), 4521 and 4524, and Federal Reserve Board Regulation T in the event of such an unexpected close. The Notice addresses, among other things, the circumstances under which the day of the unexpected close should be considered a regular business day versus a non-business day for purposes of these rules.
  • FINRA published Information Notice 12/4/18 describing changes to the Contrary Exercise Advice (“CEA,” also known as “Expiring Exercise Declaration” or “EED”) cut-off time for options that expire on December 5, 2018.
  • In addition, the CTCI Migration Conference Call scheduled for Wednesday, Dec. 5, 2018, is postponed as FINRA will observe the National Day of Mourning. FINRA will announce a new date for the call soon.

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. 

On this episode, Sam Draddy discusses how FINRA combines 20 years’ worth of data on thousands of actively traded bonds, stocks and equity options with a mix of sophisticated surveillance technology and good old-fashioned detective work to detect insider trading. Listen to the podcast.

 

 Guidance

UPC Advisories
The following UPC Advisories were posted in the past week:

  • UPC #32-18 Tops Holding LLC
  • UPC #33-18 Claire’s Stores, Inc.
  • UPC #34-18 Rex Energy Corp (REXXQ, RXNRQ)

 Upcoming Deadlines and Effective Dates

SEC Request for Comment on FINRA Rules

The SEC requests comment on FINRA’s proposal to amend FINRA Rule 4570 (Custodian of Books and Records) to: (1) provide a member that is filing a Form BDW (Uniform Request for Broker-Dealer Withdrawal) the option of designating another FINRA member as the custodian of its books and records on the form; (2) clarify the obligations of the designated custodian; and (3) require the designated custodian to consent to act in such a capacity. The comment period expires December 21, 2018. See the Federal Register notice.


FINRA Elections

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.
 


Registration Renewal

As a reminder, December 17, 2018, is the payment deadline for Preliminary Statements of registration renewal fees. This annual program simplifies firms' registration renewal process with FINRA and participating regulators by requiring just one payment to FINRA.

See Regulatory Notice 18-37 and visit the 2019 Renewal Program page for details.

 

 Education and Compliance Programs

Register today for the FINRA 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 conference brochure, which includes the full agenda and session descriptions.


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.


Register today for the 2019 FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP)® program— comprised of two weeklong residential courses, which are delivered at Georgetown University's McDonough School of Business in Washington, DC. This 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.

  • Week I • July 21 – 26, 2019
  • Week II • November 17 – 22, 2019

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.
 

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