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FINRA Warns of Fraudulent Phishing Emails Targeting Member Firms

February 13, 2019
Volume 7

Upcoming Deadlines and Effective Dates
  • SEC Request for Comment

Education and Compliance Programs

FINRA Warns of Fraudulent Phishing Emails Targeting Member Firms

FINRA warns member firms to be on the lookout for a fraudulent phishing email that is currently circulating. As described in Information Notice 2/13/19, brokerage firms reported to FINRA that they have received suspicious emails targeting their compliance personnel. The email appears to be from a legitimate credit union attempting to notify the firm about potential money laundering involving a purported client of the firm. The email directs the recipient to open an attached document—which likely contains a malicious virus or malware designed to obtain unauthorized access to the recipient’s computer network.

As a reminder, phishing scams are ever-changing and are designed to infiltrate the computer network of the recipient. Use caution when opening emails from unknown senders and do not open attachments until you verify the sender and information that might be included in the document

FINRA Extends Effective Date of Margin Requirements for Covered Agency Transactions

FINRA has extended the effective date of the requirements to establish margin requirements for Covered Agency Transactions to March 25, 2020, from March 25, 2019. See Regulatory Notice 19-05 for more information.

 Upcoming Deadlines and Effective Dates

SEC Request for Comment on FINRA Rules

The SEC requests comment on FINRA's proposal to amend FINRA Rule 12512(d) through (e) and FINRA Rule 12513(d) through (e) of the Code of Arbitration Procedure for Customer Disputes and FINRA Rule 13512(d) through (e) and FINRA Rule 13513(d) through (e) of the Code of Arbitration Procedure for Industry Disputes to expand time for non-parties to respond to arbitration subpoenas and orders of appearance of witnesses or production of documents, and to make related changes to enhance the discovery process for forum users. The comment period expires March 5, 2019. See the Federal Register notice.

 Education and Compliance Programs

Registration is now open for FINRA's fourth Small Firm Report—a free conference call series hosted by senior FINRA leaders. The call takes place Wednesday, February 20 at 3 p.m. ET. Senior Vice President Chip Jones will be joined by President and CEO Robert Cook and Executive Vice President of Enforcement Susan Schroeder to discuss FINRA’s 529 Plan Share Class Initiative.

This event is open to all FINRA member firms. Register today, as there are limited lines available.

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, but attendance is limited to FINRA firms headquartered in specific regions, and is first come, first served. Register today to attend a forum in your area.

Registration is now open for FINRA’s new Institutional Conference—designed to bring together industry experts, executives and policymakers to share their specialized knowledge and experiences on topics affecting institutional firms across the country. Join us in-person on September 11 in New York City. Reduced rates are available to the first 50 to register through May 31.

FINRA's Registration and Disclosure (RAD) Training team offers several training solutions designed for those at broker-dealer or joint broker-dealer/investment adviser firms. Training types include:

  • Foundations of CRD Training (next session offered March 7-8, in Jacksonville, FL)
  • Registration and Disclosure Boot Camp (2019 sessions will be announced shortly)
  • Custom Web CRD Training – contact the RAD Training Team to inquire about a training session that is tailored to the needs of your organization.

Visit FINRA's Web CRD Training and Support page to learn more. Space is limited, so please register early.

Register early for the Annual Conference, which takes place May 15-17, 2019, in Washington, DC. This year's conference features more than 50 sessions and five session tracks geared towards various business models and firm sizes. Join us to hear valuable insights on today’s most timely topics, featuring a keynote address from FINRA President and CEO Robert Cook and Author of The Pursuit of Happyness Chris Gardner.

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

Visit FINRA's website for additional details and registration information.

FINRA’s Small Firm Conference returns October 23 – 24, 2019 in Santa Monica, CA. This conference features in-depth discussion on small firms’ practices and tips for complying with FINRA rules.

Discounted rates available—register early to secure your seat.

Registration is now open for FINRA's Advertising Regulation Conference—which takes place October 24 – 25, in Washington, DC. Join us in-person or via live broadcast to gain insights on advertisement compliance, and industry developments concerning communications rules and standard advertising practices. Reduced rates are available to the first 100 to register through May 31.

Registration is now open for FINRA's Senior Investor Protection Conference—which takes place November 12, in Washington, DC. This one-day event is dedicated to sharing the most up-to-date regulatory information and effective strategies and solutions for protecting senior investors and vulnerable adults. Discounted registration rates are available to the first 50 to register through June 28.

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Regulatory Contacts
FINRA By-Laws require member firms to maintain an Internet email account on behalf of their executive representatives. This facilitates firm notification of important publications and information added to the FINRA website.

Firms wishing to change the name or email address of their executive representative or designated assistant should do so through the FINRA Contact System (FCS). See for further information. Requests from executive representatives to be removed from this email notification list cannot be honored.

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