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Board of Governors Meeting Update; 529 Plan Share Class Initiative Frequently Asked Questions

February 27, 2019
Volume 9

  • UPC Advisories

Upcoming Deadlines and Effective Dates
  • FINRA Request for Comment
  • SEC Requests for Comment

Education and Compliance Programs

In a follow up to a recent episode of A Few Minutes With FINRA, FINRA Executive Vice President of Enforcement Susan Schroeder answers questions FINRA has received from firms in response to its 529 Plan Share Class Initiative. Watch the video.

The FINRA Board of Governors holds its first meeting of 2019 in Boca Raton, Florida, this week. Among other items, the Regulatory Policy Committee will review several rulemaking proposals, including proposed rule changes relating to high-risk firms, and a proposal to expand the collection and dissemination of security reference data in TRACE for corporate debt securities. The Finance, Operations and Technology Committee will review the 2018 uses of fine monies and a proposal to upgrade technology infrastructure for FINRA’s trade reporting and quotation facilities and support systems.


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

  • UPC #08-19 Fox Corporation Class A & Class B Common Stock (When Issued) (OTC Symbol: NFXAV & NFXBV)
  • UPC #07-19 Nighthawk Energy PLC (NHEGQ)
  • UPC #06-19 E-TRADE Financial Corporation – 5.875% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A & 5.3% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series B.

 Upcoming Deadlines and Effective Dates

FINRA Request for Comment

FINRA is conducting a retrospective review of Rule 4370 (Business Continuity Plans and Emergency Contact Information), FINRA’s emergency preparedness rule, to assess its effectiveness and efficiency. Regulatory Notice 19-06 outlines the general retrospective rule review process and seeks responses to several questions related to firms’ experiences with this specific rule. Comments are due April 26, 2019.

SEC Requests 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.

The SEC requests comment on FINRA’s proposal to amend FINRA Rule 6750 (Dissemination of Transaction Information) to provide that FINRA may publish or distribute aggregated transaction information and statistics on non-disseminated TRACE-Eligible Securities, other than U.S. Treasury Securities, at no charge. The comment period expires March 6, 2019. See the Federal Register notice.

 Education and Compliance Programs

The next Options Industry Regulatory Conference takes place Tuesday, March 12, 2019, at 2 p.m. ET. FINRA Market Regulation surveillance, examination and enforcement staff will discuss regulatory priorities and recent findings. Additionally, representatives from Member Supervision will highlight recent options regulatory issues and sales practice exam findings. FINRA staff will be available to answer questions after their presentations.

Register to attend in person or by telephone. You must register to obtain a dial in phone number.

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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