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FINRA 2019 Annual Budget Summary

March 21, 2019
Volume 12
 
 
guidance

Guidance
  • Regulatory Notices
disciplinary actions

Disciplinary Actions

 
upcoming

Upcoming Deadlines and Effective Dates
  • FINRA Request for Comment
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.

On this episode, FINRA’s Chip Jones discusses the role of the Office of Member Relations and Education and outlines how member firms can get involved with FINRA. Listen to the podcast.


As part of a new retrospective rule review, FINRA is seeking information from all firms about their experience with and views of FINRA Rule 4311 that governs requirements applicable to members when entering into agreements for the carrying of customer accounts. FINRA is asking firms to complete a voluntary survey. Executive representatives will receive a unique URL to the survey this Friday, March 22.
 



FINRA has released an overview of our 2019 annual budget as part of our commitment to provide greater transparency regarding our operations. This forward-looking report—initiated through FINRA360—details FINRA’s Financial Guiding Principles and our budget priorities this year. As noted in the summary, we will not seek to increase member fees this year—the sixth consecutive year without a fee increase—and instead will close any shortfall with the use of our reserves.
 

 Guidance

FINRA Issues Guidance on FOCUS Reporting for Operating Leases

FINRA has issued Regulatory Notice 19-08 to provide guidance to members for reporting lease assets and lease liabilities on their FOCUS reports. Members should apply the guidance in this Notice going forward when preparing their FOCUS reports. Members are not required to refile any FOCUS reports that they have already submitted to comply with this guidance.
 

FINRA Reminds Firms of Their Obligations Under SEC Rule 15c2-11(a)(4)

FINRA has issued Regulatory Notice 19-09 to remind firms of their obligations under Securities Exchange Act (SEA) Rule 15c2-11 and FINRA Rule 6432 regarding quotations in the securities of foreign private issuers that rely on SEA Rule 12g3-2(b). Specifically, we are reminding firms that Rule 15c2-11(a)(4) requires that they make paragraph (a)(4) information reasonably available upon request to any person expressing an interest in a transaction involving the security, such as by providing the requesting person with appropriate instructions regarding how to obtain the information electronically. Firms cannot comply with this requirement by directing customers to an issuer’s website if, by its terms, the website restricts access by U.S. persons to the paragraph (a)(4) information.
 

 Disciplinary Actions

FINRA publishes disciplinary actions to remind registered representatives and firms of specific conduct that violates FINRA rules and may result in disciplinary action. FINRA posted the following disciplinary item on the website this week:

 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.
 

 Education and Compliance Programs

Register today for a CRD Overview Webinar to learn more about the new CRD system and current functionality on March 27 from 1 p.m. – 2 p.m. Eastern Time. Space is limited; please register early.

Additional information and registration is available on the Be in the Know page.


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.


Register 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 securities attorneys, government officials, FINRA senior leaders and representatives from other securities regulators for a three-day event dedicated to today’s most important issues affecting the securities industry, including:

  • Common Examination Findings and Compliance Practices
  • Managing Cybersecurity Risks
  • Outside Business Activities and Private Securities Transactions
  • Social Media and Digital Communications
  • And much more

Browse the conference brochure, which includes the full agenda and session descriptions. Register today to attend in person or via live online broadcast.


The 2019 Compliance Outreach Program for Municipal Advisors has been rescheduled for Tuesday, May 21, 2019, in San Francisco, CA. This free one-day program is designed to provide an open forum for municipal advisory industry professionals to discuss current compliance practices with regulators and promote a more effective compliance structure for regulatory obligations of municipal advisors. The program is sponsored by the SEC's Office of Compliance Inspections and Examinations (OCIE), in coordination with the SEC's Office of Municipal Securities, FINRA and the MSRB.

Register today to attend in person or via live audio webcast.


FINRA is hosting several upcoming Half-Day Compliance Boot Camps, AML Half-Day Seminars and Cybersecurity Half-Day Seminars across the country.

Half-Day Compliance Boot Camps

  • May 23, 2019 | Dallas, TX
  • June 4, 2019 | Chicago, IL
  • June 12, 2019 | New York, NY
  • June 14, 2019 | Tempe, AZ

AML Half-Day Seminar – June 4, 2019 | Costa Mesa, CA

Cybersecurity Half-Day Seminar – July 16, 2019 | Chicago, IL


Register today for the June 12 district compliance event in Boston, MA. This event is 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.


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.

Listen to our podcast to find out what makes the CRCP® program a can't-miss opportunity, and 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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