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Registration Now Open for National Compliance Outreach Program

April 17, 2019
Volume 16

  • Regulatory Notices
disciplinary actions

Disciplinary Actions


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

Education and Compliance Programs

IP Address Update. In order to improve the performance and reliability of Information Requests, and Forms and Filings systems, FINRA will be upgrading to use Cloudfare service on May 11, 2019. To accommodate this change, firms who previously added Information Requests and Forms and Filings as trusted IP addresses will need to update them to ensure continued access to these systems. See Cloudfare’s IP address page for a complete list.

Please note, there is no action required for firms who have not added our current IP addresses to their trusted list. If your firm uses these systems, check with your IT department or call the FINRA Gateway Call Center at (301) 590-6500 with any questions.

FINRA’s registration systems cloud migration is underway. As a reminder, the migration of FINRA’s registration systems is underway and requires several weekends this month. During this time, Web CRD, IARD, PFRD and FPRD will be unavailable to all users. Please refer to our availability schedule for the complete list of dates and hours for these planned outages.

If you have any questions or experience any issues during the migration period, please contact the FINRA Gateway Call Center: (301) 590-6500.

Registration is now open for the 2019 National Compliance Outreach Program for Broker-Dealers. The program, sponsored by FINRA and the SEC, is designed to provide an open forum for regulators and industry professionals to discuss current compliance practices and promote an effective compliance structure for the protection of investors. The event will be held on June 27, 2019, in Chicago, IL. Space is limited, so register early to secure your seat.

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 Todd Diganci joins the podcast to discuss the recently released 2019 Budget Summary and FINRA’s Financial Guiding Principles. Listen to the podcast.

Have you registered for the Annual Conference? The FINRA Annual Conference (May 15–17, 2019) features more than 60 sessions, including special tracks related to trends in AML, cybersecurity, fixed income and much more. Register today to hear from over 200 speakers, including keynote addresses from FINRA President and CEO Robert Cook; FINRA Executive Vice President of Member Supervision Bari Havlik; and the author of The Pursuit of Happyness Chris Gardner.

Check out our video to see what’s new and back by popular demand. Download the updated conference brochure, which includes the full agenda and confirmed speakers.



SEC Approves Amendments to FINRA Rule 4512 to Permit the Use of Electronic Signatures for Discretionary Accounts

The SEC approved a proposed rule change to amend FINRA Rule 4512 (Customer Account Information) to permit the use of electronic signatures for discretionary accounts and to clarify the scope of the rule. These changes, outlined in Regulatory Notice 19-13, become effective on May 6, 2019.

2019 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board

In February 2012, pursuant to an SEC order, FINRA established an accounting support fee (GASB Accounting Support Fee) to adequately fund the annual budget of the Governmental Accounting Standards Board. The GASB Accounting Support Fee is collected on a quarterly basis from member firms that report trades to the MSRB. Each member firm’s assessment is based on its portion of the total par value of municipal securities transactions reported by all FINRA member firms to the MSRB during the previous quarter. FINRA will assess and collect a total of $8,935,500 to adequately fund GASB’s annual budget by collecting $2,233,875 from its member firms each calendar quarter beginning in April 2019. See Regulatory Notice 19-14 for more 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 Requests 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.

FINRA has issued Regulatory Notice 19-12 to request comment on a proposed pilot program to study changes to corporate bond block trade dissemination based on recommendations of the SEC Fixed Income Market Structure Advisory Committee (FIMSAC). Specifically, the proposed pilot is designed to study two primary changes recommended by the FIMSAC: an increase to the current dissemination caps for corporate bond trades, and delayed dissemination of any information about trades above the proposed dissemination caps for 48 hours. The proposed pilot incorporates these primary elements of the FIMSAC Recommendation and other features, including a control group, designed to support a meaningful analysis of the pilot’s impact. Comments are due June 11, 2019.

SEC Request for Comment on FINRA Rules

The SEC requests comment on FINRA’s proposal to amend FINRA rules to establish a new issue reference data service for corporate bonds, consistent with a recommendation from the SEC’s Fixed Income Market Structure Advisory Committee (FIMSAC). The comment period expires April 29, 2019. See the Federal Register notice.

 Education and Compliance Programs

Register for the 2019 Compliance Outreach Program for Municipal Advisors, which takes place 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 14, 2019 | Tempe, AZ

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

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

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 programs include:

  • Foundations of CRD Training (next session offered June 6–7, 2019, in Chicago, IL)
  • Registration and Disclosure Boot Camp (upcoming sessions will be announced soon)
  • 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.

District compliance events are 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. Upcoming events will be held in Boston on June 12, 2019 and Los Angeles on August 8, 2019.

Review the compliance calendar to see a complete list of events.

Also coming up:

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