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Update: FINRA Board of Governors Meeting

From:

Robert W. Cook, FINRA President and CEO

To:

FINRA Member Firms

Date:

Wednesday, March 13, 2019

FINRA’s Board of Governors met recently in Boca Raton, Florida, and I am writing to share with you some updates from our discussions.

During the meeting, the Board discussed the organization’s finances, reviewed several significant technology and other capital initiatives, and considered two rulemaking items, which are listed below. Convening in Boca Raton also gave the Board the opportunity to learn more about the work of FINRA’s Boca Raton District Office from staff working in our examination, enforcement, FINRA Securities Helpline for Seniors and anti-money laundering units. And as part of our continued commitment to engagement under FINRA360, the Board also met with representatives from member firms headquartered in the area during a special member reception. It was valuable to hear these firms’ perspectives on a variety of issues.

The Board also received updates on FINRA’s regulatory operations, including the continuing transformation of our Risk Monitoring and Examination Program and the 529 Plan Share Class Initiative.

For more information about the discussions that took place during the February/March FINRA Board of Governors meeting, please watch the February/March 2019 Board Report video. Our next meeting is May 6 – 7 in New York. More information regarding the Board's operations, including the membership and responsibilities of its committees, is available at www.finra.org/governance.

Sincerely,


Robert W. Cook
President and CEO


Rulemaking Items Approved at the February/March 2019 Board Meeting

Proposed Rule Changes Relating to Firms with a History of Misconduct
The Board approved moving forward with proposing new rules related to firms that have a disproportionately high number of regulatory disclosure events by the firm and/or its registered representatives. As a next step in the rulemaking process, FINRA will soon publish a Regulatory Notice seeking comment on the rules.


Proposal to Collect and Disseminate New Issue Reference Data in Corporate Bonds
The Board approved filing with the SEC proposed amendments to the Trade Reporting and Compliance Engine (TRACE) Rules to enhance collection and dissemination of new issue reference data for corporate bonds and charge associated fees. The proposal responds to a recommendation by the SEC’s Fixed Income Market Structure Advisory Committee.