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Termination of SEC Temporary Exemptive Relief from Fingerprinting Requirements for, Among Others, Members and All of Their Associated Persons; Termination of Additional Temporary Extension of Time for Fingerprinting Under FINRA Rules

On March 20, 2020, the Securities and Exchange Commission (“Commission”) issued an order that, among other things, provided a temporary exemption until May 30, 2020, from the fingerprinting requirements of Securities Exchange Act Rule 17f-2 for FINRA members and transfer agents registered with the Commission (“March 20 Order”). On May 27, 2020, the Commission issued an order extending the temporary exemption until June 30, 2020. On June 26, 2020, the Commission issued an order extending the temporary exemption until a date to be specified in a public notice from Commission staff specifying the date on which the temporary exemption will terminate (“Termination Date”).

On March 24, 2020, FINRA temporarily extended, until June 29, 2020, the time period for a FINRA member to submit fingerprint information under FINRA Rule 1010(d), which requires a FINRA member to submit fingerprint information within 30 days after FINRA receives a person’s Form U4. On May 28, 2020, FINRA extended the time period for submitting fingerprint information until July 30, 2020. On June 29, 2020, FINRA extended the time period for submitting fingerprint information until 30 days after the Termination Date.

On June 6, 2022, Commission staff issued a public notice announcing the termination of the temporary exemption from the fingerprinting requirements that was originally set forth in the March 20 Order and subsequently extended. The Termination Date of the Commission’s temporary exemptive relief for any registrant relying on or otherwise availing itself of such relief, including both FINRA members and transfer agents registered with the Commission, is September 6, 2022.

In addition, FINRA will terminate the temporary extension of the time period for submitting fingerprint information under FINRA Rule 1010(d) on September 6, 2022. As described in more detail below, the date by which a FINRA member relying on the exemptive relief must submit fingerprint information depends on whether the person to be fingerprinted obtained or is seeking FINRA registration and therefore is subject to FINRA Rule 1010(d).

Updated June 6, 2022

Time Frame for Submission of Fingerprint Information for Persons Who Have Obtained or are Seeking FINRA Registration

Q: Our firm has submitted a Form U4 to register a person with FINRA, but our firm has been unable to submit fingerprint information for this person due to the limitations and restrictions imposed as a result of COVID-19. As such, our firm has been relying on the temporary relief to the fingerprinting requirements provided by the Commission and FINRA. Now that this temporary relief is being terminated, by what date must our firm submit fingerprint information for this person to be in compliance with the fingerprinting requirements? New

A: A FINRA member that submitted, or will submit, a person’s initial or transfer Form U4 between February 15, 2020, and September 6, 2022, will have until October 6, 2022 to submit the necessary fingerprint information. A FINRA member that submits a person’s initial or transfer Form U4 after September 6, 2022 must submit fingerprint information for the person no later than 30 days after FINRA receives the person’s Form U4.  

Updated June 6, 2022

Time Frame for Submission of Fingerprint Information for Associated Persons Required to be Fingerprinted but Not Seeking Registration

Q: Our firm has a non-registered associated person who is required to be fingerprinted (“NRF”), but our firm has been unable to submit fingerprint information for this person due to the limitations and restrictions imposed as a result of COVID-19. As such, our firm has been relying on the Commission’s temporary relief to the fingerprinting requirements initially set forth in the March 20 Order and subsequently extended. Now that this temporary relief is being terminated, by what date must our firm submit fingerprint information for this NRF to be in compliance with the fingerprinting requirements? New

A: A FINRA member that has availed itself of the temporary exemptive relief for an NRF will have until September 6, 2022 to submit the necessary fingerprint information.

Updated June 6, 2022