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Temporary Amendments to FINRA Rules


Pursuant to SR-FINRA-2020-040, FINRA has adopted temporary Supplementary Material .17 (Temporary Relief to Allow Remote Inspections for Calendar Year 2020 and Calendar Year 2021) under FINRA Rule 3110 (Supervision) to provide member firms the option, subject to specified requirements under the supplementary material, to complete remotely their calendar year 2020 and calendar year 2021 inspection obligations under FINRA Rule 3110(c) (Internal Inspections), without an on-site visit to the office or location.


FINRA filed a temporary proposed rule change for Immediate Effectiveness, SR-FINRA-2020-027, which temporarily amends FINRA Rules 1015, 9261, 9524 and 9830 to allow hearings in connection with appeals of Membership Application Program decisions, disciplinary actions, eligibility proceedings and temporary and permanent cease and desist orders to be conducted by video conference, if warranted by the current COVID-19-related public health risks posed by an in-person hearing. The temporary amendments in SR-FINRA-2020-027 become operative on September 30, 2020, and are in effect through December 31, 2020, pending any future extensions.


Pursuant to SR-FINRA-2020-026, FINRA has adopted: (1) temporary Supplementary Material .12 (Temporary Extension of the Limited Period for Registered Persons to Function as Principals) under FINRA Rule 1210 (Registration Requirements); and (2) temporary Supplementary Material .07 (Temporary Extension of the Limited Period for Persons to Function as Operations Professionals) under FINRA Rule 1220 (Registration Categories) to extend the 120-day period that individuals designated prior to September 3, 2020 can function as a principal or Operations Professional without having successfully passed an appropriate qualification examination through December 31, 2020.


Pursuant to SR-FINRA-2020-019, FINRA has adopted temporary Supplementary Material .16 (Temporary Extension of Time to Complete Office Inspections) under FINRA Rule 3110 (Supervision) that would extend the time by which member firms must complete their calendar year 2020 inspection obligations under Rule 3110(c) (Internal Inspections) to March 31, 2021.

SR-FINRA-2020-015, SR-FINRA-2020-017 and SR-FINRA-2020-022 

Pursuant to SR-FINRA-2020-015, and as extended by SR-FINRA-2020-017 and SR-FINRA-2020-022, FINRA has temporarily amended certain timing, method of service and other procedural requirements in FINRA Rules 1012, 1015, 6490, 9132, 9133, 9146, 9321, 9341, 9349, 9351, 9522, 9524, 9525, 9559 and 9630. These temporary amendments are effective from May 8, 2020, through to a date to be specified in a public notice issued by FINRA, which date will be at least two weeks from the date of the notice, and no later than December 31, 2020, pending any future extensions.