Temporary Amendments to FINRA Rules
Pursuant to SR-FINRA-2021-023, FINRA Rule 3110.17, which provides firms the option to satisfy their Rule 3110(c) obligations remotely, has been amended to include calendar year 2022 inspections obligations through June 30, 2022. Rule 3110.17, as amended, becomes operative on January 1, 2022 and does not extend to a member’s inspection requirements beyond June 30, 2022.
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.
Pursuant to SR-FINRA-2020-027, as extended by SR-FINRA-2020-042, SR-FINRA-2021-006 and SR-FINRA-2021-019, FINRA has temporarily amended 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 became operative on October 1, 2020, and are in effect through December 31, 2021, pending any future extensions.
Pursuant to SR-FINRA-2020-026 as extended by SR-FINRA-2020-043 and SR-FINRA-2021-005, 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 March 3, 2021 can function as a principal or Operations Professional without having successfully passed an appropriate qualification examination through June 30, 2021.
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.
Pursuant to SR-FINRA-2020-015, and as extended by SR-FINRA-2020-017, SR-FINRA-2020-022 SR-FINRA-2020-042, SR-FINRA-2021-006, and SR-FINRA-2021-019, 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 December 31, 2021, pending any future extensions.