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NASAA, SEC and FINRA Issue Senior Safe Act Fact Sheet

May 29, 2019
Volume 22
 
 
upcoming

Upcoming Deadlines and Effective Dates
  • FINRA Requests for Comment
  • FINRA Elections
education

Education and Compliance Programs


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 of FINRA Unscripted, we take you behind the scenes of this year’s Annual Conference to listen in on the first session of the three-day event: a fireside chat with FINRA’s President and Chief Executive Officer Robert Cook and Executive Vice President of Member Supervision Bari Havlik, moderated by Chip Jones, Senior Vice President of Member Relations and Education. Listen to the podcast.


Register today 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. Download the full agenda. Participate in person or via live video webcast.
 



In recognition of the one-year anniversary of the passage of The Senior Safe Act, the North American Securities Administrators Association, the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority have issued a fact sheet to help raise awareness among broker-dealers, investment advisers, and transfer agents of the Act and how the Act’s immunity provisions work.

The Senior Safe Act Fact Sheet provides information on the immunity and training provisions of the Act, as well as additional resources from NASAA, the SEC and FINRA.

 

 Upcoming Deadlines and Effective Dates

FINRA Requests for Comment

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.

As part of FINRA’s ongoing initiatives to protect investors from misconduct, FINRA has issued Regulatory Notice 19-17 to request comment on proposed new Rule 4111 (Restricted Firm Obligations) that would impose tailored obligations, including possible financial requirements, on designated member firms that cross specified numeric disclosure-event thresholds. These thresholds were developed through a thorough analysis and are based on the number of events at similarly sized peers. The member firms that could be subject to these obligations, while small in number, present heightened risk of harm to investors and their activities may undermine confidence in the securities markets as a whole. The proposal would further promote investor protection and market integrity and give FINRA another tool to incentivize member firms to comply with regulatory requirements and to pay arbitration awards.
Comments are due July 1, 2019.


FINRA Elections

The annual meeting of FINRA firms will take place on or about Monday, August 19, 2019, to elect one Large Firm Governor and one Small Firm Governor to the FINRA Board of Governors. A formal notice of the meeting, including the precise date, time and location, will be mailed to executive representatives on or about July 19, 2019. The purpose of Election Notice 5/24/19 is to notify FINRA members of the FINRA Nominating Committee’s nominees to fill these vacancies and inform individuals not nominated by the Nominating Committee of the petition procedures set forth in FINRA’s By-Laws for being included on the ballot for these elections. Petitions must be submitted no later than Monday, July 8, 2019.
 

 Education and Compliance Programs

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

  • July 16, 2019 | Boca Raton, FL
  • August 8, 2019 | Del Mar, CA
  • September 17, 2019 | Minneapolis, MN
  • September 17, 2019 | Stamford, CT

AML Half-Day Seminars

  • June 4, 2019 | Costa Mesa, CA
  • September 19, 2019 | Chicago, IL

Cybersecurity Half-Day Seminars

  • July 16, 2019 | Chicago, IL
  • August 27, 2019 | Costa Mesa, CA
  • September 26, 2019 | Boca Raton, FL

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 the Boston, Los Angeles, Woodbridge and Atlanta District Offices.

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


Registration is now open for the 2020 FINRA Annual Conference—which takes place May 12–14 in Washington, DC. Join leaders of firms of all sizes, compliance professionals, securities attorneys, government officials, FINRA senior leaders and representatives from other securities regulators for a three-day event dedicated to the most important issues affecting the securities industry.

Reduced rates are available for the first 100 in-person registrants through October 4, 2019. Register today.


Also coming up:

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