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Joint SEC-FINRA Statement on Broker-Dealer Custody of Digital Asset Securities

July 10, 2019
Volume 28

 

 
 
upcoming

Upcoming Deadlines and Effective Dates
  • FINRA Request for Comment
  • SEC Request for Comment
education

Education and Compliance Programs


FINRA reminds firms to register for CAT reporting. FINRA issued Regulatory Notice 19-19 to remind firms they must register with FINRA CAT, LLC for reporting to the Consolidated Audit Trail (CAT). Initial CAT registration ran through June 27, 2019. FINRA urges any member firm with a CAT reporting obligation that has not yet registered to do so as soon as possible so the necessary entitlements for CAT reporting can be established in time for testing, which is scheduled to commence in December 2019.

All questions regarding CAT registration should be directed to the FINRA CAT Helpdesk at (888) 696-3348 or [email protected].

 


Introducing FINRA’s newest E-Learning course: Annual Compliance Reminders for Registered Representatives – Vol. 9. This course uses scenarios adapted from actual FINRA disciplinary actions to remind registered representatives about their compliance obligations. Volume 9 covers cybersecurity, ethics, financial exploitation of seniors, outside business activities and private securities transactions, professional designations and suitability, and 529 savings plans.

Visit www.finra.org/elearning to learn how to add this course—or any of FINRA’s 100-plus e-learning courses—directly to your firm’s learning management system or access this course through an authorized training provider. Note that many of FINRA’s e-learning courses are now available for CFP credit.

 


The SEC and FINRA have released a joint statement on broker-dealer custody of digital asset securities. Market participants have raised questions concerning the application of the federal securities laws and the rules of FINRA to the potential intermediation—including custody—of digital asset securities and transactions. In this statement, the staffs of the Division of Trading and Markets and FINRA—drawing upon key principles from their historic approach to broker-dealer regulation and investor protection—have articulated various considerations relevant to many of these questions, particularly under the SEC’s Customer Protection Rule applicable to SEC-registered broker-dealers.
 



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, the first of a two-part series, Gerri Walsh and Gary Mottola of the FINRA Foundation delve into the results of the National Financial Capability Study and its implications for researchers, policymakers, advocates and more. Listen to the podcast.

 

 Upcoming Deadlines and Effective Dates

FINRA Request for Comment

FINRA has issued Regulatory Notice 19-22 to request comment on a proposal to expand the alternative trading system (ATS) volume data that it publishes on its website to include information on transactions in corporate bonds and agency debt securities that occur within an ATS and are reported to FINRA’s Trade Reporting and Compliance Engine (TRACE). Comments are due September 7, 2019.

SEC Request for Comment on FINRA Rules

The SEC requests comment on FINRA’s proposal to amend FINRA Rules 2210 (Communications with the Public) and 2241 (Research Analysts and Research Reports) to conform to the requirements of the Fair Access to Investment Research Act of 2017 (FAIR Act). The comment period expires July 29, 2019. See the Federal Register notice.

 

 Education and Compliance Programs

Free on-demand recordings of sessions from FINRA's 2019 Annual Conference are now available to member firms and CRCP graduates.


Register today for the 2019 FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP)® program—comprised of two weeklong residential courses, which are delivered at Georgetown University's McDonough School of Business in Washington, DC.

Week I · July 21–26, 2019 (Registration closes July 14)
Week II · November 17–22, 2019


Register today for the 2019 Institutional Conference on September 11 in New York. The event will bring together industry experts, executives and policymakers to discuss topics affecting institutional firms across the country. Download the agenda.


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 | Baltimore, MD
  • September 25, 2019 | Stamford, CT

AML Half-Day Seminar

  • September 19, 2019 | Chicago, IL

Cybersecurity Half-Day Seminars

  • August 27, 2019 | Costa Mesa, CA
  • September 26, 2019 | Boca Raton, FL

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 Los Angeles, Woodbridge and Atlanta District Offices.

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


The agenda for the 2019 Small Firm Conference is now available. This two-day event, which takes place on October 23–24 in Santa Monica, California, brings together FINRA staff and industry peers for in-depth discussions on small firms' practices. Register today to hear from FINRA leaders, including CEO Robert Cook and Executive Vice President of Member Supervision Bari Havlik.


Also coming up:

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