December 2021 Board Update

December 8, 2021

FINRA’s Board of Governors met last week in New York, and I am pleased to share some updates from our discussions.

As is customary for our last meeting of the year, the Board discussed FINRA’s finances and other long-term planning. The Board reviewed FINRA’s financial performance from 2021 and approved our 2022 proposed budget, scheduled to be published in the coming months.

The Board also appointed several members to the Small Firm Advisory Committee (SFAC) and to the National Adjudicatory Council (NAC), and received an update on recently concluded Regional Committee and SFAC elections. Similar to previous years, we will publish an Election Notice later this month announcing the new members of all three groups. Their engagement provides essential support to FINRA’s regulatory processes; we welcome the new members and look forward to their input.

In addition, the Board approved two rulemaking items, which are listed below. Our next meeting is scheduled for March 9-10, 2022. More information regarding the Board's operations, including the membership and responsibilities of its committees, is available at www.finra.org/governance. 

Sincerely,

Robert W. Cook    
President and CEO

Rulemaking Items Approved at the December 2021 Board Meeting

Amendments Regarding Electronic Service and Filing and Use of a Portal for Filing and Serving Documents with the Office of Hearing Officers

The Board approved the submission to the SEC of proposed rule amendments to make permanent the temporary service and filing rules for disciplinary proceedings and appeals that were adopted at the start of the COVID-19 pandemic, and to provide for a portal for the electronic submission of documents in disciplinary proceedings to the Office of Hearing Officers.

Accelerated Processing of Arbitration Proceedings for Elderly or Seriously Ill Parties

The Board approved publication of a Regulatory Notice soliciting comment on proposed amendments to the Codes of Arbitration Procedure to accelerate case processing for seriously ill parties and parties who are 75 or older.

Visit FINRA’s website for more information about FINRA’s rulemaking process.