Interval Funds: 6 Things to Know Before You Invest

• 2025 and Q1 2026 Reports Filing Due Dates: Upcoming due dates have been announced for filings related to the Annual Report, Financial and Operational Combined Uniform Single (FOCUS), Form Custody and supplemental FOCUS Report The next one is today (Feb. 5). These filings must be submitted electronically through FINRA Gateway. 
   
• Vote for National Adjudicatory Council (NAC) Seats: Members from large firms and small firms are eligible to vote between now and Feb. 10 for candidates running for the NAC seat in the same size category as their own firm. The names of the candidates and their profiles are listed in the Election Notice. Voting instructions were sent by email on Jan. 10 from [email protected]. 
   
• 2025 Third-Party Vendor Request: Firms are requested to provide FINRA with information about their vendors and banks via the 2025 Third-Party Vendor Request form in FINRA Gateway by Feb. 25. Register to attend an upcoming webinar to address frequently asked questions about this request. 
   
• Rule Amendments Regarding Arbitration Document Production Lists: FINRA amended its Code of Arbitration Procedure for Customer Disputes to allow customers to decide whether to use Document Production Lists in “paper cases” (i.e., those without a hearing) and special proceedings. The amendments go into effect for arbitration cases filed on or after March 3 of this year. 
   
• Comment on Proposed Changes to Corporate Financing: Members and other stakeholders have until March 20 to comment on proposed amendments to FINRA Rules 5110 (Corporate Financing Rule—Underwriting Terms and Arrangements), 5121 (Public Offerings of Securities With Conflicts of Interest) and 5123 (Private Placements of Securities) that would make substantive, organizational, and terminology changes. 
   
• Four New Forms in FINRA Gateway: Visit FINRA’s website for more information about the new forms that are now available in FINRA Gateway. The compliance date for using them is March 31. 
   
• Amendments to FINRA Rule 3240: Updates to FINRA’s Borrowing From or Lending to Customers Rule go into effect April 28 to strengthen the general prohibition against borrowing and lending arrangements between registered representatives and their customers, narrow some exceptions, modernize the “immediate family” definition, and more.

• FINRA fined Apex Clearing Corporation $3.2 million for violations related to its fully paid securities lending program, marking the first time FINRA has charged a firm with violating FINRA Rule 4330, which establishes permissible use of customers’ securities to ensure customer protection. 
   
• FINRA publishes disciplinary actions to remind members of specific conduct that violates FINRA rules and may result in disciplinary action. The January 2025 Monthly Disciplinary Actions are available here.

FINRA Webinar: Third-Party Vendor Request—FAQ | Feb. 10 | 4:30 p.m. - 5:15 p.m. ET

Virtual Registration Systems Foundation | March 12-13 | Virtual Event

2025 FINRA Annual Conference | May 13-15 | Washington, DC | Hybrid Event

FINRA Institute at Georgetown Certified Regulatory and Compliance Professional Program | Washington, DC

• Week I: Foundation | July 13-18 | In-Person Event
• Week II: Capstone | Nov. 16-21 | In-Person Event

Small Firm Conference | Oct. 9-10 | Dallas, TX | Hybrid Event