Guidance
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Upcoming Deadlines and Effective Dates
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Education and Compliance Programs
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FINRA, along with the U.S. Securities and Exchange Commission (SEC) Office of Investor Education and Advocacy and the North American Securities Administrators Association (NASAA), jointly issued an investor article to increase awareness of fraud involving the purported use of artificial intelligence (AI) and other emerging technology.
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Register for the next Small Firm Conference Call, taking place on Monday, February 12, at 4:30 p.m. ET. FINRA President and CEO Robert Cook and Vice President of Member Relations and Education Kayte Toczylowski will be joined by FINRA senior staff to discuss Regulatory Notice 24-02, which highlights the new Residential Supervisory Location designation and the Remote Inspections Pilot Program. Registration is open to all member firms.
As a reminder, FINRA published Regulatory Notice 24-02 to announce the effective dates of two new supplementary materials under FINRA Rule 3110 (Supervision) as follows:
- Rule 3110.19 (Residential Supervisory Location) becomes effective on June 1, 2024; and
- Rule 3110.18 (Remote Inspections Pilot Program) becomes effective on July 1, 2024.
| | Guidance As a reminder, FINRA recently published the Update on Targeted Exam: Crypto Asset Communications—a follow-up to the November 2022 targeted exam (sweep) that reviewed the practices of certain member firms that actively communicate with retail customers about crypto assets and crypto asset-related services. The update summarizes initial themes and poses questions for firms to consider if they use retail communications about crypto assets.
The sweep update builds on FINRA’s ongoing commitment to provide transparency to member firms about our regulatory programs and initiatives, such as sweeps, to help them assess their compliance programs and address areas of concern.
Read the related press release and listen to the FINRA Unscripted podcast episode discussing highlights about the sweep update.
| | Upcoming Deadlines and Effective Dates SEC Requests for Comment
The SEC requests comment on FINRA’s proposal to amend Rule 3240 (Borrowing From or Lending to Customers) to strengthen the general prohibition against borrowing and lending arrangements, narrow some of the existing exceptions to that general prohibition, modernize the immediate family exception, and enhance the requirements for giving notice to members and obtaining members’ approval of such arrangements. Comments are due February 12, 2024. See the Federal Register notice.
The SEC requests comment on FINRA’s proposal to amend FINRA Rule 6730 to reduce the 15-minute TRACE reporting timeframe to one minute, with exceptions for member firms with de minimis reporting activity and for manual trades. Comments are due February 15, 2024. See the Federal Register notice.
| | Education and Compliance Programs Registration is now open for the first 2024 sessions of the Virtual Registration Systems Foundation Training. Firm compliance personnel who are new to registration and licensing—or would like to become more familiar with navigating related systems—are invited to join FINRA virtually March 6-7 or May 1-2. See the Virtual Training Schedule & How to Register page for more information.
Join FINRA in Dallas for back-to-back registration systems and disclosure trainings this April. Registration is open for the ever-popular Registration Systems Foundation In-Person Training and Disclosure Reporting In-Person Boot Camp, both of which have back-to-back sessions scheduled April 16 and 17-18, respectively. - Registration Systems Foundation Training is a one-day training for firm compliance personnel who want to become more familiar with navigating FINRA Gateway and submitting Uniform Forms.
- The Disclosure Reporting Boot Camp includes two days of comprehensive training on disclosure reporting topics, including determining reportability and responding to FINRA disclosure letters.
Register for all of FINRA’s upcoming events: |
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