Guidance
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Upcoming Deadlines and Effective Dates
• SEC Order Scheduling Filing of Statements on Review
• SEC Requests for Comment
• Web EFT Retires in November
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Education and Compliance Programs
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New Rate for Fees Paid Under Section 31 of Exchange Act
The Section 31 fee rate applicable to specified securities transactions on the exchanges and in the over-the-counter markets will increase on May 22 from its current rate of $8.00 per million dollars in transactions to a new rate of $27.80 per million dollars in transactions. FINRA announced the new rate in Information Notice 05/01/24.
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Learn More About Membership Application Program (MAP)
FINRA launched a new video series to help firms currently in the MAP process or those who are considering filing a continuing membership application, as well as those who are considering registering a new broker-dealer firm.
| | Guidance Recently Published: - FINRA Board and Committee Elections
FINRA encourages member firm involvement in upcoming elections for the Small Firm Advisory Committee (SFAC), Regional Committees, National Adjudicatory Council (NAC) and FINRA Board of Governors (Board). An overview of the vacancies for the elected positions and other information can be found in Special Notice 4/19/24.
| | Upcoming Deadlines and Effective Dates SEC Order Scheduling Filing of Statements on Review
The Securities and Exchange Commission (SEC) approved a rule change in January that would prohibit compensated non-attorney representatives from representing parties in the DRS forum. The SEC subsequently stayed the approval order and is reviewing the delegated action. Per an April SEC Order Scheduling Filing of Statements on Review, any party or other person may file by May 8 a statement in support of, or in opposition to, the action made pursuant to delegated authority. The approval order remains stayed pending further order of the SEC. Please see SR-FINRA-2023-013 for more information. SEC Requests for Comment - The SEC issued an order on April 18 instituting proceedings to determine whether to approve or disapprove FINRA’s proposed rule change to amend FINRA 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 by May 15. Rebuttal comments are due by May 29. See the SEC Notice of Order.
- The SEC issued an order on April 22 instituting proceedings to determine whether to approve or disapprove FINRA’s proposed rule change to amend FINRA Rule 6730 (Transaction Reporting) 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 by May 17. Rebuttal comments are due by May 31. See the SEC Notice of Order.
Web EFT Retires in November
This is a reminder to firms using the legacy Web EFT service that effective Nov. 15, all associated XML file upload and download functionality will be completely retired. Current Web EFT subscribers wishing to continue making automated data transfers with FINRA must transition to using the new FINRA API platform. Key milestones and frequently asked questions are on the platform’s Web EFT Sunset page. | | Education and Compliance Programs Register for upcoming events: |
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