Guidance
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Disciplinary Actions
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Upcoming Deadlines and Effective Dates
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Education and Compliance Programs
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Programming note: In observance of Juneteenth, FINRA delivered the Weekly Update on Tuesday, June 18. We will resume our regular Wednesday delivery next week.
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New NIST Cybersecurity Advisory
FINRA alerted firms to recent changes to the National Institute of Standards and Technology (NIST) Cybersecurity Framework to help organizations manage and reduce cybersecurity risks. The advisory does not create new legal or regulatory requirements, nor new interpretations of existing requirements, but firms may consider the information when developing new or modifying existing practices that are reasonably designed to achieve compliance with relevant regulatory obligations.
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Reminder: FINRA Rule 6151 (Disclosure of Order Routing Information for NMS Securities) Goes Into Effect June 30
The rule requires members to submit to FINRA the order routing reports required under the Securities and Exchange Commission’s (SEC) Rule 606(a) for centralized publication. FINRA will start accepting submissions on July 1, and has granted Super Account Administrators (SAAs) the ability to grant entitlement to users to enable manual uploads of SEC Rule 606(a) reports through FINRA Gateway. If your firm prefers to submit the reports via direct machine-to-machine file transfer, please review the entitlement information for FTP accounts. In addition, testing for these submissions is underway. To participate in the testing, please fill out this form. For assistance with test account setup or additional information on FINRA Rule 6151, visit FINRA’s website or email [email protected].
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Nominees for FINRA Board Election
FINRA issued an Election Notice announcing that the annual meeting of FINRA firms to elect one Large Firm Governor, one Mid-Size Firm Governor and one Small Firm Governor to the FINRA Board of Governors will take place on or about September 11. The notice also announced the Nominating and Governance Committee’s nominees and the petition process for additional candidates. A formal notice of the meeting, including the precise date, time and location, will be mailed to executive representatives on or about August 12.
| | Guidance
New - Read the Information Notice advising member firms that the Options Clearing Corporation has issued the June 2024 Options Disclosure Document (ODD), containing general disclosures on the characteristics and risks of trading standardized options. The June 2024 ODD contains new language to update the list of options markets to include MEMX, LLC and settlement information to reflect T+1 settlement.
Reminder - Read our Cybersecurity Advisory highlighting the SEC’s recent amendments to Regulation S-P, which broaden the scope of information covered by the regulation requirements and will require broker-dealers (including funding portals, investment companies, registered investment advisers and transfer agents) to adopt an incident response program and notify individuals whose sensitive customer information was, or is reasonably likely to have been, accessed or used without authorization. Larger entities will have 18 months, and smaller entities will have 24 months, after June 3, 2024 (the date of publication in the Federal Register) to comply.
| | Disciplinary Actions FINRA publishes disciplinary actions to remind registered representatives and firms of specific conduct that violates FINRA rules and may result in disciplinary action. The June 2024 Monthly Disciplinary Actions are available here.
| | Upcoming Deadlines and Effective Dates SEC | | Education and Compliance Programs Register for upcoming events: |
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