September 25, 2024
Features
- Webinar on Recent Customer Information Request
Firms that received a mid-August Customer Information Request from FINRA can watch a recorded webinar for answers to common questions about the initiative. As a reminder, all firms should check FINRA Gateway for the request, and those that received it should respond by Sept. 30.
- ICYMI: FINRA CEO Robert Cook’s Speech on Disrupting Fraud
In an address to a FINRA Foundation conference this month, Cook detailed our commitment to working with all stakeholders to develop innovative, proactive ways of fighting fraud and protecting investors. He called for creating a one-stop shop for investors to research who they are considering doing business with and for greater coordination in the financial industry’s collective communications to consumers regarding fraud tactics. Read the speech here, or tune in to the latest episode of the FINRA Unscripted podcast to listen to Cook deliver it.
Guidance, Upcoming Deadlines, Effective Dates
New
- No new information.
Reminders
- Customer Information Request: See entry above regarding the mid-August Customer Information Request, the webinar recording with answers to questions from firms that received it, and the Sept. 30 deadline for those firms to respond.
- SEC Request for Comment: The SEC issued an order on Aug. 21 instituting proceedings to determine whether to approve or disapprove FINRA’s proposed rule change to amend FINRA Rule 12800 of the FINRA Code of Arbitration Procedure for Customer Disputes. The proposed rule change, as subsequently modified by Partial Amendment No. 1, would address the applicability of the Document Production Lists to simplified customer arbitrations administered under FINRA Rule 12800. Rebuttal comments are due by Oct 1.
- SFAC and Regional Committee Elections: FINRA has made separate calls for candidates to run for open seats on the Small Firm Advisory Committee (SFAC) and FINRA’s Regional Committees. Read the SFAC and Regional Committee Election Notices for details, including eligibility requirements. Eligible candidates will be included on the appropriate ballots if they submit a candidate profile form to FINRA’s Corporate Secretary by Oct. 3.
- National Adjudicatory Council (NAC) Election: The deadline to submit petitions to become a candidate for the outstanding small firm seat on the NAC is Oct. 3. Information, including eligibility requirements and the candidate profile form, is detailed in the Election Notice.
- Remote Inspections Pilot Program Deadline Reminder: Firms participating in the first year of the Remote Inspections Pilot Program must submit to FINRA their third-quarter data and written supervisory procedures (WSPs) for the inspections by Oct. 15. Read Regulatory Notice 24-02 for details.
- WebEFT Retirement: In response to feedback from firms, FINRA has extended WebEFT access until April 30, 2025, for firms that have started their transition from WebEFT to APIs by this Nov. 15. The extension gives those firms additional opportunity to complete the required development to fully onboard to the API platform. WebEFT subscribers not migrating to APIs will no longer have access to WebEFT after Nov. 15, as previously announced.
- New Form U4 Functionality to Identify RSLs: Firms that have designated a non-registered private residence are required to answer a new question on Form U4—the Uniform Application for Securities Industry Registration or Transfer—to identify Residential Supervisory Locations (RSLs) in compliance with amended FINRA Rule 3110.19(d). Those firms now are required to answer the RSL question as either “yes” or “no” by Dec. 26, replacing the previous Oct. 15 deadline. Read the updated the RSL frequently asked questions for additional details.
Disciplinary Actions
FINRA publishes disciplinary actions to remind members of specific conduct that violates FINRA rules and may result in disciplinary action. The September 2024 Monthly Disciplinary Actions are available here.
Education and Compliance Programs
2024 FINRA Advertising Regulation Conference | Sept. 26-27 | Washington, DC | Hybrid Event
2024 FINRA Small Firm Conference | Oct. 9-10 | Chicago | Hybrid Event
Registration Systems Foundation Training | Oct. 15 | Washington, DC | In-Person Training
Disclosure Reporting Boot Camp l Oct. 16-17 l Washington, DC | In-Person Training
2024 FINRA Diversity Leadership Summit | Oct. 30-31 | Virtual Event
FINRA Institute at Georgetown Certified Regulatory and Compliance Professional Program | Washington, DC
- Week II: Capstone | Nov. 17-22 | In-Person Event | Sold Out
- Week I: Foundation | July 13-18, 2025 | In-Person Event
2024 Compliance Outreach Program for Municipal Advisors and Municipal Dealers | Nov. 20-21 | Denver | Hybrid Event
2025 FINRA Annual Conference | May 13-15, 2025 | Washington, DC | Hybrid Event
Resources
Member Firm Hub – The latest guidance, resources, educational opportunities and more.
Membership Application Program (MAP) Tools – Guidance and other resources to help current members prepare for their continuing membership application (CMA) and new applicants prepare for a new member application (NMA).
FINRA101 – An investor-focused video series firms can leverage to help customers avoid scams, understand trusted contacts and more.
FINRA Unscripted – A biweekly podcast that discusses a range of topics important to the securities industry.
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About FINRA
FINRA is a not-for-profit organization dedicated to investor protection and market integrity. FINRA regulates one critical part of the securities industry—member brokerage firms doing business with the public in the U.S. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, visit www.finra.org.
FINRA is a not-for-profit organization dedicated to investor protection and market integrity. FINRA regulates one critical part of the securities industry—member brokerage firms doing business with the public in the U.S. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, visit www.finra.org.
Regulatory Contacts
FINRA By-Laws require member firms to maintain an email account on behalf of their executive representatives, to facilitate firm notification of important information. In light of this, requests from executive representatives to be removed from this email list cannot be honored.
FINRA By-Laws require member firms to maintain an email account on behalf of their executive representatives, to facilitate firm notification of important information. In light of this, requests from executive representatives to be removed from this email list cannot be honored.
Firms wishing to change the name or email address of their executive representative or designated assistant should use the FINRA Contact System: http://www.finra.org/FCS.
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