FINRA Board of Governors Fall Meeting Recap

October 2, 2024

Features
  • FINRA Board of Governors Fall Meeting Recap 
    The FINRA Board of Governors announced the appointment of two new Industry Governors, received an overview of recent market frauds and an update on FINRA’s Enforcement Digital Transformation, and continued discussions around FINRA’s long-term financial planning during its fall meeting last month. 
     
  • 2025 Regulatory Element Training Topics Now Available 
    Members can now preview 2025 Regulatory Element training topics to help prepare for next year’s continuing education requirements. As a reminder, FINRA rules require all registered reps to complete the Regulatory Element annually by Dec. 31 of each year for each registration they hold. Visit our website and select the appropriate registrations to view the 2025 learning plan for those registrations. 
     
  • Podcast: Crypto Scam Victims Share Their Stories 
    Listen to the latest episode of FINRA Unscripted to hear presentations from two victims of cryptocurrency scams who spoke at a recent FINRA Foundation conference on disrupting the cycle of financial fraud. 
     
  • Remote Inspections Pilot Program Year-Two Reminder 
    Firms have until Dec. 27 to opt-in to participate in the second year of the Remote Inspections Pilot Program, which runs Jan. 1, 2025 to Dec. 31, 2025. Read Regulatory Notice 24-02 and frequently asked questions for more information. 
     
  • New Article in Series Celebrating 85 Years of FINRA History 
    To commemorate our 85th anniversary, we are exploring each decade in FINRA’s history with a series of short articles, which we bring you on the first Wednesday of each month, about our enduring commitment to protecting investors and safeguarding market integrity. The second in the series, Beginning Eight Decades of Protecting Investors, features the examination and enforcement work that started in the 1940s and continues today. Look for the third article, about FINRA in the 1950s, on Nov. 6.
Guidance, Upcoming Deadlines, Effective Dates
New
  • No new information.
Reminders
  • SFAC and Regional Committee Elections: Candidates are invited 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 Reminders: 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. Additional information can be found in frequently asked questions. 
     
  • WebEFT Retirement: In response to feedback from members, 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. 
     
  • Remote Inspections Pilot Program Year-Two Reminder: See the Featured entry above regarding the Dec. 27 deadline for firms to opt in to participate in the second year of the pilot.
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 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

  1. Week II: Capstone | Nov. 17-22 | In-Person Event | Sold Out
  2. 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.
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.
 
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.
 
Subscribers
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