Residential Supervisory Locations (RSL): New Form BR Functionality to Amend Existing Submissions

October 9, 2024

Features
  • Residential Supervisory Locations (RSL): New Form BR Functionality to Amend Existing Submissions 
    Firms can now amend Form BR submissions for existing locations to account for the RSL designation. The enhancements complement those implemented in July that allowed firms to account for RSL designations for initial Form BR submissions. See the RSL frequently asked questions for more information. 
     
  • Reminder: Remote Inspections Pilot Program Data and WSPs Due Next Week 
    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. Watch our on-demand webinar for data submission and documentation requirements, view the findings reporting categories and visit the pilot’s key topics page for further details and guidance. 
     
  • ICYMI: 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.
Guidance, Upcoming Deadlines, Effective Dates
New
  • Form BR Update for RSLs: See the Featured entry above about the new Form BR functionality to allow firms to amend submissions for existing locations to account for the RSL designation.
Reminders
  • Remote Inspections Pilot Program Deadline Reminders: See entry above regarding the Oct. 15 deadline for firms participating in the first year of the Remote Inspections Pilot Program to submit their third-quarter data and written supervisory procedures (WSPs). 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 our frequently asked questions for details. 
     
  • 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 RSL frequently asked questions for additional details. 
     
  • 2025 Regulatory Element Training Topics: Members can 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 the continuing education page and select the appropriate registrations to view the 2025 learning plan for those registrations.
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      
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
 
  • Week II: Capstone | Nov. 17-22 | In-Person Event | Sold Out
  • Week I: Foundation | July 13-18, 2025 | In-Person 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.
 
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