New Report Highlights Metaverse’s Impact on Securities Industry

October 30, 2024

Features
  • New Report Highlights Metaverse’s Impact on Securities Industry 
    The Metaverse and the Implications for the Securities Industry, part of a broader FINRA research initiative on opportunities and risks the metaverse may present to the industry, provides an overview of how developments could impact business models and processes, discusses potential industry applications, addresses use cases and challenges, and outlines potential regulatory considerations. 
     
  • Comment on FINRA Requirements Governing Day Trading 
    FINRA is requesting comments from registered representatives, investors and other stakeholders on its requirements related to day trading. The request is part of FINRA's retrospective rule review to assess the effectiveness and efficiency of those requirements. Read the Notice for more information and to comment. 
     
  • NYSE Rule Change for Residential Supervisory Locations (RSL) and FINRA's Remote Inspections Pilot Program 
    The New York Stock Exchange (NYSE) has harmonized its supervision rule with FINRA’s to permit eligible NYSE members to participate in FINRA’s Remote Inspections Pilot Program and to adopt FINRA’s RSL designation. FINRA had implemented Form BR (Uniform Branch Office Registration Form) functionality enhancements in response to the NYSE’s adoption of the RSL designation. Read the FINRA alert for more information. 
     
  • Gen Xers Report Healthy Financial Behaviors but Low Financial Satisfaction, FINRA Foundation Research Finds 
    A new report examines the financial behaviors and perceptions of Generation X (born 1965-1980) and compares them to other cohorts, focusing on retirement savings and debt, and on perceptions about their financial situation. Read the report and listen to the podcast about it.
Guidance, Upcoming Deadlines, Effective Dates
New
Reminders
  • 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. 
     
  • SFAC and Regional Committee Elections: FINRA mailed ballots to the executive representatives of firms that are eligible to vote for candidates to fill vacant seats on the Small Firm Advisory Committee (SFAC) and Regional Committees. Read the Election Notices in the links above for candidate profiles and voting instructions. Eligible firms have until Nov. 18 to cast their ballot. 
     
  • New Form U4 Functionality to Identify RSLs: Firms that have designated a non-registered private residence are required to answer a 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: 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 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. 
     
  • Amendments to FINRA Rule 3240: Updates to FINRA’s Borrowing From or Lending to Customers Rule go into effect April 28, 2025, strengthening the general prohibition against borrowing and lending arrangements between registered representatives and their customers, narrowing some exceptions, modernizing the “immediate family” definition and more.
Disciplinary Actions
FINRA publishes disciplinary actions to remind members of specific conduct that violates FINRA rules and may result in disciplinary action. The October 2024 Monthly Disciplinary Actions are available here.
Education and Compliance Programs      
2024 FINRA Diversity Leadership Summit | Oct. 30-31 | Virtual Event
 
  • Protecting Your Customers From Scams and Financial Fraud | Nov. 11 | Virtual Event
  • Insider Threats | Dec. 4 | 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.
 
Subscribers
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