SR-FINRA-2019-019

Financial Industry Regulatory Authority, Inc. (“FINRA”) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) a proposed rule change to amend Rules 6110 and 6610 to expand the summary firm data relating to over-the-counter (“OTC”) equity trading that FINRA publishes on its website.

Regulatory Notice 19-21

Summary

Pursuant to FINRA Rule 4210(f)(8)(A), FINRA is establishing higher strategy-based margin requirements for exchange-traded notes (ETNs) and options on ETNs in light of the complex nature of these products.  The new requirements for initial and maintenance margin are detailed below.

In addition, FINRA is clarifying that ETNs and options on ETNs are not eligible for portfolio margining under FINRA Rule 4210(g).

LACP

Life and Annuity Certified Professional (LACP)

Designation Essentials
Status Currently offered and recognized by the issuing organization
Issuing Organization National Association of Insurance and Financial Advisors
Qualification and Training Requirements
Prerequisites

Candidate must:

  • be licensed as a life insurance agent in the jurisdiction(s) of practice;
  • have three years (equivalent to 6,000 hours) of full-time experience as an active life insurance agent; and
  • hold a bachelor's or higher degree from an accredited college or university; OR industry designation (CLU, CFP, ChFC, FIC, FLMI, FSCP, LUTCF); OR two years (equivalent to 4,000 hours) of additional experience as an active life insurance agent.
Designation Training Requirements

None
Designation Exam Type

Proctored certification exam (online or in-person)
Continuing Education Requirements

30 hours over a three-year period
Verification and Complaints
Online Designation Resource

Online at Find a Financial Professional
Investor Complaint Process

Submit complaints in writing to:

LACP Certification Commission, c/o Executive Director
1000 Wilson Blvd, Suite 1890
Arlington, VA 22209
Published List of Disciplined Designees

None

SR-FINRA-2019-018

Financial Industry Regulatory Authority, Inc. (“FINRA”) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) a proposed rule change to make technical and other non-substantive changes within FINRA rules.

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