SummaryFINRA has amended FINRA Rule 4210 (Margin Requirements) to establish a specified exception under the margin rules with respect to certain short option or warrant positions on indexes that are written against products that track the same underlying index. Referred to as “protected” option or warrant positions, the new exception conforms with similar provisions Cboe recently adopted. The
SummaryFINRA reminds members of its policy prohibiting members and their associated persons from making audio or video recordings of conversations between FINRA staff and member firm personnel during calls or meetings related to FINRA’s oversight functions.Questions regarding this Notice should be directed to Carrie Jordan, Principal Counsel, Office of General Counsel, at (212) 858-4210 or by
FINRA announced today the results of its election of three Governors to its Board of Governors during the annual meeting of FINRA member firms on Wednesday. The elected Governors include: Large Firm Governor — John Vaccaro, Chair and CEO, MML Investors Services; Head of MassMutual Financial Advisors; Mid-Size Firm Governor — James Crowley, CEO, Pershing Advisor Solutions; Senior Executive Vice President, Global Head of BNY Pershing Small Firm Governor — Jennifer Szaro, Chief Compliance Officer, XML Securities
FINRA’s Membership Application Program Group (MAP) serves as the entry point to the securities industry by ensuring that prospective and current FINRA members meet FINRA’s Standards for Admission (Standards). Prospective FINRA members must seek approval for membership through the submission of a New Member Application (NMA). Existing FINRA members must file a continuing membership application
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Financial Industry Regulatory Authority, Inc. (“FINRA”) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) a proposed rule change to adopt FINRA Rule 6897(b) (CAT Cost Recovery Fees) to implement a Consolidated Audit Trail (“CAT”) cost recovery fee designed to permit FINRA substantially to recoup its designated portion of the reasonably budgeted CAT costs of the National Market System Plan Governing the Consolidated Audit Trail (the “CAT NMS Plan” or “Plan”) for the period of July 16, 2024 through December 31, 2024.
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Representatives of broker-dealers, investment advisers or issuers of securities must use the Form U4 (Uniform Application for Securities Industry Registration or Transfer) to be registered with the appropriate jurisdictions and/or self-regulatory organizations (SROs). FINRA, other SROs and jurisdictions use the Form U4 to elicit employment history, disciplinary and other information about individuals to register them.
Guidance on Reporting Short Interest Positions Held in Master/Sub-Accounts or Parent/Child Accounts
A new question has been added to the Uniform Application for Securities Industry Registration or Transfer (Form U4) to identify Residential Supervisory Locations (RSLs) for purposes of complying with FINRA Rule 3110.19(d), as amended (RSL Question). Firms that have identified a location as a non-registered private residence are required to answer the RSL Question as either “Yes” or “No” by December 26, 2024. The previously announced October 15, 2024 date in Regulatory Notice 24-02 has been replaced by the December 26, 2024 deadline. Further information on Form U4’s new RSL Question and the related deadline is available in File No. SR-FINRA-2024-015 and in the Frequently Asked Questions about Residential Supervisory Locations (RSLs).
