Disciplinary Actions
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Upcoming Deadlines and Effective Dates
• FINRA Request for Comment
• SEC Request for Comment
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Education and Compliance Programs
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The FINRA Board of Governors held its mid-year meeting last week; during the meeting, the Board re-elected Context Capital Partners’ CEO Eric Noll as chair, re-appointed three public governors for additional three-year terms, and approved three rulemaking items. Read Robert Cook’s post-meeting email to firms to learn more.
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Disciplinary Actions
FINRA publishes disciplinary actions to remind registered representatives and firms of specific conduct that violates FINRA rules and may result in disciplinary action. FINRA recently published the July 2023 Monthly Disciplinary Actions. Other recent cases include:
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Upcoming Deadlines and Effective Dates
FINRA Request for Comment
FINRA is requesting comment on recently published Regulatory Notice 23-10, a proposal to facilitate centralized access to members’ order execution quality reports for NMS stocks that are required to be published by market centers under Rule 605 of Regulation NMS. Comment Period Expires: July 31, 2023.
SEC Request for Comment
On July 5, 2023, the SEC issued an order instituting proceedings to determine whether to approve or disapprove FINRA’s proposed rule change, as modified by Amendment No. 1, to adopt new Supplementary Material .19 (Residential Supervisory Location) under FINRA Rule 3110 (Supervision), which would treat a private residence at which an associated person engages in specified supervisory activities as a non-branch location, subject to safeguards and limitations. Comments are due August 1, 2023. Any rebuttals to comments filed with the SEC are due August 15, 2023. See the SEC Notice of Order.
Treasury Issues Call for Large Position Reports
The U.S. Department of the Treasury is calling for Large Position Reports from those entities whose positions in the Treasury Bill of June 8, 2023 equaled or exceeded $10.2 billion as of Friday, April 28, 2023, or Friday, May 5, 2023. This Bill has CUSIP 912796ZP7 and was originally auctioned as a 182-Day (i.e., 26-Week) Bill on December 5, 2022, and issued on December 8, 2022, with a maturity date of June 8, 2023. This Bill was subsequently reopened as a 91-Day (i.e., 13-Week) Bill on March 6, 2023, and issued on March 9, 2023. Reports must be received by Treasury before 12:00 PM on Monday, July 17, 2023. For more information, see the public announcement and the supplementary formula guidance for submitting a report in accordance with Treasury’s large position reporting rules (updated April 2023).
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Education and Compliance Programs
Register for the next Small Firm Conference Call on Thursday, July 27, at 4:30 p.m. ET. FINRA President and CEO Robert Cook and Vice President of Member Relations and Education Kayte Toczylowski will be joined by senior staff from the Office of Credentialing, Registration, Education and Disclosure to discuss updates with registration, testing and continuing education (CE). Topics include CE transformation, Maintaining Qualifications Program (MQP), FINRA Support Center and in-person testing. Registration is open to all member firms.
Register for the next FINRA Spotlight Webinar: Cybersecurity Alert on MOVEit Ransomware on Monday, July 24 at 3:30 p.m. ET. FINRA’s Financial Intelligence Unit (FIU) invites Senior staff from FINRA’s Cyber and Analytics Unit (CAU) to discuss the recent MOVEit vulnerabilities that impacted several FINRA member firms, how FINRA responded, and effective practices that firms may find useful in mitigating the risks posed by ransomware. This webinar also includes a discussion on the CAU in more detail and what types of cyber intelligence you can expect from FINRA. Additional resources on cybersecurity are available on FINRA’s Industry Risks and Threats page and Cybersecurity Topic page. Registration for the webinar is open to all member firms.
CE Transformation Webinar: Annual Regulatory Element Compliance Tools and Resources
Join FINRA on Tuesday, July 25 for a demonstration of features in FINRA Gateway that are available to help firms track compliance with FINRA’s annual regulatory element requirement. Space is limited, please register early. Attendees can submit advance questions during the registration process. Register for this webinar and watch previously-recorded installments in the series on the Registration System Changes Webinar Series page.
Enhanced Expungement Training
FINRA Dispute Resolution Services (DRS) has released a new enhanced expungement training that provides an overview of recently approved revisions to the Codes of Arbitration Procedure to modify the process relating to the expungement of customer dispute information. The enhanced expungement training is now available for arbitrators on the DRS learning system.
Questions about accessing the training can be directed to the FINRA Support Center at (800) 321-6273.
Week II of the 2023 FINRA Institute at Georgetown Certified Regulatory and Compliance Professional (CRCP)® Program is filling up fast! Reserve your spot now and join us November 12-17. This weeklong course focuses on advanced-level regulatory and compliance topics. Looking ahead? Registration is open for Week I in 2024.
Register for all of FINRA’s upcoming events:
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