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Guidance
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Disciplinary Actions
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Education and Compliance Programs
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Call for Candidates: FINRA’s committees play an important part in informing FINRA’s regulatory programs. FINRA recently issued two Election Notices calling for candidates for upcoming Regional Committee and the Small Firm Advisory Committee (SFAC) elections. The Regional Committees alert FINRA to industry trends that could present regulatory concerns and provides input on the impact of FINRA’s regulatory programs. The SFAC ensures that issues and concerns specific to small firms are communicated to FINRA and reviews rule proposals and regulatory initiatives before they are brought before the FINRA Board of Governors. We encourage all interested parties, if eligible, to run. See each Election Notice for details on the process. The deadline to submit a Candidate Profile Form is October 11, 2023.
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Guidance
Updated Cybersecurity Compliance Tools – FINRA periodically reviews and updates compliance tools and resources and recently updated the Small Firm Cybersecurity Checklist and the Firm Checklist for Compromised Accounts. The changes include adding helpful links and information firms may consider useful in managing their cybersecurity programs. For additional cyber-related information, firms may wish to consult FINRA’s Cybersecurity Key Topic page and Industry Risks and Threats page. If member firms have additional questions, they should contact their assigned Risk Monitoring Analyst or FINRA’s NCFC’s Cybersecurity Group.
FINRA has published Election Notice 9/25/2023 to notify members of an upcoming election to fill two large firm seats and one mid-size firm seat on the National Adjudicatory Council (NAC), announce the FINRA Nominating & Governance Committee (Nominating Committee) nominees for these vacancies, and describe the procedures to be included as an additional candidate on the ballot.
FINRA filed for immediate effectiveness a proposed rule change with the SEC to extend temporary Rule 3110.17, the supplementary material allowing remote inspections under the terms specified therein, to include calendar year 2024 inspection obligations through the earlier of the effective date of the remote inspections pilot program proposed in File No. SR-FINRA-2023-007, if approved, or June 30, 2024, within the scope of the supplementary material.
FINRA reminds firms and industry professionals that effective Jan. 1, 2023, FINRA and other self-regulatory organization (SRO) rules require registered persons to complete their continuing education (CE) Regulatory Element annually, by Dec. 31, for each registration that they hold.
Registered persons who fail to complete their 2023 Regulatory Element within the prescribed annual deadline of Dec. 31, 2023, will be automatically designated as CE inactive by FINRA on Jan. 1, 2024. An individual designated CE inactive is prohibited from performing, or receiving compensation for, any activities requiring registration while they remain in a CE inactive status. Firm CE contacts can get information on the Annual Regulatory Element obligations and statuses of registered persons within their firms by logging into FINRA Gateway, clicking on the Reports tab, and selecting one of the available Annual CE templates. Notifications on CE status and deadlines can be sent to firm members from within FINRA Gateway as well. Visit FINRA’s Securities Industry CE Transformation resource page for more information about the CE rule changes.
FINRA Advisory on SEC Cyber Rules – FINRA is highlighting the new SEC rules on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure that were adopted on July 26, 2023. (The SEC adopted final rules requiring disclosure of material cybersecurity incidents on Form 8-K and periodic disclosure of a registrant’s cybersecurity risk management, strategy and governance in annual reports.)
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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 September 2023 Monthly Disciplinary Actions.
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Education and Compliance Programs
On September 28, 2023 at 10 a.m. Eastern Time, FINRA CAT, LLC will host a CAT Billing Industry Webinar. The CAT Billing Webinar will be limited to the operational implementation of the CAT Reporter billing process. Please contact the FINRA CAT Helpdesk at [email protected] or (888) 696-3348 with any questions or concerns related to this email.
A few seats are still available for the last registration and disclosure trainings of the year. Both in-person and virtual options are available. These trainings are designed for compliance personnel at member firms who want to become more familiar with navigating FINRA Gateway and submitting Uniform Forms.
Virtual Registration Systems Foundation Training
- Oct. 4-5 | Two half-days (noon – 5 p.m. ET) | Virtual
In-Person Registration Systems Foundation Training
- Oct. 17 | 8 a.m. – 5 p.m. ET | Columbus, OH
Meet FINRA staff and attend panels tailored to your firm’s business model at FINRA’s Firm Grouping Conference on October 9-10, in Kissimmee, FL. This in-person event is designed to provide FINRA member firms the opportunity to engage in conversations and discuss risk and compliance on key topics tailored to each firm grouping (Retail, Capital Markets & Investment Banking, Clearing & Carrying, Diversified and Trading & Execution). This conference also offers networking opportunities to meet with other professionals across firm segments and FINRA senior leadership including a significant presence of Member Supervision officers and senior directors. View the agenda for more information.
View the agenda for the 2023 Small Firm Conference. Join us in Santa Monica, CA, or participate virtually on October 25-26, for the opportunity to discuss small firm topics, share insights and effective practices, and hear detailed exchanges on industry and regulatory updates.
Additional speakers were recently announced for the October 31 – November 2 virtual FINRA Diversity Leadership Summit. Register today to hear from the following thought leaders, and more:
- Prof. Loretta Ross – Associate Professor, Smith College (Keynote Speaker);
- Hon. Sharon Bowen – Chair of the NYSE, Director of Intercontinental Exchange;
- Robert Cook – President and CEO, FINRA;
- Christian Baldia, Adjunct Associate Instructor, Columbia University School of Professional Studies.
Visit the conference website for more information and to register.
Register now and save more! The most discounted, early-bird rate for FINRA's 2024 Annual Conference is almost sold out. Join us at our premier event to connect and network with industry peers, engage in informal conversations with FINRA senior leaders and exchange diverse perspectives on the timeliest compliance and regulatory topics.
Register for all of FINRA’s upcoming events:
- Virtual Registration Systems Foundation Training | Oct. 4 – 5, 2023 | Virtual
- FINRA Registration Systems Foundation In-Person Training
- Oct. 17, 2023 | 8 – 5 p.m. ET | Columbus, OH
- Firm Grouping Conference | Oct. 9 – 10, 2023 | Kissimmee, FL | In-Person Only
- Small Firm Conference | Oct. 25 – 26, 2023 | Santa Monica, CA | Hybrid Event
- Diversity Leadership Summit | Oct. 31 – Nov. 2, 2023 | Virtual Event
- FINRA Institute at Georgetown Certified Regulatory and Compliance Professional® Program | Washington, DC
- Week II | Nov. 12 – 17, 2023 – Waitlist Available
- Week I | July 14 – 19, 2024
- 2024 Annual Conference | May 14 – 16 | Washington, DC | Hybrid Event
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