Guidance
• Regulatory Notice
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Disciplinary Actions
• October 2023 Disciplinary Actions
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Upcoming Deadlines and Effective Dates
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Education and Compliance Programs
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FINRA published two Election Notices announcing the SFAC and Regional Elections and mailing of ballots. More information on the Notice of SFAC Election and Mailing of Ballots, including ballot information, can be found here. The Notice of FINRA Regional Committee Elections and Mailing of Ballots and its corresponding election vacancy information can be found here. Both ballots are due by Wednesday, November 22, 2023.
| | Guidance Per Regulatory Notice 23-16, FINRA has amended its By-Laws to exempt from the Trading Activity Fee (TAF) any transaction by a proprietary trading firm that occurs on an exchange of which the proprietary trading firm is a member.
As a courtesy, FINRA is notifying firms of the following from the Securities Investor Protection Corporation (SIPC). SIPC will launch its SIPC Broker-Dealer Portal on Nov. 1, 2023. The SIPC Portal will provide a way for broker-dealers to file forms, pay assessments and communicate with SIPC. Broker-Dealers will be given initial access on a staggered basis, based on the broker-dealer’s fiscal year. Only broker-dealers with an October or April fiscal year end will be granted access to the SIPC Portal on Nov. 1. Additional information is available on SIPC’s website.
As a reminder, FINRA recently notified firms of an ongoing phishing campaign involving fraudulent emails purporting to be from FINRA and using the domain names “@rf-finra.org” and “@rfs-finra.org,” which are not connected to FINRA. Firms should delete all emails originating from these domains and follow any internal procedures related to reporting phishing emails to the appropriate stakeholders.
| | 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 October 2023 Monthly Disciplinary Actions.
| | Upcoming Deadlines and Effective Dates SEC Requests for Comment
The SEC requests comment on FINRA’s proposal to revise and restate the qualifications for representatives in arbitrations and mediations in the forum administered by FINRA Dispute Resolution Services (DRS); to disallow compensated representatives who are not attorneys from representing parties in the DRS forum; to codify that a student enrolled in a law school participating in a law school clinical program or its equivalent and practicing under the supervision of an attorney may represent investors in the DRS forum; and to clarify the circumstances in which any person, including attorneys, would be prohibited from representing parties in the DRS forum. The comment period expires Nov. 3, 2023. See the Federal Register notice.
On Sept. 28, 2023, the SEC issued an order instituting proceedings to determine whether to approve or disapprove FINRA’s proposed rule change to amend FINRA Rule 4210 (Margin Requirements) to provide margin relief for specified index option transactions, known as “protected options,” and to make other minor conforming revisions with regard to the margin relief. Comments are due by Oct. 25, 2023. Rebuttal comments are due by Nov. 8, 2023. See the SEC Notice of Order.
| | Education and Compliance Programs The FINRA Diversity Summit is next week. See the conference agenda for a list of sessions and speakers—and join the virtual event on 10/31-11/2. Attendance is free, but pre-registration is required—register today.
Registration is now open for FINRA’s Firm Grouping Webinars taking place on November 7-8. These four webinars are free, 75-minute sessions that highlight key topics that were discussed during the 2023 FINRA Firm Grouping Conference, provide updates on top compliance considerations that are tailored to each firm grouping and offer opportunities for participants to ask questions to FINRA leaders. Sign up today.
Join us in New York or online on February 6 for the 2024 Cybersecurity Conference, designed to help you stay current on today’s cybersecurity challenges and the ways in which organizations can understand threats and create resilience against cyber-attacks. Register today!
Register now and save—join us at FINRA’s premier event, the 2024 Annual Conference, 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: |
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