The SEC requests comment on a proposal to expand FINRA's alternative trading system (ATS) transparency initiative to publish the remaining equity volume executed over-the-counter by FINRA members, including, among other trading activity, non-ATS electronic trading systems and internalized trades.
As regulators continue to narrow in on protecting senior investors, broker-dealers, now more than ever, need to focus on how their compliance programs are set-up to cater to today’s ‘graying’ American population. As many firms are quickly beginning to realize, failing to implement such safeguards can lead to serious issues regarding suitability and disclosure.
This webinar will discuss the unique needs of senior investors, steps your firm should take when working with this growing demographic, and the serious implications of FINRA and the SEC’s recent influx of disciplinary actions and investor alerts. Please join the discussion July 30 at 1pm.
As regulators continue to narrow in on protecting senior investors, broker-dealers, now more than ever, need to focus on how their compliance programs are set-up to cater to today’s ‘graying’ American population. As many firms are quickly beginning to realize, failing to implement such safeguards can lead to serious issues regarding suitability and disclosure.
FINRA will conduct its annual meeting of firms on Thursday, July 30, 2015, at 2 p.m. Eastern Time at 1735 K Street, NW, in Washington, D.C. The purpose of the … Continue reading Notice of Annual Meeting of FINRA Firms
FINRA has extended the deadline to complete the voluntary 2015 Risk Control Assessment (RCA) survey to July 31, 2015.
The SEC requested public comment on a proposal to amend FINRA Rule 2210 (Communications with the Public) to require a readily apparent reference and hyperlink to BrokerCheck® on: (1) the initial webpage that the member intends to be viewed by retail investors; and (2) any other webpage that includes a professional profile of one or more registered persons who conduct business with retail investors. These requirements would not apply to a member that does not provide products or services to retail investors, or to a directory or list of registered persons limited to names and contact information.
The SEC requested comments on a proposal to amend NASD Rule 1032(f) (Limited Representative-Equity Trader) to replace the Equity Trader registration category and qualification examination (Series 55) with a Securities Trader registration category and qualification examination (Series 57). In addition, the proposal amends NASD Rule 1022(a) (General Securities Principal) to establish a Securities Trader Principal registration category. The proposal also makes technical conforming changes to the Form U4 (Uniform Application for Securities Industry Registration or Transfer).
Half-day Compliance Boot Camps focus on basic regulatory requirements and compliance responsibilities. Participants are required to complete approximately three hours of assigned pre-course readings and online coursework prior to attending … Continue reading FINRA Boot Camp: Managing Conflicts of Interest and Branch Office Inspections
Half-day Compliance Boot Camps focus on basic regulatory requirements and compliance responsibilities. Participants are required to complete approximately three hours of assigned pre-course readings and online coursework prior to attending … Continue reading FINRA Boot Camp: Supervision and Managing Conflicts of Interest
The firm should complete the review of the outside brokerage accounts of all associated persons for the prior month.
FINRA has requested comments on a revised proposal to adopt the NASD and Incorporated NYSE rules regarding discretionary accounts and transactions as FINRA Rule 3260 (Discretionary Accounts and Transactions by … Continue reading Comment Period Ends: FINRA Request for Revised Proposal to Adopt FINRA Rule Regarding Discretionary Accounts and Transactions
FINRA Rule 2040 ("Rule") governs the payment of transaction-based compensation by member firms to unregistered persons. The new amendment to the Rule is effective August 24, 2015. The amended It … Continue reading Effective Date of FINRA Rule 2040 – Payment to Unregistered Persons
FINRA Notice to Members 15-07 noted that the effective date of Rule 0190 is August 24, 2015. Rule 0190 is based largely on NASD IM-2420-1(a) (Transactions Between Members and Non-Members; … Continue reading Effective Date of FINRA Rule 0190
FINRA Notice to Member 15-07 noted that the amendments to FINRA Rule 8311 would be effective August 24, 2015. In general, the amendments to FINRA Rule 8311 eliminate duplicative provisions … Continue reading Effective Date of amended FINRA Rule 8311
The comment period ends on August 24, 2015 for a FINRA proposal to reduce the delay period for the Historic TRACE Data Sets from 18 months to six months. For … Continue reading Comment Period Ends: Reduction of Delay Period for Historic TRACE Data
Half-day Compliance Boot Camps focus on basic regulatory requirements and compliance responsibilities. Participants are required to complete approximately three hours of assigned pre-course readings and online coursework prior to attending … Continue reading FINRA Boot Camp: Supervision and Branch Office Inspections
FINRA Rule 3270 prohibits any registered person from being an employee, independent contractor, sole proprietor, officer, director or partner of another person, or being compensated, or having the reasonable expectation … Continue reading Outside Business Activity Review (NASD Rule 3050)
www.finra.org/AboutFINRA/HolidaySchedule/
The SEC requests comment on a proposal to adopt FINRA Rule 3210 (Accounts At Other Broker-Dealers and Financial Institutions) into the Consolidated FINRA Rulebook and to delete NASD Rule 3050, … Continue reading Comment Period Ends: FINRA Rule 3210 replacing NASD 3050
www.finra.org/AboutFINRA/HolidaySchedule/
FINRA is soliciting comment on a proposal to create a new Academic TRACE Data product that would be available to institutions of higher education. FINRA and the Municipal Securities Rulemaking … Continue reading Comment Period Ends: Academic TRACE Data product
FINRA Member Firms may begin to submit post-dated Forms BDW & ADV-W on FINRA CRD
On the surface, the automated compliance library can appear to be smooth sailing. But when you look below the surface, do you really know what lies beneath? Uncontrolled library growth, … Continue reading NSCP Offers Free Webinar: Managing Investment Compliance
The 2015 Foundations of Web CRD/IARD training is designed for those at broker-dealers or joint broker-dealer/investment adviser firms who are new to registration and licensing, new to Web CRD and … Continue reading 2015 Foundations of Web CRD/IARD Training
Stephen Luparello, SEC Director of Trading and Markets, will deliver the keynote address at the T+2 Symposium: The Road to a Shortened Settlement Cycle, in NYC on Sept. 17. Senior … Continue reading SIFMA: T + 2 Symposium
FINRA Half-day Compliance Boot Camp focuses on basic regulatory requirements and compliance responsibilities. Participants are required to complete approximately three hours of assigned pre-course readings and online coursework prior to attending the session. Pre-course work is assigned and distributed approximately one week before the session. This course is designed for compliance professionals who are new to the role or those looking to reinforce their understanding of regulatory requirements and compliance responsibilities.
The firm should complete the review of the outside brokerage accounts of all associated persons for the prior month.
Rule change to amend Section 4(c) of Schedule A to the FINRA By-Laws to establish an administration and delivery fee for the new Municipal Advisor Representative Examination (“Series 50 examination”). … Continue reading FINRA Rule Start Date: Series 50 Exam Fee
Rule change to adopt NASD Rule 3040 (Private Securities Transactions of an Associated Person) as FINRA Rule 3280 (Private Securities Transactions of an Associated Person) in the consolidated FINRA rulebook … Continue reading FINRA Rule Start Date: NASD Rule 3040 now FINRA Rule 3280
September 22, 2015 is the last day to register for the National Society of Compliance Professional's Annual National Conference. Click here to register and get more information.
The 2015 OFAC Fall Symposium will be held in Washington, DC on September 22, 2015. The symposium will provide a comprehensive review of current U.S. economic sanctions. It will include presentations on OFAC regulations, as well as targeted reviews of sanctions concerns for new and updated OFAC-administered programs.
FINRA Half-day Compliance Boot Camp focuses on basic regulatory requirements and compliance responsibilities. Participants are required to complete approximately three hours of assigned pre-course readings and online coursework prior to attending the session. Pre-course work is assigned and distributed approximately one week before the session. This course is designed for compliance professionals who are new to the role or those looking to reinforce their understanding of regulatory requirements and compliance responsibilities.
Half-day Compliance Boot Camps focus on basic regulatory requirements and compliance responsibilities. Participants are required to complete approximately three hours of assigned pre-course readings and online coursework prior to attending … Continue reading FINRA Half-Day Compliance Boot Camp: New York
FINRA Rule 3270 prohibits any registered person from being an employee, independent contractor, sole proprietor, officer, director or partner of another person, or being compensated, or having the reasonable expectation … Continue reading Outside Business Activity Review (NASD Rule 3050)
FINRA Rule 2241 ( Research Analysts and Research Reports) becomes effective as to the following provisions:
FINRA periodically reviews the content of qualification examinations to determine whether revisions are necessary or appropriate in view of changes—including changes to the laws, rules and regulations—pertaining to the subject … Continue reading FINRA Revises the Series 4 Examination Program
SIFMA’s Volcker Rule Seminar, on September 30th at the SIFMA Conference Center in New York City, will bring together experts from the industry, government and law firms to discuss the current compliance and enforcement issues post the July 21st compliance date.
As of October 1, 2015, amendments to FINRA rules to provide a Web-based delivery method for completing the Regulatory Element of the Continuing Education (CE) requirements are effective. For more information, … Continue reading Effective Date of Web-based Delivery of the Regulatory Element of CE
The MSRB’s current fee for initial registration under Rule A-12 is $100, an amount that has not been changed since its inception in 1975. During its fee review, the MSRB Board concluded that an increase in the initial registration fee from $100 to $1,000 was reasonable to help defray a significant portion of the administrative and operational costs associated with processing an initial registration.
The Municipal Securities Rulemaking Board (MSRB) announced in Regulatory Notice 2015-13 that it will be raising the fees assessed to its registrants (brokers, dealers, and municipal securities dealers (collectively "dealers") and municipal advisors (collectively "regulated entities"), effective October 1, 2015.
Interested in getting a discounted registration rate on the 2016 FINRA Annual Conference May 23-25, 2016? FINRA is offering discounts for those who meet requirements before Oct. 1. The special … Continue reading 2016 FINRA Annual Conference: Special Discounted Registration Rate
SILA National Education Conference, walk with us and get inspired by innovative ideas of how to move insurance licensing and securities registration issues
Attend this event to hear about proposed changes and new developments involving the communications rules. Also, gain practical guidance on the advertising standards from industry and FINRA experts. Discounted registration … Continue reading FINRA Advertising Regulation Conference
Speakers will share their experience and perspectives on how women can best position themselves to identify opportunities emerging from changes in regulation and technology, and insights on how to carve … Continue reading Women in Asset Management
SIFMA’s Senior Investors Forum: Serving the Needs of Our Aging Investors brings together advisors, regulators, compliance officers, attorneys and academic experts to discuss the innovative practices in place to ensure … Continue reading SIFMA’s Senior Investors Forum
The SIFMA Global Tax Reporting Symposium, providing in-depth perspective on financial services reporting and withholding in today’s global marketplace, will bring together industry and government experts to discuss three evolving … Continue reading SIFMA Global Tax Reporting Symposium
The firm should complete the review of the outside brokerage accounts of all associated persons for the prior month.
On October 21 and 22, 2015, the FBI, U.S. Secret Service (USSS) and the Department of the Treasury will host open houses at locations across the country to enhance collaboration between the financial services sector and federal law enforcement entities on cybersecurity. Session attendees will gain further insight into the capabilities of the FBI and USSS, a better understanding of cybersecurity threats and information about how to incorporate collaboration with law enforcement into internal incident response plans.
The SEC has requests comment on a proposal to amend FINRA Rule 8312 (FINRA BrokerCheck Disclosure) to reduce the 15-day waiting period for the release of information reported on Form U5 (Uniform Termination Notice for Securities Industry Registration) through BrokerCheck. The comment period expires October 22, 2015.
FINRA is hosting a WebEx presentation discussing new and updated fixed income Report Cards.
In accordance with SEC Rule 15c3-1, each broker/dealer registered pursuant to Section 15 of the Act must have evidence of the computation of net capital monthly. That computation should be completed … Continue reading Net Capital Computation (Month ending 09/30/2015)
FINRA Member Firms may begin to submit post-dated Form U5s and Form BR closing/Withdrawal forms on FINRA CRD, which must be dated 12/31/2015.
The SEC requested comments on a proposal to amend FINRA Rule 0150 (Application of Rules to Exempted Securities Except Municipal Securities) so that FINRA Rule 2121 (Fair Prices and Commissions) and its Supplementary Material .01 and .02, which govern mark-ups and commissions, will apply to transactions in, and business activities relating to, exempted securities that are government securities. The comment period expires October 27, 2015.
FINRA Rule 3270 prohibits any registered person from being an employee, independent contractor, sole proprietor, officer, director or partner of another person, or being compensated, or having the reasonable expectation … Continue reading Outside Business Activity Review (NASD Rule 3050)
You are invited to attend the NSCP's annual National Conference for the most comprehensive educational offering within the financial services industry covering over 80 topics, encompassing broker-dealer, investment adviser, investment … Continue reading NSCP: National Society of Compliance Professionals
Amendments to the TRACE reporting rules were approved by the SEC to the to permit FINRA to implement a new contra-party type for use by firms in identifying transactions with … Continue reading Amendments to Trace Reports Require Firms to Identify Transactions with Non-Member Affiliates in TRACE Trade Reports – Effective Date
Firms may begin to submit post dated Firms BDW and ADV-W, which must be dated 12/31/2015.
The SEC approved amendments to FINRA rules for Cease & Desist Orders. The new rules and amendments lower the evidentiary standard to impose a temporary cease and desist order (TCDO); created a new expedited proceeding for repeated failures to comply with a TCDO or a permanent cease and desist order (PCDO); harmonized the provisions governing how documents are served in temporary cease and desist and expedited proceedings; clarified FINRA’s authority to impose a PCDO; and ease FINRA’s administrative burden in temporary cease and desist proceedings. The amendments become effective on November 2, 2015.
The SEC comment period ends November 3, 2015 on FINRA's proposal to merge its dispute resolution subsidiaries, FINRA Dispute Resolution, Inc. into and with its regulatory subsidiary, FINRA Regulation, Inc. FINRA's existing dispute resolution program would continue to operate as a separate department within FINRA Regulation, and would be referred to as the Office of Dispute Resolution.
As required by Regulation Systems Compliance and Integrity (Regulation SCI), FINRA has adopted new Rule 4380 related to mandatory member firm participation in business continuity and disaster recovery (BC/DR) testing. … Continue reading FINRA Files Rule with SEC for Authority to Designate Firms for Mandatory Participation in FINRA’s Business Continuity/Disaster Recovery Testing
Leaders of the financial services industry will gather in the nation’s capital at the 2015 SIFMA Annual Meeting: The Capital Markets Conference to discuss challenges and the ways the industry can … Continue reading SIFMA Annual Meeting 2015
The Small Firm Conference focuses on small firms’ practices and tips for complying with FINRA rules. Each session begins with a FINRA staff member highlighting key requirements of a rule, and then small firm panelists provide a step-by-step approach for complying with that particular rule.
The firm should complete the review of the outside brokerage accounts of all associated persons for the prior month.
Wed CRD and IARD are unavailable as Preliminary Renewal Statements are generating.
Preliminary renewal statements and reports are available for reviewing and printing.
Effective November 16, 2015, over-the-counter transactions in NMS stocks that are reported to FINRA as qualified contingent trades (QCTs) will be identified as such for purposes of public dissemination. This change affects dissemination only; firms are not required to change the way they report QCTs to FINRA.
FINRA advises FINRA-registered firms that failure to remit full payment of their Preliminary Statements to FINRA by December 18, 2015, may cause the firm to become ineligible to do business in the jurisdictions where it is registered, effective January 1, 2016. FINRAregistered firms will also be subject to a late fee if payment is not received by December 18, 2015.
The SEC requested comment on FINRA's proposal to adopt Funding Portal Rules 100, 110, 200, 300, 800, 900 and 1200 (collectively, the "Funding Portal Rules") and related forms that would apply to SEC-registered funding portals that become FINRA members pursuant to the JOBS Act and the SEC's Regulation Crowdfunding. The proposal would also adopt new FINRA Rule 4518 (Notification to FINRA in Connection with the JOBS ACT) in the FINRA rulebook. The comment period expires November 18, 2015.
www.finra.org/AboutFINRA/HolidaySchedule/
www.finra.org/AboutFINRA/HolidaySchedule/
www.finra.org/AboutFINRA/HolidaySchedule/
FINRA Rule 3270 prohibits any registered person from being an employee, independent contractor, sole proprietor, officer, director or partner of another person, or being compensated, or having the reasonable expectation of compensation, from another person as a result of any business activity outside the scope of the relationship with the member firm unless he or she has provided prior written notice to the member firm. Registered persons may not engage in the activity until they receive written permission from the member firm. The firm should complete the review of the outside business activities of all associated persons for each month.
FINRA seeks comment on proposed rules addressing the financial exploitation of seniors and other vulnerable adults. FINRA is proposing: (1) amendments to FINRA Rule 4512 (Customer Account Information) to require firms to make reasonable efforts to obtain the name of and contact information for a trusted contact person for a customer’s account; and (2) the adoption of new FINRA Rule 2165 (Financial Exploitation of Specified Adults) to permit qualified persons of firms to place temporary holds on disbursements of funds or securities from the accounts of specified customers where there is a reasonable belief of financial exploitation of these customers.
The SEC approved amendments to the Trade Reporting and Compliance Engine (TRACE) rules to codify that firms are required to report transactions in TRACE-eligible securities that are subject to dissemination as soon as practicable following the time of execution of the transaction. The amendment will become effective on November 30, 2015.The amended rule text is available in the online FINRA Manual.
FINRA is launching, effective November 30, 2015, a new electronic platform on Firm Gateway for firms to submit all new requests for approval of proposed subordinated loan agreements and secured demand note agreements (referred to as subordinations), including renewals of existing agreements. This Notice discusses the electronic submission process, which will replace the current submission of subordination requests in hard copy form to FINRA.
As of November 30, 2015, all new requests must be submitted in electronic form through Firm Gateway, and FINRA will no longer accept new requests filed in hard copy form.
The South Region Compliance Seminar is conducted to help firms and their associated persons better understand current industry and regulatory issues. Throughout the event, staff members from the Atlanta, Boca … Continue reading 2015 FINRA South Region Compliance Seminar
Every financial firm has an obligation to be vigilant in our industry's commitment to cybersecurity. As cyber attacks become more frequent and destructive, cyber insurance policies can offer critical protections to complement your risk management program.
SIFMA, FireEye, DeWitt Stern and ACE Group, a leading provider of cyber insurance, are providing a cyber insurance webinar to learn more about the current cybersecurity landscape and the SIFMA Cyber Insurance Program. Participants will be provided an opportunity for in-depth Q&A.
Firms with sufficient monies in their Flex-Funding accounts will have funds transferred to their Renewal Accounts to cover total renewal fees owed. Transfers will be conducted every day until Web … Continue reading Automatic Transfers to Renewal Accounts
The Securities Industry Institute® (SII) is the premier executive development program for financial services professionals. For more than 60 years, SIFMA and The Wharton School of The University of Pennsylvania … Continue reading SIFMA: Deadline to Register for Securities Industry Institute At Wharton
FINRA Rule 3270 prohibits any registered person from being an employee, independent contractor, sole proprietor, officer, director or partner of another person, or being compensated, or having the reasonable expectation … Continue reading Outside Business Activity Review (NASD Rule 3050)
The firm should complete the review of the outside brokerage accounts of all associated persons for the prior month.
Full payment of Preliminary Renewal Statements is due.
www.finra.org/AboutFINRA/HolidaySchedule/
All provisions of FINRA Rule 2241 ( Research Analysts and Research Reports) becomes effective.
www.finra.org/AboutFINRA/HolidaySchedule/
Web CRD and IARD are unavailable due to the holiday schedule and year-end processing.
www.finra.org/AboutFINRA/HolidaySchedule/
FINRA assesses an annual support fee to adequately fund the annual budget of the Governmental Accounting Standards Board (GASB”). The fee is assessed on a quarterly basis and is based … Continue reading Quarterly GASB Accounting Support Fee
Automatic transfers: Firms with sufficient monies in their Flex-Funding Accounts will have funds transferred to their Renewal Accounts to cover total renewal fees owed. Transfers will b e conducted every … Continue reading Automatic Transfers
Deadline for Final Renewal Statement payments.
SEC Rule 17a-10 requires broker-dealers to file Schedule within 17 business days after calendar year-end. taft.law.uc.edu/CCL/34ActRls/rule17a-10.html
Firms are required to file Form Custody pursuant to SEC Rule 17a-5(a)(5).
SEC Rule 606 requires broker/dealers that route orders on behalf of customers to prepare quarterly reports that disclose the identity of the venues to which it routed orders for execution. … Continue reading Disclosure of Order Routing Practices (SEC Rule 606) (Q4 2015)
FINRA's Cybersecurity Conference provides a forum to learn the fundamentals and take a deeper dive into key areas of cybersecurity. Understand your organization's vulnerabilities, the range of potential threats and learn tips to identify them. Gain knowledge for how to protect your organization from cyber threats and how to respond and recover when attacked
FINRA has extended the implementation date of FINRA Rule 2242 (Debt Research Analysts and Debt Research Reports) from February 22, 2016, to April 22, 2016. See Regulatory Notice 15-31. FINRA … Continue reading FINRA Rule 2242: New Implementation Date
The Securities Industry Institute, SIFMA’s premier executive education program held in partnership with The Wharton School, is being offered March 6 – 11, 2016.
The program provides access to world-class faculty from Wharton and other leading universities and exposure from industry experts in the latest trends in the industry, prepares you for the uncertain shifts in the market, provides networking opportunities that enable you to build your network, business and perspective, and you will receive a SIFMA/Wharton Certificate upon graduation.
FINRA has revised the General Securities Sales Supervisor (Series 9/10) examination program.
The 2016 Foundations of Web CRD/IARD training is designed for those at broker-dealers or joint broker-dealer/investment adviser firms who are new to registration and licensing, new to Web CRD and IARD, or who want to receive a refresher and registration tips.
Registration is now open for the SIFMA 2016 Compliance & Legal Society Annual Seminar on March 13–16 at the Hilton Orlando Bonnet Creek. Compliance and legal professionals participate in SIFMA's our interactive program with more than 65 dynamic panels and sessions that focus on the current regulatory and legal developments impacting the industry.
FINRA Rule 1250 requires all covered registered persons (any person registered with a member who has direct contact with customers in the conduct of the member's securities sales, trading and … Continue reading Review and Update Firm Element Continuing Education Plan