Resources/ Updates

May11

FINRA’s April 2017 Podcast for Broker-Dealers

FINRA’s April 2017 podcast covers these timely FINRA related topics of interest to broker-dealers.

Request for Comment:

FINRA requests feedback on its new initiative to evaluate various aspects of its operations and programs to identify opportunities to more effectively further its mission. The Notice solicits comment from all interested parties on FINRA’s current engagement programs. See Special Notice 3/21/17  The comment period expires June 19, 2017.

Regulatory Notices

17-11: SEC Approves Rules Relating to Financial Exploitation of Seniors. It allows firms to place temporary holds on accounts where firms exploitation is suspected. The effective Ddte is February 5, 2018.

17-12: Regulation T and SEA Rule 15c3-3 Extension of Time Requests Under a T+2 Settlement Cycle. FINRA is updating its Regulatory Extension System (REX)  to allow firms to file extensions of time requests under a shortened the standard settlement cycle two business days after the trade date. The effective date is September 11, 2017

17-13: FINRA’s NAC Revises the Sanction Guidelines.  FINRA revised its sanction guidelines to reflect changes in the disciplinary process, FINRA Rules, and sanction levels approved in disciplinary hearings. This is effective immediately.

17-14: FINRA Requests Comment on FINRA Rules Impacting Capital Formation, including all existing rules, operations, and admin processes that address firms’ capital raising activities, including capital acquisition brokers and funding portals. The comment period expires May 30, 2017.

17-15: FINRA Requests Comment on Proposed Amendments to the FINRA Corporate Financing Rule; to modernize, simplify and clary Rule 1510 on Underwriting Terms and Arrangement about public offerings. The comment period expires May 30, 2017.

17-16: FINRA Requests Comment on Proposed Limited Safe Harbor From FINRA Equity and Debt Research Rules for Desk Commentary; This proposes a limited safe harbor for certain written analysis that may rise to the level of the research report.  The comment period expires May 30, 2017

17-17: FINRA Updates Private Placement Filer Form Pursuant to FINRA Rules 5122 and 5123.  FINRA requires firms offering private placement of securities to file a form. The form contains info about the selling firm, the issuer, as well as the offering terms and related documents.  The updated filer form will be available as of May 22, 2017

17-18: Guidance on Social Networking Websites and Business Communications The new guidance updates prior information on social media sites and the use of personal devices for business communications.

Other Topics

FINRA updated its FAQs on new FINRA Rule 3210 called Accounts at Other Broker Dealers and Finanical institutions

FINRA updated its webpage on Fintech related developments

Robert W. Cook’s spoke at Columbia University in NYC See Remarks: New Special Study Conference.

Related Resource

Listen to the April 2017 recap podcast

About the SDDco Group

Formed in 1952, the SDDco Group (www.sddco.com) delivers outsourced professional support to the financial services and technology sectors. Our menu of professional services includes accounting, regulatory and tax compliance, AML testing, brokerage hosting and supervision, as well as assuming designated FinOp, CCO, and CFO roles.  To connect with SDDCO:

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