1. FINRA Regulatory Notice 21-33 FINRA Adopts Amendments to Rule 6432 Regarding Compliance with the Information Requirements of SEC Rule 15c2-11

    FINRA adopted amendments to Rule 6432 (Compliance with the Information Requirements of SEA Rule 15c2-11) in light of the Securities and Exchange Commission’s amendments to SEC Rule 15c2-11 (SEC Rule 15c2-11). As amended, Rule 6432 will require a qualified inter-dealer quotation system (Qualified IDQS) to submit a modified Form 211 filing to FINRA in connection with each initial information review, and a daily security file to FINRA containing summary information for all securities quoted on its system on each day that it makes a publicly available determination permitted under SEC Rule 15c2-11, among other amendments. The amendments to Rule 6432 will take effect on September 28, 2021—in line with the compliance date for the amendments to SEC Rule 15c2-11.

    9/17/2021

  2. FINRA Regulatory Notice 21-32 FINRA Requests Comment on Its Policy Relating to the Assignment of OTC Symbols to Unlisted Equity Securities

    FINRA requests comment on a proposed change to its current policy relating to the assignment of OTC symbols to unlisted equity securities. Specifically, FINRA is considering whether it should begin assigning OTC symbols to unlisted equity securities that do not have a valid CUSIP identifier, in the limited circumstance where a member firm demonstrates its best efforts to obtain a CUSIP identifier and provides documentation to identify the security.

    9/14/2021

  3. FINRA Regulatory Notice 21-31 FINRA Establishes New Supplemental Liquidity Schedule (SLS)

    FINRA has established a new Supplemental Liquidity Schedule (SLS). The new SLS, which members subject to the requirement will need to file as a supplement to the FOCUS Report, is designed to improve FINRA’s ability to monitor for events that signal an adverse change in the liquidity risk of the members with the largest customer and counterparty exposures. FINRA is issuing this Notice to provide further information on the new requirement, which will become effective on March 1, 2022. For members subject to the requirement, the first SLS must be completed as of the end of March 2022 and will be due by May 4, 2022.

    9/3/2021

  4. MSRB Information Notice 2021-11 MSRB Provides Further Extension of Time to Take the Series 54 Qualification Examination

    The Municipal Securities Rulemaking Board (MSRB) filed a proposed rule change with the U.S. Securities and Exchange Commission (“SEC” or “Commission”) to further extend the date by which persons acting in the capacity of a municipal advisor principal are required to become duly qualified with the Series 54 examination. This brief extension of time pushes out the November 12, 2021, compliance date to November 30, 2021, and is connection with the MSRB’s efforts to facilitate the remote proctoring of the Series 54 examination. Notably, the extension of time provided for under the proposed rule change generally aligns with the number of days taken to launch the Series 54 examination online.

    9/2/2021

  5. FINRA Regulatory Notice 21-29 Vendor Management and Outsourcing

    Member firms are increasingly using third-party vendors to perform a wide range of core business and regulatory oversight functions. FINRA is publishing this Notice to remind member firms of their obligation to establish and maintain a supervisory system, including written supervisory procedures (WSPs), for any activities or functions performed by third-party vendors, including any sub-vendors (collectively, Vendors) that are reasonably designed to achieve compliance with applicable securities laws and regulations and with applicable FINRA rules. This Notice reiterates applicable regulatory obligations; summarizes recent trends in examination findings, observations and disciplinary actions; and provides questions member firms may consider when evaluating their systems, procedures and controls relating to Vendor management.

    8/13/2021

  6. FINRA Regulatory Notice 21-30 FINRA Alerts Firms to a Phishing Email Campaign Using Multiple Imposter FINRA Domain Names

    FINRA warns member firms of an ongoing phishing campaign that involves fraudulent emails purporting to be from FINRA and using one of at least three imposter FINRA domain names: “@finrar-reporting.org”; “@Finpro-finrar.org”; “@gateway2-finra.org”

    8/13/2021

  7. MSRB Information Notice 2021-10 MSRB Provides Interim Accommodation for the Municipal Advisor Principal Qualification Examination (Series 54 Exam)

    To address the pandemic-related challenges facing individuals who need to become appropriately qualified as a municipal advisor principal1 before the compliance date, the Municipal Securities Rulemaking Board (MSRB) is providing an interim accommodation to allow such individuals to take the Series 54 exam online.

    8/11/2021

  8. FINRA Regulatory Notice 21-28 Regulation of Inter-dealer Quotation Systems

    FINRA has adopted new Rule 6439 (Requirements for Member Inter-Dealer Quotation Systems), which implements additional requirements for firms that operate systems that regularly disseminate the quotations of identified broker-dealers in OTC Equity Securities (each an “inter-dealer quotation system” or “IDQS”). Rule 6439 will become effective on October 1, 2021, except for paragraph (d)(1)(B), which relates to the collection of order-level information. The effective date for this paragraph will be announced at a later date to better coordinate, and avoid regulatory duplication, with reporting obligations to the Consolidated Audit Trail (CAT) under Rule 6830 (Industry Member Data Reporting).

    8/6/2021

  9. FINRA Regulatory Notice 21-27 SEC Financial Responsibility Rules

    FINRA is making available updates to interpretations in the Interpretations of Financial and Operational Rules that have been communicated to FINRA by the staff of the SEC’s Division of Trading and Markets (SEC staff). The updated interpretations are with respect to Securities Exchange Act (SEA) Rules 15c3-1 and 15c3-3.

    7/22/2021

  10. FINRA Regulatory Notice 21-26 FINRA Amends Rules 5122 and 5123 Filing Requirements to Include Retail Communications That Promote or Recommend Private Placements

    FINRA has adopted changes to FINRA Rules 5122 (Private Placements of Securities Issued by Members) and 5123 (Private Placements of Securities) to require members to file retail communications that promote or recommend private placement offerings that are subject to those rules’ filing requirements. The new filing requirements become effective on October 1, 2021.

    7/15/2021

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