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FINRA Provides Temporary Exemption from Fingerprinting Requirements; Issues Additional Resources for Navigating Coronavirus Pandemic

FINRA provided its member firms temporary relief from the Form U4 fingerprinting requirements. FINRA also issued additional resources designed to help its members navigate restrictions and regulatory relief as a result of the coronavirus pandemic.

According to FINRA, this relief was prompted by a recent SEC exemptive order from the fingerprinting requirements under Exchange Act Section 17(f)(2) and Rule 17f-2 between March 16, 2020 to March 30, 2020. Specifically, FINRA will extend the 30-day period for Form U4 applicants to submit their fingerprint information under FINRA Rule 1010(d) - provided that the firm states good cause for such delay. Under this temporary relief, members who submit an applicant's initial or transfer Form U4 between February 15, 2020 and May 30, 2020 may now submit the required fingerprint information up until June 29, 2020. FINRA noted that it will consider additional extensions of time as events develop. As previously covered, FINRA also provided temporary relief concerning required manual signatures on Form U4 securities registration and transfer filings on March 18, 2020.

Additionally, FINRA provided coronavirus-related resources to members, including:

  • a list of all "shelter-in-place" and "stay-at-home" state orders to date; and

  • an FAQ relating to all the temporary regulatory relief issued by FINRA.

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