September 25, 2023

SEC OKs FINRA Fingerprint Plan for Transfer Agents and Clearing Agencies

The SEC declared effective a new interim fingerprint plan for FINRA. FINRA filed the new plan after retiring its previous processing platform because of technological changes.

The SEC said that the new plan will continue the processes established under the previous fingerprinting plan without any changes. The new plan is to be used on an interim basis, and provides a program for agents and clearing agencies to have the fingerprints of their personnel processed by the Attorney General. The SEC said that the plan allows the option to use an "FBI-Approved Channel Partner" under which FINRA has allowed transfer agents and clearing agencies to satisfy their fingerprinting requirements. FINRA is working with the SEC and FBI to find a permanent solution that does not involve FINRA "acting in a channeler role for transfer agents and clearing agencies."

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