FINRA Proposes Extension of Temporary Relief to Allow Remote Office Inspections in 2024

FINRA proposed extending temporary relief to allow firms to satisfy their office and location inspection requirements remotely through the first half of calendar year 2024.

In a proposal filed with the SEC, FINRA stated that the extension of temporary Supplementary Material 17 ("Temporary Relief to Allow Remote Inspections for Calendar Years 2020, 2021, 2022, and 2023") would allow for continued remote inspections through the earlier of either:

(i) the effective date of the FINRA-proposed three-year pilot program, to allow member firms to meet their remote office inspection obligations without onsite visits (see previous coverage), or

(ii) June 30, 2024.

FINRA said that the extension would give firms time to resume onsite inspections if the proposed pilot program for remote inspections is denied by the SEC, or to adjust to the implementation of the proposed program if it is approved by the SEC.