FINRA Proposes Extension for Remote Office Inspections
FINRA proposed extending temporary Supplementary Material .17 under FINRA Rule 3110 ("Supervision") to allow remote office inspections through calendar year 2023. The current relief is set to expire on December 31, 2022.
As previously covered, the SEC approved the adoption of Supplementary Material .17 in 2020 to permit remote inspections that satisfy the obligations set out in Rule 3110 that require each member to conduct an annual office inspection. FINRA extended the temporary relief on several occasions and also proposed a voluntary three-year pilot program that would allow FINRA to gather information from market participants on the sustainability of a permanent remote option for inspections.
The proposed extension would expire on the earlier of (i) the effective date of the proposed pilot program and (ii) December 31, 2023.
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