FINRA Proposes Extension of Temporary COVID-19 Related Relief

FINRA proposed a rule change that would extend the expiration date for temporary amendments that (i) allow virtual hearings and (ii) provide relief to FINRA staff from certain enforcement and procedural requirements.

Specifically, FINRA is extending the expiration date from December 31, 2020 to April 30, 2021 for:

• SR-FINRA-2020-015, which provides temporary relief for FINRA staff from "timing, method of service and other procedural requirements" in order to protect their health and safety, while also permitting FINRA to continue with critical review processes (see previous coverage); and

• SR-FINRA-2020-027, which allows the Office of Hearing Officers and National Adjudicatory Council to conduct virtual hearings for (i) appeals of Membership Application Program decisions, (ii) disciplinary decisions, (iii) eligibility proceedings, and (iv) cease and desist orders (see previous coverage).

Comments on the proposal must be submitted within 21 days of its publication in the Federal Register.