FINRA Podcast: May 2014 Monthly Recap

FINRA released a podcast summarizing the latest FINRA notices, compliance resources and news from May 2014.

The podcast highlighted recent regulatory notices and their topics, including:

• 14-20: FINRA's mandate that firms must select product and problem codes when (i) reporting information regarding written customer complaints alleging theft or misappropriation of funds or securities, or forgery, (ii) reporting quarterly statistical and summary information regarding written customer complaints, and (iii) completing the online form to file copies of required documents.
• 14-21: Approved amendments to equity trade reporting and the Order Audit Trail System.
• 14-22: New amendments to Rule 5110 ("Corporate Financing Rule - Underwriting Terms and Arrangements") to expand circumstances where termination fees and rights of refusal are permissible.
• 14-23: FINRA's interpretation that clarifies the classification and trade reporting of certain "hybrid" securities.
• 14-24: April 2014 supplement to Security Futures Risk Disclosure Statement.

Additionally, the podcast summarized new FINRA educational initiatives (including the SEC and FINRA Joint Compliance Outreach Program), the upcoming Board of Governors Election (petitions for candidacy are due June 20, 2014), enforcement news and investor news.

See: FINRA Monthly Recap Podcast.Related news: FINRA Issues April 2014 Supplement to Security Futures Risk Disclosure Statement (Reg. Notice 14-24) (May 23, 2014); FINRA Issues Interpretation to Clarify Classification and Trade Reporting of Certain "Hybrid" Securities (FINRA Regulatory Notice 14-23) (May 16, 2014); SEC Approves FINRA Amendments to Corporate Financing Rules (FINRA Regulatory Notice 14-22) (May 16, 2014); SEC Approves Amendments to Equity Trade Reporting and Order Audit Trail System ("OATS") Rules (FINRA Regulatory Notice 14-21) (May 15, 2014); FINRA Issues Notice Regarding Revisions to the Codes Used for Reporting Customer Complaints (Regulatory Notice 14-20) (May 7, 2014); FINRA Fines Firm for Supervisory Failures in Connection with Sales of IPOs to Retail Investors (May 6, 2014); SEC Approves FINRA-Proposed Rule Regarding Self-Trades (with Lofchie Comment) (May 2, 2014); FINRA Election Notice: Upcoming Board of Governors Election (May 6, 2014).