FINRA's March 2013 Monthly Compliance and News Recap Podcast
FINRA's podcast of its March compliance and news recap:
Notices
- FINRA amended its Reporting Requirements rule to remove duplicate reporting. As detailed in Reg. Notice 13-08, the amendments to Rule 4530 allow filing requirement exceptions for information already reported on Form U4, as well as findings and actions by FINRA. These amendments became effective on March 4, 2013. A new online filing option for required documents will also become available on July 1.
- The SEC approved amendments to the rule governing the Trade Reporting and Compliance Engine ("TRACE"). These services will start on June 10, 2013 (Reg. Notice 13-09).
Resources
- FINRA's Chairman and CEO Ketchum updated members on rulemaking items at the February FINRA Board of Governors Meeting.
- FINRA published two charts to help firms identify the transaction types excluded from their price bands under the Limit Up/Limit Down Plan.
Education
- FINRA's new consolidated Communications with the Public rule became effective on February 4, 2013. FINRA has released seven e-learning courses, a webinar and two podcasts to help firms learn about this rule.
- FINRA announced a Phone-in Workshop on Rule 4530 Form U4 exception to be held on March 7th at 1pm ET.
- FINRA will offer three training sessions on the foundations of Web CRD and IARD. One session will take place in Jacksonville, Florida on March 7-8, and the other two sessions will be in Rockville, Maryland on May 20-21 and September 16-17.
- FINRA will host a Fixed-Income Conference in NYC on March 12.
- FINRA Market Regulation will host a two-hour conference about the options market highlighting recent areas of concern like spoofing and layering on March 14 at 2:00 p.m. ET.
- The SEC and FINRA will host a compliance outreach program for broker-dealers geared toward compliance, risk and audit officers of large firms with multiple and complex business lines in Washington, D.C. on April 9.
- FINRA will hold its Annual Conference in Washington, D.C. on May 20-22.
News
- FINRA fined five affiliated firms for email retention and review violations. FINRA ordered these firms to conduct a comprehensive review of their systems, policies and procedures;
- A FINRA hearing panel dismissed two of three causes of action in a complaint against Charles Schwab Company. FINRA is appealing the part of the ruling that dismissed the two causes of action;
- FINRA issued a new investor alert called "Duration" - What an Interest Rate Hike Could Do to Your Bond Portfolio in order to help investors understand the importance of duration risk.
Click here to listen to the podcast.