SEC Opens New Comment Period on FINRA Remote Office Inspection Pilot Program
The SEC opened a new comment period on a proposal to amend FINRA Rule 3110(c) ("Supervision") to adopt a voluntary three-year pilot program to allow broker-dealers to conduct annual office inspections remotely.
The proposal was first published in the Federal Register on August 15, 2022 (see previous coverage). FINRA later consented to an extension of the period for the SEC to approve the proposal until November 11, 2022. On November 9, 2022, FINRA said that it was still considering comments and planned to submit a response to all comments and amendments to the Notice soon.
The SEC instituted the proceedings in order to "allow for additional analysis and input concerning whether the proposed rule change is consistent with the Exchange Act and the rules thereunder."
Comments on the proposal and objections must be submitted by December 7, 2022. Rebuttals to submitted comments must be submitted by December 21, 2022.
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