MasterCompliance continues to provide clients and the public with guidance on industry focus areas, new rules, compliance foundations, and regulatory priorities. This blog explores our top 5 blogs of 2020.
1. Examination and Risk Monitoring: What to Expect in 2020
FINRA recently released a podcast featuring three members of the Member Supervision Senior Leadership as they talk about what to expect from the Examination and Risk Monitoring program in 2020. Our “Examination and Risk Monitoring: What to Expect in 2020” Blog details some of the key topics from the podcast, including: The five buckets of examination and risk monitoring, small firm vs. large firm examinations, single framework for unified exam program, and Regulation Best Interest.
2. BCP and COVID-19: Considerations for Firms
Our “BCP and COVID-19: Considerations for Firms” blog discusses business continuity planning (BCP) considerations during COVID-19. The blog reviews FINRA and SEC guidance for business continuity planning and how the role of key stakeholders during a pandemic cannot be overemphasized.
3. Annual Training Considerations for Broker/Dealers
Rule 3110(a)(7) requires each Registered Person to participate, at least annually, in an interview or meeting which discusses compliance matters relevant to their activities. For Firms, a training program is not only a regulatory requirement, but it also protects the Firm against litigation risk. Our “Annual Training Considerations for Broker/Dealers” blog discusses key areas that are often missed in annual training considerations such as out of office training, regulatory license exams and continuing education, and company meetings.
4. U4 Disclosure Updates: Cautionary Tales
Our “U4 Disclosure Updates: Cautionary Tales” blog discusses the importance of timely updating information on individual Form U4 disclosures. Failing to do so could result in fines and suspensions for a Registered Person. This is especially the case if the act was done intentionally. The blog highlights key areas individuals and Firms should ensure are up to date and accurate, such as financial disclosures, personal and employment information, and regulatory and legal disclosures.
5. FINRA Proposal to Enhance Continuing Education
Our “FINRA Proposal to Enhance Continuing Education” blog summarizes the key points from a proposal made by FINRA’s Securities Industry/Regulatory Council on Continuing Education (CE Council). Our main take away from Regulatory Notice 20-05 are the transition to an annual regulatory element, more relevant and tailored content with diverse instructional formats, publishing learning topics for continuing education in advance, enhancing the functionality of FINRA systems for use in continuing education, recognizing other training requirements to satisfy firm element requirements, improved continuing education guidance and resources provided to firms, developing a content catalog for optional or supplemental use, considering rule changes for previously registered individuals to maintain their qualification.
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