Annual Compliance Meeting

Annual Compliance Meeting: A Retrospective Review

FINRA initiated a retrospective review of the annual compliance meeting (“ACM”) requirement in April 2018. The findings were published on October 18, 2019 in FINRA Regulatory Notice 19-34Although the final assessment indicates that they are determined to maintain the ACM requirement without change, the Notice did provide additional guidance on fulfilling the requirements.

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Firm Element Advisory Posted

FINRA Rule 1250(b) discusses FINRA’s Firm Element continuing education requirements.  Firm Element continuing education requirements apply to “covered persons”, which is defined as registered persons – including salespeople, traders, sales assistants, investment company shareholder servicing agents, investment bankers, and others who have direct contact with public customers in the conduct of a securities sales, trading, or investment banking business – and their immediate supervisors. The term “customer” in the definition of covered persons includes retail, institutional, and investment banking customers, but does not apply to other broker-dealers. Member firms are required to analyze and evaluate their training needs in light of the firm’s size, organizational structure, scope of business, and types of products and services offered, as well as regulatory developments and the performance of its registered persons pursuant to the Regulatory Element of FINRA Rule 1250(a).

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2016 Broker-Dealer Training Considerations

Annual broker-dealer training should be derived from relevant regulatory and/or industry focus areas. It is important to consider the current “hot topics” and implement appropriate training regarding the areas that would best mitigate risk when performing needs analysis and developing an annual broker-dealer training plan. Read More…