May 11, 2021

Volume XI, Number 131

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May 11, 2021

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May 10, 2021

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FINRA Proposes Extension of Temporary COVID-19 Related Amendments

On March 31 and April 1, the Financial Industry Regulatory Authority (FINRA) proposed rule changes that would extend the expiration date for temporary amendments that (1) provide relief to individuals functioning as a principal or operations professional, (2) provide relief to FINRA staff from certain enforcement and procedural requirements, and (3) allow virtual hearings.

Specifically, the proposal would extend:

  • SR-FINRA-2020-026, which would extend the 120-day period that certain individuals can function as a principal or operations professional without having successfully passed an appropriate qualification examination. The expiration date is extended from April 30 to June 30. SR-FINRA-2020-026.

  • SR-FINRA-2020-015, which provides temporary relief for FINRA staff from “timing, method of service and other procedural requirements.” The expiration date would be extended from April 30 to August 30. SR-FINRA-2020-015.

  • SR-FINRA-2020-027, which allows the Office of Hearing Officers and National Adjudicatory Council to conduct virtual hearings for (1) appeals of Membership Application Program decisions, (2) disciplinary decisions, (3) eligibility proceedings and (4) cease and desist orders. The expiration date is extended from April 30 to August 30. SR-FINRA-2020-027.

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©2021 Katten Muchin Rosenman LLPNational Law Review, Volume XI, Number 99
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About this Author

Susan Light, Katten Law Firm, Finance Law Attorney, New York
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Susan Light focuses her practice on financial services regulatory matters. She counsels broker-dealers, hedge funds, investment banks and financial services clients on enforcement issues involving the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), other self-regulatory organizations (SROs) and state and federal regulatory authorities. She has particular experience related to sales practice issues, financial and operational issues, anti-money laundering, crowdfunding, cybersecurity, and cryptocurrencies.

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212-940-8599
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