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.Advertisement