FINRA is preparing for a “new normal” in which firms will work remotely even after the pandemic passes. For example, FINRA is considering changing how it defines “branch office” and “office of supervisory jurisdiction” for supervision and inspection purposes based on industry feedback. “Many” commenters that responded to a request for feedback on lessons learned during the COVID-19 pandemic urged the regulator to revisit the definitions under FINRA Rule 3110 because firms have shifted to remote work. “Several commenters expressed concern that without amendments, personal residences of many associated persons will need to be registered (and inspected) to facilitate remote […]
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FINRA Extends Remote Branch Inspections Until End of 2022
FINRA has proposed to extend temporary relief allowing firms to conduct their 2022 branch inspections remotely through year-end. If approved by the SEC, the extension of FINRA Rule 3110.17 would extend COVID-related branch office inspection relief that is now scheduled to end on June 30. “The proposed additional six-month extension would provide further clarity to firms on regulatory requirements and account for the time needed for many firms to carefully assess when and how to have their employees safely return to their offices in light of vaccination coverage in the U.S. and transmission levels of the virus, including any emergent […]
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