FINRA Unscripted

Succession planning, catastrophe planning, contingency planning--whatever you want to call it, these plans are important not just for customers and registered representatives but can even be a matter of life or death when it comes to the continued existence of a firm. 

On this episode, we talk to Jeanette Wingler, FINRA’s Special Assistant to the CEO, and Elena Schlickenmaier, a Senior Principal Analyst in Member Supervision, to dig into Regulatory Notice 22-23 on succession planning to hear how and why firms should plan for the expected and unexpected in life.

Resources mentioned in this episode:

Regulatory Notice 22-23

Rule 4370: Business Continuity Planning

Rule 2040: Payments to Unregistered Persons

Continuing Membership Application Resources

FINRA Examination and Risk Monitoring Programs

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The best tool FINRA provides when it comes to firms developing their annual compliance program is now available. The 2023 Report on FINRA’s Examination and Risk Monitoring Program provides key insights and observations on two dozen key regulatory topics, making it a must-read for compliance professionals. 

On this episode, Ornella Bergeron, Senior Vice President of Risk Monitoring, Michael Solomon, Senior Vice President of Examinations, and Bill St. Louis, Executive Vice President of the National Cause and Financial Crimes Detection Programs (NCFC), join us to dig into some of the new and noteworthy topics in the latest report. 

Resources mentioned in this episode:

2023 Report on FINRA’s Examination and Risk Monitoring Program

Episode 112: Introducing FINRA’s Complex Investigations and Intelligence Team and Cyber and Analytics Unit

Episode 71: Overlapping Risks, Part 1: Anti-Money Laundering and Cybersecurity

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The festive season is here. Are you looking for the perfect gift for the compliance professional in your life? Look no further. On this episode, Kayte Toczylowski, FINRA’s vice president of Member Relations and Education, joins us to share the top five FINRA tools and resources, or gifts, if you will, that you will want to make sure you are aware of and be sure to share with all of your colleagues.

Resources mentioned on this episode: 

FINRA Compliance Tools

FINRA Notices

FINRA Targeted Exam Letters (aka Sweeps)

FINRA Conferences & Events

FBI Cyber Threat Briefing Series

Machine-Readable Rulebook Initiative

FINRA Advisory Committees

FINRA Committee Indication of Interest Form

Have questions? Email: [email protected]

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This episode originally aired in March 2022.

Detecting and deterring fraud and insider trading is at the core of FINRA's mission of investor protection and market integrity. On this episode, Sam Draddy, the head of FINRA's Market Investigations team, joins us once again to talk about the latest trends and patterns in FINRA's fraud and insider trading investigations, including some stories about some of the craziest and most interesting cases of the past few years.

Resources mentioned in this episode:

Episode 23: Insider Trading: Finding the Needle in the Haystack

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The FINRA Institute at Georgetown Certified Regulatory and Compliance Professional Program is designed to give compliance, legal and regulatory professionals an in-depth understanding of the foundation, theory and practical application of securities laws and regulation. 

On this episode, we hear from Jim Angel, CRCP Program Academic Director and Associate Professor with the Georgetown McDonough School of Business, and Susanne Goldsmith, a Senior Director with FINRA's Member Relations and Education team, about what makes a CRCP Program a must for FINRA member firms and their high-performing compliance staff.

Resources mentioned on this episode: 

FINRA Institute at Georgetown

Episode 28: A Look at the FINRA Institute at Georgetown CRCP Program

Georgetown360: James J Angel

Have questions? Email: [email protected]

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The market for crypto assets has seen continued growth and firms are looking for ways to get involved in the digital asset space. So far, about two dozen firms have been approved by FINRA to provide services in securities backed by digital assets. And more firms are looking to follow in their footsteps. 

On this episode, we hear from Armando Valdes, an application manager with FINRA’s Membership Application Program (MAP), and David Aman, a senior advisor with the Office of Financial and Operational Risk Policy within the Chief Legal Office, about the role FINRA’s MAP team is playing in the digital asset space, some common sticking points in these new and continuing member applications and how FINRA is working to support innovation while protecting investors in this dynamic environment. 

Resources mentioned on this episode: 

SEC’s September 25, 2020 No-Action Letter, “ATS Role in the Settlement of Digital Asset Security Trades”

SEC/FINRA July 8, 2019 Joint Statement on Broker-Dealer Custody of Digital Asset Securities

SEC Statement on the Custody of Digital Asset Securities by Special Purpose Broker-Dealers

Have questions? Email: [email protected]

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Rural America faces financial capability and vulnerability challenges that are often difficult to address. And that is especially true for America's minority and women farmers. 

On this episode, we hear from Dr. Cesar Escalante, the 2022 recipient of the FINRA Foundation Ketchum Prize, about his pioneering research into the racial and gender biases in agricultural lending, his commitment to mentoring and more.

Resources mentioned in this episode:

Ketchum Prize Press Release

Cesar Escalante University of Georgia Bio

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The implementation of the largest change to the securities industry Continuing Education program in 25 years is well under way, with a few new deadlines right around the corner. 

On this episode, we hear from Patricia Monterosso and Nicole Lefort from FINRA’s Credentialing, Registration, Education and Disclosure team about how the Maintaining Qualifications Program is progressing and what firms can expect in with regard to changes to the Continuing Education Regulatory Element in the months ahead. 

Resources mentioned in this episode:

Regulatory Element Topics

CE Council Website

FINRA CE Transformation Resource Page

Maintaining Qualifications Program

Financial Professional Gateway (FinPro)

Episode 97: What to Expect: The CE Transformation & Maintaining Qualifications Program

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When it comes to bringing enforcement actions against individual brokers, there is a lot to consider, especially when the sanctions can be life altering for the individual in question. 

On this episode, we hear from Deputy Head of Enforcement Chris Kelly about what makes cases against individual brokers different from those brought against firms and all the considerations involved. 

Resources mentioned on this episode:
FINRA Enforcement

Monthly Disciplinary Actions

Disciplinary Actions Online Database

Episode 69: Excessive Trading: When A Lot Becomes Too Much

Episode 77: Behind the Process: How an Enforcement Action Becomes an Enforcement Action

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Member Supervision, Market Regulation and Transparency Services and Enforcement. These three teams together make up Regulatory Operations or Reg Ops, which is at the very core of FINRA's efforts to protect investors and ensure fair and efficient markets for all. 

On this episode, we hear Greg Ruppert, Executive Vice President of Member Supervision, Stephanie Dumont, Executive Vice President of Market Regulation and Transparency Services, and Jessica Hopper, Executive Vice President of Enforcement, about how they are working together to increase coordination and to ensure integrated oversight, to be able to better anticipate and address risks. 

Resources mentioned on this episode:
Conferences and Events

FINRA Report Cards

Episode 99: From NCFC to Member Supervision Head: Reintroducing Greg Ruppert

Episode 87: Introducing Stephanie Dumont

Episode 77: Behind the Process: How an Enforcement Action Becomes an Enforcement Action

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