FINRA Registration Reset
Last October, the SEC approved sweeping, new FINRA registration rules that consolidated and restricted existing NASD and NYSE registration rules. The rules affected are FINRA Rules 1210, 1220, 1230, and 1240.
The rules are effective October 1, 2018.
Over the next few weeks, Oyster will post blogs on the following topics to help you understand what these changes are and what they might mean for your firm:
- Principal Registration Changes
- Changes to Registration Categories
- The new SIE Exam
- Permissive Registration
- Exam Scores, Waivers
What Do These Changes Mean for My Firm?
We will explore the implications of these changes with each blog topic. These rule changes may require changes in employee registration categories and updates to your firm’s Form BD, written supervisory procedures, and examination requirements. Other procedures may need to be updated to address an unregistered person’s inability to accept orders from customers. Some firms may need to request waivers of certain registration requirements.
How Oyster Can Help
Oyster Consulting offers our broker-dealer clients a wide array of services. Our consultants have deep experience with all aspects of the registration process, from starting a broker-dealer to acting as outsourced Compliance, Financial and Operating Principals. Our team has worked with a large variety of broker-dealer, clearing firm and trade reporting platforms, and have the industry knowledge and practical expertise to go above and beyond a simple compliance review of your firm.
For more information about how Oyster Consulting can assist your firm with its compliance, operations and reporting needs, complete our contact form or call (804) 965-5400 and one of our Relationship Managers will be happy to assist you.
About the Author:
Ann Griffith has over 20 years of expertise in senior regulatory, compliance and legal counsel roles in the financial services industry. She brings extensive experience in investment advisor, broker-dealer, capital markets, and international regulatory and compliance matters. In addition to her senior roles with the World Bank, FBR Capital Markets and Credit Suisse First Boston, Ann’s broad experience includes acting as counsel in various positions with FINRA and the SEC. Ann’s experience with Oyster includes working with broker-dealers and investment advisors to develop and implement compliance programs and providing advice on supervisory, and registration issues as well as drafting Written Supervisory Procedures and policies and procedures.