
By Ed Wegener
Subscribe to our original industry insightsFINRA is filing a proposed rule to extend firms’ ability to conduct remote branch office inspections through December 31, 2022. FINRA Rule 3110.17 currently provides firms with the option of satisfying their inspection obligations under Rule 3110(c) remotely for calendar years 2020, 2021 and June 30 of 2022, subject to specified conditions. Factoring into this decision are the operational challenges posed by the COVID-19 pandemic.
Although the extension is a welcome relief for CCOs, it is important to note that FINRA is not changing its requirements.
Oyster Consulting has been conducting remote testing for a long time. We have effectively utilized methods and tools to allow us to be able to share and review records, interview key personnel and stakeholders, observe locations and operations, and test supervisory systems. Our experts can help you develop your remote inspection plans, draft the necessary procedures and, where needed, conduct remote inspections of your branch locations.
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