There were three noteworthy regulatory updates for securities in January of 2024. Below are the details on these changes and how they affect you and your institution.
FINRA
Please take note of the following 2023 FINRA Industry Snapshot Report
FINRA regulates a critical part of the securities industry – brokerage firms doing business with the public in the United States. In an effort to increase public awareness and understanding of the broad range of FINRA-registered firms and individuals, FINRA shares an annual snapshot of some of the data collected in the course of its work.
The 2023 FINRA Industry Snapshot provides a high-level overview of the industry, ranging from the number of FINRA-registered individuals to the overall revenues of firms, and from trading activity to how firms market their products and services. All of the data are reported in aggregate to respect the confidentiality of regulatory information.
Why Is this Important to Me?
- This provides a deep dive into the statistics for both broker-dealers and registered personnel. There is also geographical information of registered persons based on information from CRD as well as the types of business that broker-dealers engage in.
FINRA
Please take note of the following FINRA Notice on Regulation Best Interest
FINRA Highlights Available Guidance and Resources Related to Regulation Best Interest
This provides one source to summarize all of the regulatory guidance on Regulation Best Interest
NASAA
Please take note of the following NASAA Notice on Exam Validity Extensions for Investment Adviser Representatives.
NASAA announced the launch of the Investment Adviser Representative Exam Validity Extension Program (IAR EVEP). The IAR EVEP provides eligible individuals with the opportunity to extend the validity of their Series 65 examination for up to five years while not registered with a jurisdiction that has adopted the program. Eligible individuals can now extend all NASAA examinations through both the Broker-Dealer Agents (AG) EVEP and the IAR EVEP in participating states. Each state will need to approve the model rule for this to be effective.
This program is similar to the Maintaining Qualifications Program (MAP) that is used by agents of a broker-dealer.
