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Securities Compliance Sentinel Analysis of cutting-edge securities industry issues

FINRA Steps Up for Those Member Firms Affected by Hurricane Sandy

Posted in Broker-Dealer Regulation, FINRA Compliance, FINRA Enforcement

Last week, FINRA issued FINRA RN 12-45 laying out several items members should consider in the aftermath of Hurricane Sandy.

For example, FINRA suggested that member firms provide office space to those member firms affected by the Hurricane.  Further, member firms housed in temporary space would not need to make an application for a new branch location or have to update RRs’ Form U-4 forms.  FINRA did specifically require these firms to contact their FINRA regulatory coordinator as soon as possible.  FINRA also extended the deadlines for completion of CE requirements and qualification examinations for those people living in federally declared disaster areas.  These deadlines now will be extended to December 10, 2012.

Additionally, at the time of this writing, FINRA’s NYC offices are still closed, but that may change shortly.  As a result, member firms and RRs should check on any filed information to ensure FINRA has any materials filed by these member firms or RRs.  FINRA is also allowing member firms and individuals the opportunity to ask for more time to respond to investigations or make filings.  However, a request must be made, it will not be automatically be granted or extended.

Finally, we are all in this together, and, at Fox Rothschild, we are prepared to offer assistance where we can.