FINRA Notice to Members 20-08

As mentioned last week FINRA has issued Notice to Members 20-08. Here are a few of the issues that it addresses.

In Notice to Members 20-08 FINRA has granted relief to member firms as they try to navigate the COVID-19 pandemic. Most importantly is the ability to set up remote offices without having to make various disclosures on Forms U4 and BR.

There are other issues also addressed:

  1. Communication with customers
    1. Make sure customers know how to contact you.
  2. Notification to FINRA, through your Risk Monitoring Analyst, about changes in offices
  3. Develop a supervisory process that is appropriate to your new reality
  4. Heighten awareness of cybersecurity protection.
  5. Branch office inspections may be delayed
  6. Regulatory responses may be delayed, however make sure to seek the extension from the appropriate examiner or attorney.

 

FINRA will issue a new Notice to Members when either this relief is lifted or with other changes.

 

If you have any questions about this notice please feel free to contact me.

 

(c) March 2020 Sharon M. Davison

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