Regulation And Legislation

Finra extends key deadlines in Sandy’s wake

SRO's NYC office closed due to storm

The Financial Industry Regulatory Authority Inc. has issued further guidance to member firms affected by Hurricane Sandy.
In a regulatory notice posted late Tuesday (RN 12-45), Finra encouraged members to provide office space to other firms in need.
Firms using temporary space do not have to apply for a new branch location or update registered reps’ U-4 forms, but should contact their Finra regulatory coordinator as soon as possible, the notice said.
Finra is extending deadlines for completion of continuing-education requirements and qualifications examinations for people who reside in the areas that have been declared disaster areas by the federal or state governments.
Registered representatives who have an examination or a continuing-education window due to expire between Oct. 29 and Nov. 9 will have their windows extended to Dec. 10, the notice said.
Finra’s offices in New York City, where most of its membership staff is located, remain inaccessible. Finra said it will work to complete applications as soon as possible, and that applicants who submitted materials this week should check with its to confirm that the materials were received.
Finally, firms needing more time to respond to investigations or to make filings should ask for extensions from their regulatory coordinators or the Finra department making the request, the notice said.