The Financial Industry Regulatory Authority has decided to continue requiring that broker-dealers conduct an annual compliance meeting.
Under a retrospective review of its annual compliance meeting (ACM) requirement in Rule 3110(a)(7), FINRA states in Regulatory Notice 19-34 that the rule “continues to meet its regulatory objectives effectively and efficiently,” and that the broker-dealer regulator will maintain the rule in its current form.
FINRA will, however, continue to monitor potential impacts to Rule 3110(a)(7) in light of the ongoing review of the potential enhancements to the Continuing Education Program.
The Securities Industry/Regulatory Council on Continuing Education, in partnership with FINRA and other self-regulatory organizations, “is currently exploring a number of opportunities to improve the effectiveness and efficiency” of the CE program, FINRA explained.
Included in this effort is assessing how the ACM requirement may be coordinated with CE training requirements.
FINRA states that it “intends to continue working closely with the CE Council to assess the feedback received from firms on, among other things, identifying potential redundancies in training requirements.”
Rule 3110(a)(7) requires each registered rep and registered principal to participate, at least once each year, in an interview or meeting at which compliance matters relevant to their particular activities are discussed.