Finra is providing relief to its member firms and registered representatives because of the coronavirus pandemic, the industry’s self-regulatory says.
Finra is giving member firms a 30-calendar-day extension for submitting annual reports for fiscal years ending in January 2020 through March 2020, which are normally required to be filed no later than 60 calendar days after the end of the fiscal year, according to an FAQ published by the industry’s self-regulator.
Additionally, Finra is giving a 10-business day extension for submitting Financial and Operational Combined Uniform Single reports, which are normally required to be filed within 17 days after the end of the month, according to the FAQ.
Furthermore, the industry’s self-regulator is extending the examination window on expiring qualifications until May 31, 2020, Finra says. The move is in response to Prometric — which administers the industry self-regulator’s testing centers, as well as those of several other organizations — closing its centers because of the coronavirus pandemic, according to the FAQ.
Finally, Finra is allowing firms to file Form U4 electronically without getting the individual applicant’s manual signature if the firm meets certain conditions, such as providing the applicant with a copy of the filled-out form before filing, obtaining the applicant’s written acknowledgment prior to filing and agreeing to get the applicant’s manual signature “as soon as practicable,” the industry’s self-regulator says.
Do you have a news tip you’d like to share with FA-IQ? Email us at email@example.com.