The Securities Litigation Expert Blog

SEC Joins Finra in Hurricane Sandy Regulatory Relief

Posted by Jack Duval

Nov 6, 2012 1:09:40 AM

The SEC has joined Finra in offering regulatory relief to entities affected by Hurricane Sandy.  (SEC)

See our coverage of the Finra relief efforts here and here.

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Topics: FINRA, Hurricane Sandy, SEC, Compliance, regulation.

Finra Offers Regulatory Relief in Sandy Aftermath

Posted by Jack Duval

Nov 5, 2012 1:26:40 AM

While Finra's One Liberty Plaza office in downtown Manhattan remains closed in the wake of Hurricane Sandy, the Self-Regulatory Organization is offering regulatory relief to member firms affected by the hurricane.

Finra just issued NTM 12-45 "Regulatory Relief" explaining their efforts.  (12-45)  The executive summary states:

Due to the impact from Hurricane Sandy, FINRA is providing guidance on a number of regulatory and compliance issues, including emergency office relocations, continuing education requirements for registered personnel, registered personnel engaged in active military duty, regulatory filings and inquiries, membership applications and customer communications. In addition to the guidance discussed in this Notice, firms also are reminded that FINRA’s website contains a dedicated page for other advisories issued by FINRA as a result of Hurricane Sandy.

The other advisories can be found here.

See our previous coverage here.


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Topics: FINRA, Hurricane Sandy, Compliance, NTM 12-45, regulation.

Finra Business Continuity Compliance

Posted by Jack Duval

Nov 4, 2012 3:20:49 AM

In the better-late-than-never file, Finra is reminding members of their obligations for business continuity plans.  (Finra)

Finra Rule 4370 covers these requirements.  (4370)  Here's the overview:

(a) Each member must create and maintain a written business continuity plan identifying procedures relating to an emergency or significant business disruption. Such procedures must be reasonably designed to enable the member to meet its existing obligations to customers. In addition, such procedures must address the member's existing relationships with other broker-dealers and counter-parties. The business continuity plan must be made available promptly upon request to FINRA staff.
(b) Each member must update its plan in the event of any material change to the member's operations, structure, business or location. Each member must also conduct an annual review of its business continuity plan to determine whether any modifications are necessary in light of changes to the member's operations, structure, business, or location.
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Topics: FINRA, Hurricane Sandy, regulation Rule 4370, zombie apocalypse, business continuity plans, Compliance, regulation.

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