FINRA proposes the extension for remote office inspections – Finance and Banking

FINRA proposes the extension for remote office inspections - Finance and Banking

Cadwalader, Wickersham & Taft LLP

14 January 2022

Highlights

  • FINRA proposed extending temporary rules allowing
    remote office inspections through calendar year 2022.


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FINRA filed with the SEC a proposed rule change to extend
temporary Supplementary Material .17 under FINRA Rule 3110 (“Supervision”). As
previously covered, the SEC approved the
adoption of Supplementary Material .17 in 2020 to permit remote
inspections to satisfy the obligations set out in Rule 3110(c)(1)(A), (B) and (C) that require each member to conduct an
annual office inspection. Since then, the permission has been
extended to the first half of calendar year 2022. This proposed
additional six-month extension would allow remote inspections
through 2022.

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