On March 9, 2020, the Financial Industry Regulatory Authority updated its guidance for broker-dealers’ pandemic-related business continuity plans and issued regulatory guidance and relief from some of their obligations in response to the novel coronavirus (COVID-19) global pandemic.
FINRA made clear that Regulatory Notice 20-08 imposes no new rules or obligations on members and applies only to members’ obligations under FINRA’s rules and regulations and not those of other securities regulators. Acknowledging the evolving nature of the crisis, FINRA also invited members to consult with the organization to address additional compliance challenges as they arise, noting that additional regulatory guidance and relief may be provided at a later date. Finally, FINRA indicated that Regulatory Notice 20-08 will remain effective until a subsequent notice of cessation is published.
Click here, to continue reading on the Cleary Enforcement Watch blog.