FINRA Board of Governors met on September 23-24, 2021 to approve new maintaining qualifications fees and to reaffirm FINRA’s Financial Guiding Principles.

The Board approved a proposal to establish a $100 annual fee for individuals who chose to complete continuing education (CE) to remain qualified to reregister with FINRA following the termination of the individual’s registration. In other words, the proposal would allow individuals who terminate their registration to reregister within five years without retaking certain qualification examinations, so long as the individual maintains their CE requirements while terminated. According to FINRA CEO, Robert Cook, “These enhancements to the continuing education program provide individuals with more flexibility to address life and career events and necessary absences from registered functions without having to retake qualification exams in order to return to the industry.” 

The Board also reaffirmed FINRA’s Financial Guiding Principles. The principles were published in order to provide more transparency about how FINRA manages its financial resources. Key elements of the Principles include: funding FINRA’s mission to protect investors and safeguard market integrity; ensuring financial transparency; building on FINRA’s audited annual report by adding an annual budget summary; and managing expenses responsibly, including employee compensation and capital initiatives.

We encourage our clients to review the September 2021 Report from the FINRA Board of Governors Meeting in detail. It serves as a useful resource in remaining up to date on future FINRA activities, initiatives, and rules. The next FINRA Board of Governors Meeting is currently scheduled for December 1-2, 2021.