On October 18, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 19-34 (Notice) regarding the annual compliance meeting (ACM) requirement in Rule 3110(a)(7) and corresponding Supplementary Material .04 (SM .04). The rule requires each registered representative and registered principal to participate, at least once per year, in an interview or meeting at which compliance matters relevant to their particular activities are discussed with the firm, ensuring that registered persons remain current on applicable regulatory developments or changes in firm policies. In April 2018, FINRA launched a retrospective review of this requirement to assess its effectiveness and efficiency.
Based on the assessment, FINRA determined to maintain the requirement without change.
The Notice is available here.
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