October 07, 2020

FINRA CEO Comments Suggest Reconsideration of On-Site Exams in Light of COVID-19

In statements made at SIFMA’s Virtual Compliance and Legal Forum, FINRA Chief Executive Officer, Robert Cook, indicated that FINRA may be reconsidering aspects of its cycle examinations in light of the challenges presented by the COVID-19 pandemic. FINRA conducts between 1,500 and 2,000 risk-based cycle examinations annually to assess identified risks and controls and determine whether firms are in compliance with federal securities laws, rules and regulations. These examinations typically have an on-site component to them, where FINRA staff arrive at a firm’s office to continue their assessment of the firm’s business. 

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