The COVID-19 pandemic has proved disruptive to nearly every industry and organization, including financial services regulators. Case in point. The Financial Regulatory Authority (FINRA) typically publishes a set of Exam Findings and Observations in November and follows up with the Exam Priorities for the coming year in January. However, in 2021 FINRA has taken a different approach. No findings were published in 2020, keeping the industry in suspense as the year closed. On February 1, 2021, FINRA released a comprehensive Report on Examination and Risk Monitoring Program (2021 Report), combining retrospective observations and forward-looking exam priorities in a single document. As a result, the 2021 Report provides member firms with a one stop shop to understand the struggles of the last year and FINRA’s exam priorities in the coming year.
This post was originally published on Bloomberg Law (https://pro.bloomberglaw.com/) on March 11, 2021.
Written by Marc Gilman, General Counsel and VP of Compliance at Theta Lake.