FINRA Shares Practices Firms Implemented to Prepare for the LIBOR Phase-out

Regulatory Notice 20-26

Summary:

FINRA reminds firms to evaluate their exposure to LIBOR (formerly, the London Interbank Offered Rate), and review their preparedness to manage LIBOR’s phase-out. To understand how firms are preparing for that phase-out, FINRA surveyed a representative cross-section of member firms, including some firms with significant trading volume or positions in LIBOR-linked securities. This Notice provides a summary of the results of the survey.

Questions concerning this Notice should be directed to:

  • William Bidell, Director, Market Regulation, at (646) 315-8525 or by email;
  • Roberto Setola, Senior Director, Member Supervision, at (202) 728 8035 or by email;
  • Pat Tobin, Director, Member Supervision, at (212) 416-1505 or by email.

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FINRA Encourages Firms to Notify FINRA if They Engage in Activities Related to Digital Assets

Regulatory Notice 20-23

Summary:

For the past two years, FINRA has encouraged firms to keep their Risk Monitoring Analyst (formerly known as a “Regulatory Coordinator”) informed if the firm, or its associated persons or affiliates, engaged, or intended to engage, in activities related to digital assets, including digital assets that are non-securities.1 FINRA appreciates members’ cooperation with this request and is encouraging firms to continue to keep their Risk Monitoring Analyst abreast of their activities related to digital assets until July 31, 2021.

Questions concerning this Notice may be directed to:

  • Kosha Dalal, Vice President & Associate General Counsel, Office of General Counsel (OGC), at (202) 728-6903 or by email;
  • Racquel Russell, Associate General Counsel, OGC, at (202) 728-8363 or by email; or
  • Cara Bain, Assistant General Counsel, OGC, at (202) 728-8852 or by email.

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