Last week, SIFMA issued the following statement from President and CEO Kenneth E. Bentsen, Jr., on changes to FINRA’s examination and risk monitoring program:
“SIFMA commends FINRA for its recently announced examination program improvements. These long-awaited improvements result from the ongoing feedback FINRA received from our members and other stakeholders over the course of FINRA’s 360 review of its operations and programs. Since the FINRA 360 began in January 2017, SIFMA has taken every opportunity to provide feedback through comment letters and engagement with FINRA leadership and staff at meetings and conferences. We are encouraged to hear FINRA plans to implement changes we have long sought, including: a wholistic program organized around business models with knowledgeable examiners and less duplication, a single point of contact for firms to resolve issues more efficiently and effectively, increased time in between exams for firms to assess observations and address any findings, and more efficient and flexible means of providing documents and other information requested by examiners. We look forward to ongoing dialogue with FINRA and providing feedback as these changes are rolled out over the next year.”
