The Financial Industry Regulatory Authority’s Board of Governors elected Scott A. Curtis as Board Chair following Eric Noll’s decision to step down, and advanced several governance and policy items including a consultation on a revised Outside Activities rule and potential changes to TRACE reporting timeframes. Noll is leaving to pursue an opportunity that would conflict with his role as a Public Governor. Curtis has served as a Governor and Large Firm Representative since 2023 and is Chief Operating Officer of Raymond James Financial. The Board also appointed Richard Kuhlman and Trinity Lee to the National Adjudicatory Council, approved the allocation of prior-year fine monies to capital initiatives under FINRA’s Financial Guiding Principles (with details to be released in an upcoming Report on the Use of 2024 Fine Monies), and received updates on examinations and investigations including efforts to modernize technology used by examination staff. On rulemaking, the Board approved publication of a Regulatory Notice to solicit comment on revised proposed Rule 3290, which would replace FINRA Rules 3270 and 3280 with a single rule intended to clarify expectations and reduce unnecessary compliance burdens for firms reviewing associated persons’ outside activities, and it considered updates to TRACE reporting timeframes aimed at reducing operational burden and complexity. Next steps include issuing the Regulatory Notice for comment on proposed Rule 3290 and publishing the Report on the Use of 2024 Fine Monies detailing the Board-approved allocations.
Financial Industry Regulatory Authority 2025-03-05
Financial Industry Regulatory Authority Board elects Scott A. Curtis as chair and approves consultation on consolidated outside activities rule
The FINRA Board elected Scott A. Curtis as Board Chair and advanced governance and policy items, including a consultation on a revised Outside Activities rule and potential changes to TRACE reporting timeframes. The Board appointed Richard Kuhlman and Trinity Lee to the National Adjudicatory Council and approved allocating prior-year fine monies to capital initiatives. Additionally, the Board plans to issue a Regulatory Notice for comment on proposed Rule 3290 and publish a report on the use of 2024 fine monies.