Regulation Effective: FINRA NTM 17-30 – Qualification and Registration

Among other new and consolidated rules, effective October 1, 2018, firms are required to designate:

“(1) a Principal Financial Officer with primary responsibility for financial filings and the related books and records; and

(2) a Principal Operations Officer with primary responsibility for the day-to-day operations of the business, including overseeing the receipt and delivery of securities and funds, safeguarding customer and firm assets, calculation and collection of margin from customers and processing dividend receivables and payables and reorganization redemptions and those books and records related to such activities.

This requirement replaces the current requirement that dual members of FINRA and the NYSE designate a Chief Financial Officer (CFO) and a Chief Operations Officer (COO) and that other FINRA members designate a CFO.”  FINRA NTM 17-30