In statements made at SIFMA’s Virtual Compliance and Legal Forum, FINRA Chief Executive Officer, Robert Cook, indicated that FINRA may be reconsidering aspects of its cycl examinations in light of the challenges presented by the COVID-19 pandemic. FINRA conduct between 1,500 and 2,000 risk-based cycl examinations annually to assess identified risks and controls and determine whether firms are in compliance with federal securities laws, rules an regulations. These examinations typically have an on-site component to them, where FINRA staff arrive at a firm’s office to continue their assessment of the firm’s business.
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