FINRA proposes extension to remote office inspections – finance and banking

FINRA proposes extension to remote office inspections – finance and banking

POPULAR ARTICLES ON: Finance and Banking from United States The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances. LIBOR Transition Update

FINRA proposed extending temporary rules allowing
remote office inspections through calendar year 2022.
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FINRA filed with the SEC a proposed rule change to extend
temporary Supplementary Material .17 under FINRA Rule 3110 (“Supervision”). As
previously covered, the SEC approved the
adoption of Supplementary Material .17 in 2020 to permit remote
inspections to satisfy the obligations set out in Rule 3110(c)(1)(A), (B) and (C) that require each member to conduct an
annual office inspection. Since then, the permission has been
extended to the first half of calendar year 2022. This proposed
additional six-month extension would allow remote inspections
through 2022.
Cadwalader, Wickersham & Taft LLP

This LIBOR transition update, directed primarily at private credit lenders, provides a recap of recent trends and reflects new developments on the eve of LIBOR transition for banks, including new SOFR Proskauer Rose LLP

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