FINRA Moves Ahead on New Exam Cheating Rules

FINRA's board, which met virtually on June 10 and 11, also approved a plan to enhance FINRA Enforcement's technology platform.

The Enforcement Digital Transformation, which will take three years to finalize, is designed to improve efficiencies in the case workflow process, reduce maintenance costs and deliver additional annual savings.

"The new Enforcement technology platform will replace one that is 13 years old and currently presents workflow challenges, which can slow down the process of bringing enforcement actions," said FINRA CEO Robert Cook, in a statement. "The Enforcement Digital Transformation will lead to greater operational effectiveness within the Enforcement department and for other regulatory groups at FINRA, and — as an added benefit — reduced operating costs."

FINRA's board also signed off on amendments to FINRA Rules 5122, Private Placements of Securities Issued by Members, and 5123, Private Placements of Securities, to require firms to file retail communications concerning specified private placements. FINRA will file the amendments with the Securities and Exchange Commission for approval.

— Related on ThinkAdvisor:

• FINRA Mulls Rules on Exam Cheating
• FINRA Extends Exam Window, Annual Report Filing
• FINRA Suspends Ex-Merrill Rep for Cheating on Exams Twice