Temporary Extension of Time Under Rule 1220



Q: FINRA Rule 1220(b)(3)(B) allows eligible individuals to function as an Operations Professional for 120 calendar days before having to pass the appropriate qualification examination. In accordance with the rule, our firm currently has several individuals who have been designated to function as Operations Professionals. Is FINRA considering temporarily extending the 120-day period under Rule 1220(b)(3)(B)? Updated

A: Yes. Pursuant to SR-FINRA-2020-026 as extended by SR-FINRA-2020-043 and SR-FINRA-2021-005, FINRA has adopted temporary Supplementary Material .07 under FINRA Rule 1220 providing that individuals who were designated to function as Operations Professionals prior to March 3, 2021 will be given until June 30, 2021 to pass the appropriate examination. FINRA does not anticipate providing any further extension of this relief beyond June 30, 2021.

Member firms are reminded that, as discussed in the “Documentation of Reliance on FINRA’s Temporary Relief” FAQ, a member firm must document its reliance on any temporary relief provided by FINRA from obligations in rules or requirements during the COVID-19 pandemic.

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Source: FINRA

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