In the latest report, published on July 18, 2019, FINRA extends the deadline for entities that were asked to report all crypto-related activities to FINRA. The earlier deadline was July 31, 2019, and as it is quite closer, the agency has gently altered it and extend it until July 31, 2020.
FINRA Extended Deadline
FINRA is a US’s Financial Industry Regulatory Authority and private incorporation that acts as a self-regulatory organization. The organization in its July 18th report, entitling “FINRA Encourages Firms to Notify FINRA if They Engage in Activities Related to Digital Assets” states that firms those were supposed to share the details of their activities associated with digital assets until July 31, this year can share until 31, 2020.
Regulatory Notice 18-20 requested that firms provide these updates to Regulatory Coordinators until July 31, 2019, the notice read.
Adding the details when and how should companies report it to FINRA, it mentioned;
Until July 31, 2020, FINRA encourages firms to promptly notify their Regulatory Coordinator in writing (including email) of these activities. If a firm already has submitted a continuing membership application (CMA)9 regarding its involvement in activities related to digital assets or has otherwise provided this information to FINRA, additional notice is not requested unless a change has occurred.
According to the notice, such crypto-related activities involve “digital assets, ICOs, crypto derivatives, or funds investing in digital assets, crypto-focused pooled funds, or even derivatives tied to crypto.
Besides that, it also asked companies/firms to report the provision of advisory services for pooled funds associating digital assets or ICOs or even secondary market trading. FINRA further believes that it is essential for a registered company that is engaged in the custody of digital assets, crypto mining, or accepting cryptos from customers – to notify it to the authorities.
“As securities regulators continue to guide members regarding the unique regulatory challenges presented by digital assets — e.g., Joint Statement on Broker-Dealer Custody of Digital Asset Securities — FINRA believes it is important to keep the lines of communication with members open on this important topic.
Following the new date, FINRA states that it encourages all firms to continue “to keep FINRA up to date” on the company’s new plan alongside existing plans and activities concerning digital currencies – and those that have not previously disclosed.
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