FINRA recently published Regulatory Notice 24-02 announcing the effective dates and other key dates and considerations for its recently adopted Residential Supervisory Location and Remote Inspection Pilot Program rulemakings. Together, these rules will offer FINRA member firms additional flexibility in how they structure certain aspects of their supervisory systems following the sunsetting of related COVID-19 relief.
In speaking with Financial Planning, partner Kyle Whitehead said firms that choose not to participate will have to go through a “turn back the clock exercise.”
"It's going to require sort of dusting off old policies and procedures—pre-COVID policies and procedures," he said. "And so by virtue of that . . . there's sort of a waterfall of consequences."