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Financial Services Law Insights and Observations

FINRA updates FAQs to address meetings with members by video or audio conferencing and forwarding of firm mail

Federal Issues Covid-19 FINRA

Federal Issues

On April 16, FINRA updated certain questions in its FAQs related to regulatory relief due to Covid-19. The FAQs clarify requirements for a firm to supervise its registered representatives that meet with clients via a live video or audio conferencing platform. For such meetings, FINRA notes that members generally are not required to record live video or audio conferences with customers. However, to the extent the meeting utilizes chat or instant messaging features, or presents slides or other written (including electronic) communications, the member must keep records of these written communications, and their content must be consistent with applicable standards.  Recorded live video or audio conversations with customers may need to be produced upon regulatory request. The FAQs also clarify situations in which the firm may redirect firm mail from a branch to an associated person's residence.

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