Tom Potter Discusses FINRA Rule on Remote Office Relief with Ignites

Articles / Publications

With relief from FINRA allowing for the remote inspection of broker-dealers’ offices set to expire December 31, Tom Potter was quoted in an August 31, 2021 article from IGNITES discussing the industry’s outlook. Under Rule 3110, FINRA member firms are required to submit to on-site inspections of their offices, which created obvious obstacles during the pandemic, and industry trade groups are lobbying for the allowance for remote inspections to be extended.

Potter discussed the ability of firms to transition to remote inspections and its dependence on the state of their technology. “It’s a matter of using these new tools effectively to enable supervision that is going to be more continuous and more thorough than sending a compliance officer in a rental car or a plan to walk around a brick-and-mortar building once every few years,” Potter said. He added that FINRA’s focus on the issue of on-site vs. remote office inspections comes amid its broader rule review, through which it aims to root out those rules that are no longer needed.

Subscribers may access the full article here.


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