The Financial Industry Regulatory Authority (FINRA) and Securities Exchange Commission (SEC), together, on 27 June, will analyze cryptocurrency in a meeting due at the 2019 National Compliance Outreach Program for Broker-Dealers. Registrations for the broker-dealer meeting have been opened from 16 April as announced by SEC on its website.
The Underlying Purpose
The meeting is due to be held for the gathering of industry professionals and regulators. The program is designed to discuss the current situation and to make a better and more secure structure to protect the rights of investors. The meeting will also shed light on hot regulatory topics such as digital assets and cryptocurrency, protecting retail investors and insights from leadership.
The program is sponsored by FINRA along with the SEC’s Office of Compliance Inspections and Examinations (OCIE) and SEC’s Division of Trading and Markets. The venue for the program is Federal Reserve Bank of Chicago.
Notable Details in the Press Release
The press release also mentioned that there is no entrance fee for the meeting, but they have only 250 seats available; so a maximum of 4 members per firm would be allowed entrance. For those who cannot attend the meeting, a live webcast will also be held.
The Director of OCIE, Peter Driscoll, said that this meeting is crucial as it will give them an opportunity to observe and share their thoughts on the cryptosphere and they will also get a chance to listen to experienced industry professionals talk about regulatory risks and the current market. As their regulatory meeting resolves to meet challenges like new products, rules and markets the Executive Vice President and Head of FINRA Member Regulation, Mike Rufino, said that their company is engaging with compliance leaders, member firms and other regulators to provide the meeting with more useful information and methods that will be needed by the investors.