FINRA Reminds Firms of Trusted Contact Person Requirement, Benefits, and Related Effective Practices

Our client alert discuss FINRA Regulatory Notice 22-31 reminding members of their regulatory obligations under Rule 4512 with respect to “Trusted Contact Persons” or “TCPs,” explaining the benefits of designating TCPs, and providing resources to educate customers about the role and value of TCPs. Perhaps the most significant section of the notice is the non-exhaustive list of effective practices FINRA provided to assist firms with obtaining TCP information.