Regulatory Alerts2025-12-29 | Regulatory Notice 25-19Added · Updated
FINRA Amends Annual Reports Extension of Time Request Policy
FINRA updates its Annual Reports Extension of Time Request Policy by eliminating the requirement for auditors to represent that an unqualified audit opinion will be issued. Instead, the firm’s Principal Financial Officer must provide representations regarding compliance with SEA Rules 15c3-1 and 15c3-3 and the existence of material weaknesses or books and records problems. The auditor’s letter is modified to confirm agreement with the firm’s representations and identify any matters that may delay the issuance of audit reports. This updated policy applies to firms filing 2025 annual reports, which may choose to use either the new or previous policy during the interim period.
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