Financial and Operations Principals (FINOPs) across the country will have a little surprise waiting for them when they log in to file their firm’s March / Q1 2016 FOCUS reports! Member firms might have missed FINRA’s bullet point in the 3/23/16 Weekly Update announcing the regulator’s redesigned Electronic Financial and Operational Combined Uniform Single (EFOCUS) application. The framework enhancements, which have resulted in a new and refreshed dashboard, will become effective on March 28, 2016. According to FINRA, Firm Gateway access, FOCUS form layout, navigation and other functionalities will remain the same. However, the “new EFOCUS Dashboard layout has a broader look with ease of navigation”. There was no additional information released with the exception of a couple of screen shots.
Firms access the EFOCUS dashboard through the Firm Gateway and use it to submit their required financial and operational reports pursuant to SEC and FINRA rules. The various filings are due monthly, quarterly and/or annually. FINRA publishes an annual Information Notice each December, reminding firms of their filing obligations and due dates. Late filings carry a $100/day late fee and possible membership suspension. The December 14, 2015 Information Notice, outlining 2016 and first quarter of 2017 due dates can be found by clicking HERE. EFOCUS training guides, frequently asked questions and online tutorials can be found by clicking HERE. FINRA requests that any questions regarding the new EFOCUS Dashboard be directed to the FINRA Gateway call center at (301) 590-6500.
We will be curious to see if there will be any functional changes to the dashboard navigation such as not having to go back to the dashboard between filings – wouldn’t it be nice to be returned back to the Scheduled Filings screen after submitting a FOCUS report to select the SSOI or SIS report?
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