FINRA will overhaul its registration and disclosure programs. The multi-phased project will improve, among other systems, the Central Registration Depository ("CRD") which is the "central licensing and registration system that FINRA operates for the U.S. securities industry."

FINRA asserted that the overhaul will "increase the utility and efficiency of the registration and disclosure process for firms, investors and regulators" and "reduce compliance costs for firms." FINRA intends to (i) replace functionality in Web CRD with a new user interface; (ii) revise the system for firm staff to review individual, branch or firm information; (iii) establish an automated feature to notify registered representatives when a new Form U5 is available; and (iv) streamline the process for completing required submissions.

The initiative is expected to be fully implemented in 2021, while the first phase of the initiative, creating the new Web CRD user interface, is expected to go into effect June 30.

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