FINRA has announced that later this year, it will transition the subordinated loan submission process to an electronic platform, via the Firm Gateway. The online system will simplify the submission and review of subordinated loan requests and eliminate the manual steps now utilized.
After the launch of the new system, all firms must submit their subordinated loan requests for review and approval via the Firm Gateway. FINRA will communicate with firms about the status of their subordinated loan requests using the same platform.
FINRA will provide additional details—including the effective date, dates of training sessions and how to obtain the necessary entitlements—at a later date.