Guidance for Operational Readiness for Online Platforms and Mobile Applications

Overview

This guidance is intended to provide direction on key information for a prospective and existing FINRA member firm that is contemplating to engage in activities utilizing an online platform or mobile application.¹ Under Standard 6 of FINRA’s Standards for Admission (Standard), an applicant’s online platform or mobile application that the applicant intends to employ for the purpose of conducting business with customers and other members must be adequate and provide reasonably for business continuity. Essentially, the online platform or mobile application should be “operationally ready.”

While this guidance primarily addresses the requirements to satisfy Standard 6, it also encompasses information from Standards 1, 2, 4, 7, and 9. Please note that the information and documents listed in this guidance are not exhaustive. FINRA may request additional documents and information as necessary to render a decision on Forms NMA and CMA under Rules 1013 and 1017, respectively.

FINRA Compliance Tools Disclaimer

This optional tool is provided to assist member firms in fulfilling their regulatory obligations. This tool is provided as a starting point, and you must tailor this tool to reflect the size and needs of the applicant. Using this tool does not guarantee compliance with or create any safe harbor with respect to FINRA rules, the federal securities laws or state laws, or other applicable federal or state regulatory requirements. This tool does not create any new legal or regulatory obligations for firms or other entities.

Updates

This tool was last updated on June 29, 2023. This tool does not reflect any regulatory changes since that date. FINRA periodically reviews and updates these tools. FINRA reminds member firms to stay apprised of new or amended laws, rules and regulations, and update their WSPs and compliance programs on an ongoing basis.

Additional Guidance

Member firms seeking additional guidance on certain regulatory obligations should review the Broker-Dealer Registration Topic Page and other relevant FINRA Topic Pages. Applicants are also encouraged to avail themselves of MAP’s pre-filing meeting process by contacting MAP at [email protected] or 212-858-4000 – Option 5 – Membership Applications.

Staff Contact(s)

FINRA’s Office of General Counsel (OGC) staff provides broker-dealers, attorneys, registered representatives, investors, and other interested parties with interpretative guidance relating to FINRA’s rules. Please see Interpreting the Rules for more information.

OGC Staff Contacts
Kosha Dalal and Sarah Kwak
1700 K Street, NW
Washington, DC 20006
(202) 728-8000

MAP Staff Contact
Jante Turner
(202) 728-8317

MAP Intake
[email protected]
(212) 858-4000
(Option 5 – Membership Applications)