News Releases & Statements

WASHINGTON – FINRA today announced the formation of an Office of Financial Innovation that will serve as a central point of coordination for issues related to significant financial innovations by FINRA member firms, particularly new uses of financial technology (fintech). The move will further enhance FINRA’s ability to identify, understand and foster financial innovation in the markets in a manner that strengthens investor protection and market integrity.

WASHINGTON — The Securities and Exchange Commission (SEC) and FINRA announced today the opening of registration for their 2019 National Compliance Outreach Program for Broker-Dealers, which will be held June 27, in Chicago, IL.  The program is designed to provide an open forum for regulators and industry professionals including compliance, audit and other senior personnel of broker-dealer firms and branch offices to discuss current compliance practices and promote an effective compliance structure for the protection of investors.

WASHINGTON, D.C. – To kickoff April as Financial Literacy Month, the FINRA Investor Education Foundation (FINRA Foundation) and the American Library Association (ALA) today announced the selection of 50 U.S. public libraries to be part of a national tour of the traveling exhibition, Thinking Money for Kids.

TRACE to Serve as Centralized Source for Consistent, Timely, Accurate Security Information WASHINGTON — FINRA today filed with the U.S. Securities and Exchange Commission a proposal to expand its collection and dissemination of new-issue reference data for corporate bonds. The proposal calls for FINRA’s TRACE (Trade Reporting and Compliance Engine) to serve as a centralized source for market participants to receive more comprehensive and timely security description information about new issues.

Board Approves Rule Proposals, Engages with Boca Raton-Area Firms WASHINGTON – FINRA’s Board of Governors met on Feb. 28 and March 1 in Boca Raton, Florida, where it discussed the organization’s finances, reviewed several significant technology and other capital initiatives, and considered two rulemaking items (described below).

Firm Required to Retain an Independent Consultant WASHINGTON – FINRA announced today that it has fined Cantor Fitzgerald & Co. (Cantor) $2 million for Regulation SHO (Reg SHO) violations and supervisory failures spanning a period of at least five years. As part of the settlement, Cantor also agreed to retain an independent consultant to conduct a comprehensive review of the firm’s policies, systems, procedures and training related to Reg SHO.

Fellows Provide Military Service Members and Their Families with Financial Counseling and Education Services While Earning Professional AFC® Credential WASHINGTON — Starting today, the FINRA Investor Education Foundation Military Spouse Fellowship is accepting applications for its 2019 class of financial FINRA Fellows — a unique program designed to increase the financial capability of U.S. service members and their families.

FINRA is committed to working with the CAT NMS Plan Participants, the Securities and Exchange Commission and the securities industry to ensure an efficient and effective implementation of the Consolidated Audit Trail.

Fines to be Waived for Firms Notifying FINRA by April 1; Initiative Stresses Restitution and Rapid Remediation WASHINGTON – FINRA today announced via Regulatory Notice 19-04 a self-reporting initiative to promptly compensate harmed investors and promote firms’ compliance with the rules governing the recommendation of 529 savings plans.

WASHINGTON –Institutional orders routed by brokers that send a relatively high percentage of such orders through affiliated alternative trading systems (ATSs) tend to receive lower order fill rates and higher execution costs, according to a new