Guidance

Large Options Positions Report (LOPR) – Listed
FINRA is providing Listed LOPR exceptions from FINRA’s Listed LOPR Audit Exception Report. The LOPR Listed report contains three types of exceptions for exchange-traded options: The Effective Date, LOPR Reporting Exceptions and In-Concert Exceptions.

On May 14, 2018, amendments to FINRA Rule 2232 will take effect, which require a member firm to disclose on the customer confirmation the amount of mark-up or mark-down it applies for certain trades with retail customers in corporate or agency debt securities. Disclosed mark-ups must be calculated consistent with existing Rule 2121.

Customers who pursue civil remedies or arbitration claims against investment professionals cannot always recover on their judgments or awards. Customers encounter this challenge across the forums in which they may pursue action— whether state or federal court, a dispute resolution forum administered by a regulator, a private arbitration venue, or otherwise — and across the range of financial services they may use.

Firms and associated persons are required to provide complete, up-to-date and accurate information on registration forms (e.g., Form BD, Form U4, Form U5 and other forms) (“Filings”). Some of the information required to complete these Filings is personal information. Please review the guidance provided on this page on how to protect this information.

Do you have student loan debt? If you do, you’re not alone. Almost 70 percent of students graduate with student debt—and many entering the job market in debt are unprepared to manage their own finances. That was the case for Gerri Walsh. Gerri now leads FINRA’s investor education efforts and is here today to help make us all smarter investors.

Representations under Rules 5130 and 5131 may be obtained electronically through a mobile application, provided that the method for obtaining representations complies with SEC and FINRA guidance regarding the use of electronic communications, and the representations satisfy the requirements set forth in Rules 5130 and 5131.

December 11, 2017

Lawrence Cohen
Of Counsel
Gordon Rees Scully Mansukhani, LLP
111 W. Monroe Street, Suite 1600
Phoenix, AZ 85003

1. What is the preferred order for completing the program?

It is recommended to complete Week I before taking Week II because the second week’s curriculum builds on the first week.

2. Does the program need to be completed within a specified timeframe?

Coursework must be completed within two consecutive calendar years, but you can complete the program in the same calendar year if you want. Extensions beyond two years may be granted – requests should be submitted via email.

Best execution is a significant investor protection requirement that essentially obligates a broker-dealer to exercise reasonable care to execute a customer's order in a wa

FINRA observed some instances in which firms have had difficulty meeting various aspects of their obligations under Regulation SHO and relevant FINRA rules:

November 2017

The Trading & Financial Compliance Examinations (TFCE) section of the Market Regulation Department (Market Regulation) at the Financial Industry Regulatory Authority, Inc. (FINRA) is conducting a review of [FIRM] concerning the impact the receipt of order routing inducements, such as payment for order flow and maker-taker rebates, has on the Firm’s [equities and options] order routing practices and decisions. As part of this review, TFCE requests that the Firm provide complete and detailed responses to the following:

TRACE Reporting Timeframes and Transparency Protocols¹