Guidance

We offer guidance to firms in the form of podcasts, webinars, FAQs, reports, and more. Use the toggle below to find guidance by topic, type or date. 

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Targeted Examination Letter
Targeted Examination Letter on Order Routing Conflicts

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:

November 10, 2017
Podcast
What Does FINRA’s Chief Economist Do?
FINRA has an obligation to think through the impact of its rules. What is the problem we are trying to solve? How does this rule or solution solve that problem? Is it the best solution to the problem? Our Chief Economist Jonathan Sokobin asks those tough questions and more.
November 06, 2017
Guidance
What and When to File with Advertising Regulation
Find Advertising Regulation guidance on what and when to file that is related to new member firms and existing member firms.
September 01, 2017
Compliance Tools
Small Firm Resources for the Order Audit Trail System (OATS)
Small Firm Resources for OATS
August 31, 2017
Board of Governors Meeting
July 2017 Board Update
FINRA President and CEO Robert Cook and Chairman of the Board Jack Brennan review rulemaking and other matters discussed at FINRA's May Board of Governors meeting.
July 18, 2017
Filing and Reporting
TRACE Reporting and Dissemination

TRACE Reporting Timeframes and Transparency Protocols1

Type of TRACE-Eligible SecurityOther Transactions - Reporting TimeframesList or Fixed Offering Price Transaction (as defined in FINRA Rule 6710(q)), or Takedown Transaction (as defined in FINRA Rule 6710(r))- Reporting TimeframeTransparency2
Corporate Bond (see FINRA Rule 6710(a))Within 15 minutes of time of execution (see FINRA Rule 6730(a)(
July 10, 2017
Guidance
TRACE Reporting of Transactions in U.S. Treasury Securities: Final Installment in Series
On-Demand Recording: Phone-In Workshop | Original Program Date: June 8, 2017
June 27, 2017
Interpretive Letter
Interpretive Letter to Clair Pagnano, K&L Gates LLP
A member firm may include related performance information in institutional communications concerning continuously offered closed-end funds, subject to the stated conditions discussed in the letter.
June 12, 2017
Board of Governors Meeting
May 2017 Board Update
FINRA President and CEO Robert Cook and Chairman of the Board Jack Brennan review rulemaking and other matters discussed at FINRA's May Board of Governors meeting.
May 10, 2017
Guidance
Interpretive Letter to Elliott R. Curzon, Dechert LLP
A “family office,” as defined in the Advisers Act, may be considered an “investment adviser” for purposes of meeting the limited exception of FINRA Rule 5131.02.
May 09, 2017
Guidance
TRACE Reporting of Transactions in U.S. Treasury Securities: Demonstration of Forms
On-Demand Recording: Phone-In Workshop and WebEx Presentation; Original Program Date: April 6, 2017
May 04, 2017
A Few Minutes With FINRA
A Few Minutes with FINRA: Insider Trading “Red Flags” and Filing a Tip With FINRA
FINRA Cam Funkhouser, Executive Vice President of FINRA’s Office of Fraud Detection and Market Intelligence (OFDMI), suggests some “red flags” firms should look out for with regard to insider trading, provides an overview of recent cases his office has handled, and explains how to contact FINRA with a tip about insider trading or other fraud. (8 min. 11 sec.)
April 10, 2017
Guidance
Report on Distributed Ledger Technology: Implications of Blockchain for the Securities Industry
Comment Period Expired: March 31, 2017
March 31, 2017
FAQ
Frequently Asked Questions about the DR Portal for Arbitration and Mediation Case Participants
  1. I’m not sure I understand how the DR Portal works. What is the process for initiating a new arbitration case and registering the party representatives to it?
  2. How do I create an online account so that I can access the Dispute Resolution (DR) Portal?
  3. I locked my account by mistyping my password several times.
March 31, 2017
Board of Governors Meeting
March 2017 Board Update
FINRA President and CEO Robert Cook and Chairman of the Board Jack Brennan review rulemaking and other matters discussed at FINRA's March Board of Governors meeting.
March 08, 2017
Guidance
Fixed Income Distributions

The fixed income distributions file is a cumulative list of distributions that have been announced per calendar year going back to 1/1/2017. Distributions include cash, stock and in kind distributions as a result of a bankruptcy reorganization plan, default interest payments, or other distributions in fixed income securities.

February 24, 2017
A Few Minutes With FINRA
A Few Minutes with FINRA: Nine Risks That Inform FINRA’s Examination and Surveillance Program
Bill Wollman and Mike Rufino explain the nine risks that inform FINRA’s risk-based examination and surveillance program, and give examples of what staff looks for when assessing a firm’s risk. (19 min. 52 sec.)
January 18, 2017
Technical Documentation
Short Interest Reporting Video Demonstration
FINRA has developed a video demonstration of the new web-based interface through which firms will begin submitting short interest reports to FINRA effective January 17, 2017.
January 17, 2017
Targeted Examination Letter
Targeted Examination Letter on the Review of Cross-Selling Programs
FINRA is conducting an inquiry regarding incentives for broker-dealer ("firm") employees to:
October 26, 2016
Compliance Tools
MSRB Report Cards
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These reports and report cards display statistics related to firms' compliance with Municipal Securities Rulemaking Board rules and other requirements related to municipal securities and the MSRB's Electronic Municipal Market Access website.

October 25, 2016
Compliance Tools
Non-FINRA Cybersecurity Resources
FINRA has assembled a list of resources that firms may use to manage their cybersecurity risk. These resources include: news and analysis; effective practices and guidance; and free diagnostic tools...
October 25, 2016
Compliance Tools
Risk Monitoring Report Cards
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These reports and report cards display summaries and statistics related to various risk factors, including sales practice and customer complaints, and more.

October 25, 2016
Targeted Examination Letter
Targeted Examination Letter on Unit Investment Trust Rollover Review
FINRA is conducting an inquiry with respect to Unit Investment Trust (“UIT”) rollovers. In connection with our inquiry, we request that firm provide the following documents and information for the period from January 1, 2014 through June 30, 2016 (the “Review Period”) to the undersigned by no later than October 10, 2016.
September 13, 2016
FAQ
Frequently Asked Questions Regarding FINRA Rule 2273
In March 2016, the SEC approved the adoption of FINRA Rule 2273 (Educational Communication Related to Recruitment Practices and Account Transfers).
August 19, 2016
Guidance
Joshua Hershman, Trumid Financial LLC
Application for exemptive relief from trade reporting obligation for certain teransactions on an Alternative Trading System
August 09, 2016