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 Non-Traded Business Development Companies
FINRA is conducting an inquiry with respect to non-traded Business Development Companies (“BDCs”).
August 04, 2016
FAQ
Frequently Asked Questions about Derivatives and Other Off-Balance Sheet Items (OBS)
Q1. Is a firm required to report on the OBS the market value of underwriting commitments entered into on a “best efforts” basis?
A1. No. Underwriting commitments entered into on a “best efforts” basis are not required to be reported on the OBS.
Q2.
June 16, 2016
Guidance
Targeted Examination Letter on Mutual Fund Waivers
In connection with the Mutual Fund Waiver Sweep and pursuant to FINRA Rule 8210, FINRA requests that the Firm provide the following documents and information to FINRA staff on or before June 10, 2016 regarding the above referenced Sweep.
May 16, 2016
Guidance
Michael McGuire, Tradeweb Direct LLC
Based on the information provided in your application, and conditioned upon Tradeweb Direct providing the items listed below, the staff has determined that Tradeweb Direct meets the specified criteria and hereby grants, pursuant to FINRA Rule 9610, Tradeweb Direct an exemption from the trade reporting obligation under FINRA Rule 6730, subject to the monthly transaction reporting obligation and remission of the transaction reporting fees based on the fee schedule set forth in Rule 7730(b)(1) for each exempted sell transaction occurring on the ATS.
May 16, 2016
Guidance
Regulatory Notice 16-10
Direct Purchases and Bank Loans as Alternatives to Public Financing in the Municipal Securities Market
April 04, 2016
Interpretive Letter
Interpretive Letter to Craig P. Hoffman, Esq., APM, American Retirement Association, Chris DeGrassi, National Tax-deferred Savings Association, and Richard K. Matta, Esq., Groom Law Group
A member firm that provides services to Non-ERISA Plan participants and beneficiaries may rely on the filing exclusions contained in Rule 2210(c)(7)(B) and (C) in preparing and distributing a “Model Disclosure” as described in the letter, subject to the stated conditions and obligations discussed in the letter.
March 22, 2016
Arbitration and Mediation
Frequently Asked Questions about the DR Portal for Arbitrators and Mediators
DR Portal FAQ for Arbitrators and Mediators
March 17, 2016
Report / Study
Report on Digital Investment Advice

Technology has long played a central role in financial services innovation. It continues to do so today as many firms in the securities industry introduce new digital investment advice tools to assist in developing and managing investment portfolios. FINRA undertook a review of selected digital investment advice tools to assess these developments.

March 15, 2016
Report / Study
Retrospective Rule Review Report: Membership Application Rules and Processes

FINRA is conducting a retrospective review of the NASD Rule 1010 Series (Membership Proceedings) (collectively, MAP rules), which govern FINRA’s Membership Application Program (MAP).1 The purpose of the review is to assess whether the rules are meeting their intended investor protection objectives by reasonably efficient means and to take steps to maintain or improve the effectiveness of the rules while minimizing negative economic impacts.

March 11, 2016
Targeted Examination Letter
Targeted Examination Letter on Establishing, Communicating and Implementing Cultural Values
Firm culture has a profound influence on how a broker-dealer conducts its business, including how it manages conflicts of interest.
February 18, 2016
FAQ
Frequently Asked Questions about FINRA Rule 5131 (New Issue Allocations and Distributions)
FINRA Rule 5131 (New Issue Allocations and Distributions) addresses potential misconduct in the allocation and distribution of new issues.
January 29, 2016
Exemptive Letter
Name Not Public
Exemptive relief is denied based on: Firm D was subject to a ban that was discernible via a review of publicly available Forms G-37 which disclosed that a PAC controlled by Firm D or a Firm D MFP made political contributions to the Issuer Officials; Firm D had a long history of making contributions to the Issuer Officials; the ban attached to Firm A upon completion of the acquisition of Firm D; neither Firm A nor Firm D attempted to obtain refunds of the contributions; Firm A’s proposed supervisory systems are not adequate to address regulatory concerns presented.
January 04, 2016
Report / Study
Report on the FINRA Securities Helpline for Seniors™

On April 20, 2015, FINRA launched a significant new initiative—the FINRA Securities Helpline for Seniors (HELPSTM)—to broaden its investor protection efforts. As part of FINRA’s commitment to the protection of senior investors, the Helpline is intended to be the “go-to” resource for senior investors with securities-related questions and concerns.

December 30, 2015
Guidance
Complying with the BrokerCheck Reference and Link Requirements in FINRA Rule 2210

FINRA Rule 2210(d)(8) (Communications with the Public) requires a firm to include a readily apparent reference and hyperlink to BrokerCheck on the initial Web page that the firm intends to be viewed by retail investors, and any other webpage that includes a professional profile of one or more registered persons, who conduct business with retail investors.

December 17, 2015
Guidance
Fixed Income Report Cards Demonstration (On Demand)
On this free, on-demand recording of a WebEx presentation, FINRA staff members discuss new and updated fixed income-related Report Cards.
November 25, 2015
FAQ
Frequently Asked Questions for Respondents in FINRA Disciplinary Proceedings

FINRA is committed to ensuring that all respondents are treated fairly in the disciplinary process. Below, you will find brief answers to a number of questions frequently asked by respondents. We hope these answers will be helpful in orienting you to the disciplinary process.

September 18, 2015
FAQ
Web EFT Frequently Asked Questions
Web EFT Frequently Asked Questions
September 11, 2015
Targeted Examination Letter
Targeted Examination Letter on Conflicts of Interest Review - Compensation and Oversight
As referenced in FINRA's Annual Priorities Letter, conflicts of interest represent a recurring challenge that contribute to compliance and supervisory breakdowns which can lead to firms and registered representatives, at times, compromising the quality of service they provide to clients.
August 01, 2015
Video
Small Firm Focus - Get Involved with FINRA Elections, Committees and Comment Letters
From the FINRA 2015 Annual Conference, a panel discussion about ways to get involved via committee service, elections, and comment letters.
July 31, 2015
Guidance
Regulatory Notice 15-27
Guidance Relating to Firm Short Positions and Fails-to-Receive in Municipal Securities
July 30, 2015
Video
Get Involved: FINRA Elections, Committees, and Comment Letters
From the FINRA 2015 Annual Conference, a panel discussion about ways to get involved via committee service, elections, and comment letters.
July 24, 2015
Exemptive Letter
Amy Natterson Kroll, Morgan, Lewis & Bockius LLP
The staff granted an exemption from FINRA Rule 5130 with respect to purchases of "new issues" by the Novartis Pension Funds.
July 23, 2015
FAQ
Frequently Asked Questions on FINRA’s Eligibility Proceedings for Firms Participating in the MCDC Initiative
FINRA has updated the FAQ on the Eligibility Proceedings for Firms Participating in the MCDC Initiative.
July 09, 2015
Guidance
Resource Page for the SEC’s July 2013 Financial Responsibility Rule Amendments
Resource Page for the SEC’s July 2013 Financial Responsibility Rule Amendments
June 29, 2015
Interpretive Letter
Interpretive Letter to Edward P. Macdonald, Hartford Funds Distributors, LLC
The use of related performance information in institutional communications, subject to specific conditions, is consistent with the applicable standards of FINRA Rule 2210.
May 12, 2015