Guidance
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In addition to the Small Firm Helpline, FINRA has implemented other programs for small firms:
The Contra Reporting Firm 20 Minute Compliance Report Card is a monthly status report on compliance for market participants with the requirement that Contra Firms accept / decline / compare trades within 20 minutes of trade execution. It provides information about the number of trades that were accepted / declined / compared within 20 minutes of execution, along with the number of trades that were accepted / declined / compared greater than 20 minutes after execution time, as well as the percentage of those trades to total trades executed.
Account Creation
1. I am a new user and need to request an enrollment. How do I log into TESS?
Please visit our “Enroll for a Series Exam” page and select the appropriate link for the exam you are requesting. Note that before you can enroll as a new user for an exam using TESS, you must register to create a profile. Use the following steps to register:
The Reg NMS Trade Through Report Card is a monthly statistical report detailing the transactions in NMS Securities that appear to have been reported by your firm to a Trade Reporting Facility ("TRF") or to FINRA's Alternative Display Facility at a price that traded through at least one protected best bid or offer at the respective time of execution. If non-compliance with the Order Protection Rule of Regulation NMS is found to exist, your firm may be found to be in violation of SEC Rule 611 of Regulation NMS.
The FINRA Rule 5190 Report Card is a quarterly compliance report available to member firms. The report card displays all offerings captured by FINRA's surveillance pattern during a quarter and identifies potential exceptions related to the firm's compliance with Rule 5190 notification requirements. The purpose of the report card is to help firms monitor their compliance with SEC Regulation M notification requirements and compare their performance against industry benchmarks.
For detailed information regarding amendments to FINRA Rule 4530, please see Regulatory Notice 13-08.
The MSRB G-32 Report Card is a monthly status report to help firms evaluate the timeliness of their required filings under Municipal Securities Rulemaking Board (MSRB) Rule G-32. Amended Rule G-32, which became effective on June 1, 2009, consolidated the filing requirements of former Rule G-36 and the official statement delivery requirements of Rule G-32.
1. My firm filed with the Advertising Regulation Department a retail communication that promotes or recommends a private placement subject to the filing requirements of FINRA Rules 5122 or 5123. Do we now need to file the same communication with the Corporate Financing Department?
Q: If a member firm performs securities counts, verifications and comparisons as described in the January 6, 2026, Raymond James No Action Letter (the Letter),* would compliance with all circumstances set forth in the Letter satisfy the requirements of FINRA Rule 4522(b)(1) with respect to capital balance funds, as defined in that Letter?
FINRA360 has yielded a number of organizational and operational changes aimed at making FINRA a more efficient, more effective regulator.
The Underwriter Financial Status Report is a monthly report designed to help firms evaluate the timeliness of financial disclosures made to EMMA, for issuances previously brought to market.
The purpose of this report is to highlights issuances lacking current audited financial filings (LCF) and the lateness of these missing financial filings, based on their anticipated filing time line.
The report offers two alternate views:
On March 23, FINRA introduced a new Reg M – Rule 5190 Filings Report Card. This resource is designed to provide firms with comprehensive insights into exceptions identified during submission reviews, showing information such as exceptions by exception type and exceptions by deal type, as well as compliance rates compared to industry benchmarks. By identifying potential areas of concern, and trends over time, this tool serves as both a compliance checkpoint and a resource for supervisory and compliance teams.
Background
Input from our stakeholders indicated that they would welcome greater transparency regarding FINRA's budget, especially its financial projections and potential use of fines. FINRA for many years has published an Annual Financial Report that is prepared and audited in accordance with GAAP6 that describes the prior year's finances and operations.
Regulatory Obligations
Exchange Act Rule 15c3-3 (Customer Protection Rule) requires firms that maintain custody of customer securities and safeguard customer cash to segregate these assets from the firm’s proprietary business.