Guidance
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Overview
FINRA is providing this checklist to help members assess their obligations under the SEC’s Regulation Best Interest (Reg BI) and Form CRS Relationship Summary (Form CRS). The checklist is not a substitute for any rule. Only the rule can provide definitive information regarding its requirements. Interpretive questions should be directed to the SEC, at [email protected].
The MSRB Markup/Markdown Analysis Report is a monthly report designed to assist firms in their supervision activities by providing transparency into a portion of FINRA's surveillance of fixed income transactions' customer pricing.
The MSRB Markup/Markdown Analysis Report is built upon logic developed to pair purchase and sale transactions reported to EMMA.
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?
The Municipal Continuing Disclosure Report displays statistics about transactions that your firm effected with customers. The report provides relevant information about the availability of official statements, annual financial filings, and event filings on the MSRB's Electronic Municipal Market Access system (EMMA) at the time the securities were sold or purchased. Specifically, the report shows counts of transactions with customers for which official statements and/or current annual financial filings were not available on EMMA at the time the transaction occurred.
Background
Examinations are central to FINRA's regulatory operations, and they are one of the principal means by which the organization protects investors and promotes market integrity. FINRA's examinations also aim to provide valuable feedback to firms on areas for improvement and best practices based on insights we have gathered from examining others in the industry.
The Municipal Trades Below Minimum Denomination Report displays statistics about transactions your firm effected with customers where the denomination was below the minimum denomination provided to DTCC’s New Issue Information Dissemination Service (NIIDS) and/or reference data obtained from Thomson Reuters. This report is designed to aid firms in monitoring their compliance with MSRB Rule G-15(f). MSRB Rule G-15 (f) requires, with some exceptions, that firms should no
Background
In March 2017, FINRA's Board of Governors established a new standing committee, the Regulatory Operations Oversight Committee (ROOC), to advise and assist the Board in providing oversight on FINRA's regulatory operations, and supplementing FINRA's broader self-evaluation through FINRA360. This includes providing guidance on the full breadth of FINRA's regulatory operations, including Member Supervision, Market Regulation and Enforcement, among others. The ROOC does not engage in discussions regarding individual enforcement matters.
Timely and complete reporting of all information required by the FINRA By-Laws and rules, as well as the federal securities laws is critical. The Securities and Exchange Commission, FINRA, other self-regulatory organizations and state securities regulators use the information to make licensing and registration decisions, among other uses. FINRA also uses the information in BrokerCheck, which investors use for researching the professional backgrounds of firms and brokers.
In Regulatory Notice 23-17, FINRA announced its decision, effective November 30, 2023, to discontinue collecting INSITE data, pursuant to Rule 4540, at this time. As a result, effective November 30, 2023, the Canceled and As-Of Trades Report was retired from the FINRA Report Center.
FINRA has made a number of changes in the area of regulatory policy to improve the policy development process and better ensure that our rules reflect current industry dynamics.