Guidance

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.

1. How do I submit form filings to CRD?

Background

The Military Personnel Financial Services Protection Act ("Military Act") was enacted to protect members of the U.S. Armed Forces from unscrupulous practices regarding sales of insurance, financial and investment products. Congress amended Section 15A(b) of the Securities Exchange Act of 1934 with the enactment of the Military Act to require FINRA, as a registered securities association, to adopt rules governing the sales or offers of sales of securities on the premises of any military installation to members of the U.S. Armed Forces or their dependents.¹

State and national securities regulators and legislators came together on November 6, 2019 in Gaithersburg, MD to talk to area savers and investors about how to make informed investment decisions and to protect their retirement savings from fraud. Hear from FINRA Foundation President, Gerri Walsh, about how Marylanders are doing with their finances.

The tables below provide a reference description for all of the elements found in all views of the TRACE Quality of Markets Corporate Bond and Agency Debt Report Cards. (See TRACE Quality of Markets Report Card Figures 1 - 3 for a sample report.)

The TRACE 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 program of corporate and agency fixed income transactions customer pricing.  

The TRACE Markup/Markdown Analysis Report is built upon logic developed to pair purchase and sale transactions reported to TRACE.  

1. Where can I access a list describing the exams listed in CRD?

A listing of the exams available in CRD can be found on the Qualification Exams page.

2. How long is an exam window in CRD?

Exam windows are valid for 120 days. Provided that an exam candidate is not subject to a waiting period after a previous failed attempt, the exam window start date will be the day following the submission of the exam enrollment request.

FINRA has enhanced its engagement with key stakeholders to provide greater transparency and foster dialogue that helps us better understand the industry and markets we regulate.

The following FAQ on FINRA.org pertain to Qualification Exams:

For any public offering that is required to be filed pursuant to FINRA Rule 5110(a)(2), FINRA Rule 5110(a)(3)(A) describes that the required documents and information must be filed by participating members with FINRA no later than three business days after any documents are filed with or submitted to the SEC, including confidential filings or submissions, or any state securities commission or other similar U.S.

The Market Order Timeliness Statistical Report is published monthly based upon firm-reported data detailing the number of customer market orders executed by your firm in NMS securities and classifying these orders based on time duration to execute. Supplementary Material .01 of FINRA Rule 5310 – Best Execution and Interpositioning - states that member firms must make every effort to execute marketable customer orders it receives fully and promptly.

Background

In March 2017, FINRA issued a Special Notice on its engagement programs as part of FINRA360. Based on comments and suggestions regarding the usefulness of some advisory committees, their membership and their effectiveness as a vehicle for dialogue between FINRA and member firms, FINRA is making several changes.

Operational Impact of Rule Changes

Q1. My firm has been granted an exemption from both the recording and reporting requirements of the OATS Rules and does not currently have an obligation to report to OATS. Does my firm’s OATS exemption extend to the Consolidated Audit Trail (“CAT”) recording and reporting requirements?

A1. No. Neither SEC Rule 613 nor the CAT NMS Plan provide exemptive relief to any class of broker-dealers.

The table below provides a reference description for all of the elements found for ATS Cross Manipulation exceptions identified during the month.  

Large Options Positions Reported (LOPR) - Listed Detail Data

1. Does Rule 5110 apply to public offerings that also are regulated under Rule 2310?

Yes. Rule 2310 regulates the underwriting terms and arrangements of direct participation programs and unlisted real estate investment trusts (collectively, “Investment Programs”) that are publicly offered. All public offerings in which a member participates, with limited exceptions provided in Rule 5110(h), must be filed, including Investment Programs.

Overview

This guidance is intended to provide direction on key information for a prospective and existing FINRA member firm that is contemplating to engage in activities utilizing an online platform or mobile application.¹ Under Standard 6 of FINRA’s Standards for Admission (Standard), an applicant’s online platform or mobile application that the applicant intends to employ for the purpose of conducting business with customers and other members must be adequate and provide reasonably for business continuity.