Guidance
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In June 2009, FINRA issued Regulatory Notice 09-31 to remind firms of their sales practice obligations relating to leveraged and inverse exchange-traded funds (ETFs). At the same time, the Investment Industry Regulatory Organization of Canada (IIROC) issued guidance to the Canadian industry that is substantially similar to our Notice. In July we released a compliance podcast concerning the Notice and some of the issues that it raised.
Background
Small firms represent a critical portion of FINRA’s membership and often face regulatory challenges that are unique from their large firm counterparts. In an effort to provide additional compliance education and consistent with the FINRA360 goal of being a more effective regulator, FINRA launched The Small Firm Report in April 2018. The Small Firm Report is a free conference call series hosted by senior FINRA leaders who discuss trending topics, new rules and regulatory guidance and best practices, as well as answer questions from participants.
The Contra Executing Firm 20 Minute Compliance report card is a monthly status report that provides information on transactions in which a firm failed, as the Contra Firm to accept / decline / compare trades within 20 minutes after execution, in apparent violation of FINRA Rules 7230A(b) and/or 7330(b).
- Overview
- How to Request an Addition to the Eligible Multifamily Programs
- Additional Eligible Multifamily Programs
Overview
Rule 4210(e)(2)(H)(ii)a.2. provides that:
The following FAQ is provided to facilitate firms' compliance with FINRA Rules 5190 (Notification Requirements for Offering Participants), 6275 (Withdrawal of Quotations) and 6435 (Withdrawal of Quotations in an OTC Equity Security in Compliance with SEC Regulation M). A comprehensive overview of these rules and related guidance is set forth in Regulatory Notice 08-74 and Regulatory Notice 12-19.
Background
Consistent with the transparency goals of FINRA360, FINRA, for the first time in 2018, published a statistical overview of the broker-dealer industry based on the data it collects in the course of its work. This report, called the FINRA Industry Snapshot 2018 , was the first annual statistical report on the brokerage firms, registered individuals and market activity that FINRA regulates.
The Market Order Timeliness (MOT) Report Card is a monthly status report based upon data reported to OATS detailing the number of customer market orders executed by your firm in NMS securities that were delayed in receiving a full execution in possible violation of both rules regarding full and prompt execution of customer market orders and the Best Execution rule. If non-compliance with these rules is found to exist, your firm may be found to be in violation of FINRA Rules 5310 and 5320.
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.
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.
FINRA recently released a number of Regulatory Notices that support the effort to modernize rules for member firms and associated persons. This webinar is designed to review the comment process, assist firms with how to comment and provide what type of information is helpful to receive in comments. FINRA staff share examples of the impact of comment letters and how they were used.
FINRA360 has yielded a number of organizational and operational changes aimed at making FINRA a more efficient, more effective regulator.