Guidance

The TRACE Quality of Markets Report Card for Securitized Products is a monthly status report for the reporting of transactions in Asset Backed Securities, Mortgage Backed Securities and other similar securities, collectively defined as "Securitized Products", to the Trade Reporting and Compliance Engine (TRACE). Firms are required to report trades in accordance with established FINRA rules and regulations.

Q: Is the exemption under paragraph (f)(1)(B) of Rule 4360 for “members whose business is solely that of a Designated Market Maker... and who does not conduct business with the public” available to members whose business consists solely of market making activities on one or more national securities exchanges, regardless of whether the member is designated or registered in such capacity on a particular exchange? 

To assist firms in complying with SEC Rules regarding financial and operational matters, FINRA has published and will periodically update certain interpretations provided by the staff of the SEC's Division of Trading and Markets.

The Cross-Market Equities Supervision Manipulation Report is a tool designed to provide firms feedback on exceptions that were generated based on the firm’s order entry and trading activity in a given surveillance period. The report covers two distinct analyses; layering and Cross-Market Quote Spoofing. This report is produced on a monthly basis.

This report provides a summary of the review activity for the filings submitted during the selected and previous reporting periods.

If you have questions regarding the content of this report, please contact FINRA Corporate Financing at (240) 386-4623.

Deals Filed During the Selected Period

In general, a member firm’s office or location is either registered as a branch office, if it meets the definitions contained in Rule 3110(f), or exempt from branch office registration (i.e., an unregistered office or non-branch location), if it fits within an express exclusion from the branch office definition listed in Rule 3110(f)(2)(A)(i)–(vii) or is designated as a residential supervisory location (or RSL) under the terms of Rule 3110.19. 

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.

A motion to dismiss is a request made by a party to the arbitrator(s) to remove some or all claims raised by another party filing a claim. Rule 12504 of the Code of Arbitration Procedure for Customer Disputes and Rule 13504 of the Code of Arbitration Procedure for Industry Disputes (collectively, the Codes) establish procedures that govern motions to dismiss.

The 4530 Disclosure Timeliness Report Card is produced on a monthly basis to show a firm's performance in timely reporting of disclosure events as required by FINRA Rule 4530(a) and (b). The information in this report comes primarily from the Rule 4530 Application; to read more about the system, please see Disclosure Events and Customer Complaint Filings.

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

1. How do I entitle someone to access an eFOCUS report?
2. Where are eFOCUS filings located in the redesigned FINRA Gateway?
3. How do I transmit an eFOCUS filing to my clearing firm?
4. When are my eFOCUS filings due?
5. Where can I see previously filed eFOCUS reports?
6. How do I amend a submitted eFOCUS report?
7. How do I print an eFOCUS report?

The Firm Summary Scorecard provides an overview of certain performance and comparison statistics from each of the active individual report cards in one specific location. The Scorecard supplies data available in the respective report cards for the current month and the preceding month.

Report Glossary

The table below provides a reference description for all of the elements found in the Firm Summary Scorecard. (See Firm Summary Scorecard for a sample segment of the report.)

General

1. Do Rules 5110, 5121 and 2310 (the “Corporate Financing Rules”) apply to Regulation A offerings?