The Series 52 exam—the Municipal Securities Representative Qualification Examination (MR)—is a Municipal Securities Rulemaking Board (MSRB) exam. The exam consists of 75 scored questions and five unscored pretest questions. The additional questions are randomly distributed. Candidates are given two hours and 30 minutes to complete the exam. The passing score is 70%.For additional
In relationship investment scams, fraudsters often hide their true identities, reach out to unsuspecting targets (often online or through text messages), gain their trust over time, and then defraud them through fake investments. These scams are sometimes referred to by terms including romance scams, “cryptocurrency” investment scams, financial grooming scams, and “pig butchering scams.” Learn more about these scams and red flags to watch for.
FINRA’s Membership Application Program Group (MAP) serves as the entry point to the securities industry by ensuring that prospective and current FINRA members meet FINRA’s Standards for Admission (Standards). Prospective FINRA members must seek approval for membership through the submission of a New Member Application (NMA). Existing FINRA members must file a continuing membership
This Guidance assists member firms with continuing membership applications (CMAs) as part of the implementation of a succession plan or an exit from the broker-dealer securities business (which may or may not be connected to a succession plan).
FINRA announced today the results of its election of three Governors to its Board of Governors during the annual meeting of FINRA member firms on Wednesday. The elected Governors include: Large Firm Governor — John Vaccaro, Chair and CEO, MML Investors Services; Head of MassMutual Financial Advisors; Mid-Size Firm Governor — James Crowley, CEO, Pershing Advisor Solutions; Senior Executive Vice President, Global Head of BNY Pershing Small Firm Governor — Jennifer Szaro, Chief Compliance Officer, XML Securities
SummaryArtificial intelligence (AI), including large language models (LLMs) and other generative AI (Gen AI) tools, present promising opportunities for member firms to enhance their products and services for investors and achieve operational and compliance efficiencies. As member firms incorporate the use of Gen AI or similar tools into their businesses, they should be mindful of the potential
SummaryFINRA has amended FINRA Rule 4210 (Margin Requirements) to establish a specified exception under the margin rules with respect to certain short option or warrant positions on indexes that are written against products that track the same underlying index. Referred to as “protected” option or warrant positions, the new exception conforms with similar provisions Cboe recently adopted. The
SummaryFINRA reminds members of its policy prohibiting members and their associated persons from making audio or video recordings of conversations between FINRA staff and member firm personnel during calls or meetings related to FINRA’s oversight functions.Questions regarding this Notice should be directed to Carrie Jordan, Principal Counsel, Office of General Counsel, at (212) 858-4210 or by
SummaryFINRA has adopted amendments to disseminate individual transactions in active U.S. Treasury securities at the end of the day and historically, and to set related fees for members and other professionals who choose to subscribe to the new data set. This new transaction-level data will be publicly available and free of charge on FINRA’s website for non-professionals’ personal, non-commercial
