On-Site Review Program (OSR)
FINRA or FINRA Administrator will conduct comprehensive on-site reviews of internal and external Vendors on a periodic basis. The purpose of the On-Site Review program is to ensure that market data Vendors are in compliance with the terms and conditions of their Vendor Agreement. FINRA will review data Vendors to verify that they are in compliance with FINRA's Usage Reporting Policy and Data Administration Policies.
The On-Site Review Program provides data Vendors with the opportunity to meet face-to-face with staff and discuss their current and proposed BTDS and ATDS data products. At each review, the Vendor will be asked to demonstrate its current data entitlement systems, billing and collection procedures, administrative usage and data display. Approximately one month prior to the on-site review, the Vendor will be contacted to schedule a meeting time, and once the date and time is set, a confirmation letter and a tentative agenda for the meeting will be sent.
On-site Review Process
To facilitate the on-site review process, Vendors shall have the required documentation available for the on-site review team's inspection at the beginning of the OSR. For all firms, the following information shall be available the day of the review:
For Internal and External Vendors:
For Retransmission Vendors Only:
Within two weeks of the review, the on-site review team will send a follow-up letter to the firm summarizing its findings. The letter will outline any outstanding items and the follow-up actions that FINRA or the FINRA administrator requires of the firm. Vendors must respond in writing to any outstanding items by the deadline date stated in the letter.