Interpretations of Financial and Operational Rules

   

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.

 

Interpretations are imbedded in the text of relevant rules and immediately follow the section of the rule that they interpret. The interpretations use a numbering convention of /## (e.g., /01 of SEA Rule 15c3-1(c)(2)(vii)) or in some cases /### (e.g., /021 of SEA Rule 15c3-1(c)(2)(iv)). The interpretations also retain the original date of publication or issuance and, if applicable, any subsequent publication or issuance date(s).

 

FINRA has also published certain interpretations that have been rescinded for historical reference purposes. These interpretations can be accessed via the "Withdrawn Interpretations" link below.

 

As new interpretations are issued or rescinded, FINRA will notify firms of such updates via Regulatory Notices.

 

Firms may purchase a hard-copy, three-ring binder publication of interpretations for a one-time fee of $150. Please note that the $150 per binder cost does not include a subscription to future updates via mail. Future interpretation updates will only be available on this page. Firms that wish to maintain a hard copy of the interpretations must download and print the updates.

 

Questions concerning these interpretations may be directed to FINRA's Broker Dealer Operations & Financial Responsibility Department at (646) 315-8426 or Financial Operations Department at (240) 386-4620.

 

Active Interpretations:

 

Net Capital

Customer Protection

OTC Derivatives Dealers

Records to be Made and Preserved

Reports to be Made

Notification Provisions

Quarterly Security Counts


 

Related Regulatory Notices

 

Interpretive Letters

 

Withdrawn Interpretations

Last Updated: 3/24/2014