Reports & Studies

View published reports, studies and related information by FINRA and associated businesses regarding the securities industry.

 

12/9/14
Retrospective Rule Review Report: Gifts, Gratuities and Non-Cash Compensation

This report addresses the assessment phase of FINRA's retrospective review of its gifts, gratuities and non-cash compensation rules. The review is part of an ongoing initiative launched in April 2014 to periodically look back at significant groups of rules to ensure they remain relevant and appropriately designed to achieve their objectives, particularly in light of industry and market changes.

 

12/9/14
Retrospective Rule Review Report: Communications with the Public

This report addresses the assessment phase of FINRA's retrospective review of its communications with the public rules. The review is part of an ongoing initiative launched in April 2014 to periodically look back at significant groups of rules to ensure they remain relevant and appropriately designed to achieve their objectives, particularly in light of industry and market changes.

10/14/13
Conflict of Interest Report
In July 2012, FINRA initiated a dialogue with firms to better understand the conflicts of interest they face and the practices they use to manage those conflicts. This report discusses effective conflicts management practices that FINRA identified through this dialogue with firms.

 

9/10/07

Protecting Senior Investors: Report of Examinations of Securities Firms Providing "Free Lunch" Sales Seminars (Joint Report by the Securities and Exchange Commission's Office of Compliance, Inspections and Examinations, The North American Securities Administrators' Association, and FINRA)

This Report details regulators' findings following examinations of broker-dealers, investment advisers and other firms that offer so-called "free lunch" sales seminars aimed at seniors or investors nearing retirement age. The report highlights specific problem areas and suggests best practices for supervising sales seminar activities.

 

12/4/06

NASD Report on Examination Findings Regarding Gifts and Gratuities
This report details our findings from a review of more than 40 member firms with respect to compliance with the gift rule over a two-year period, and the supervision of firm practices in this area. In light of the findings from this examination, NASD is also issuing Notice to Members 06-69, which provides additional guidance with respect to compliance with Rule 3060.

 

9/14/06

Report of the Customer Account Transfer Task Force

In response to numerous customer complaints and industry frustration about delays in the transfer of securities accounts from one brokerage firm to another, NASD established the Customer Account Transfer Task Force (Task Force) to consider ways to improve the process of inter-firm customer account transfers. This Report presents the results of the Task Force's deliberations. Following the publication of this Report, NASD has been in continuing discussions with industry representatives and regulators regarding ACATS issues and the implementation of the Task Force's recommendations, and has agreed to re-examine which party has certain obligations under Rule 11870(d) and to consider the further need for executing the TIF Immobilization Agreement. 

 

3/29/05

Report of the Mutual Fund Task Force: Mutual Fund Distribution

Immediately following the submission of its Phase One Report, the Mutual Fund Task Force commenced its work on Phase Two, which covered distribution arrangements, including fees paid pursuant to Rule 12b-1 under the Investment Company Act of 1940 ("1940 Act") and revenue sharing. This Report presents the results of the Task Force’s deliberations on these issues.

 

11/11/04

Report of the Mutual Fund Task Force: Soft Dollars and Portfolio Transaction Costs

The Mutual Fund Task Force divided its work into two phases. In the first phase, it considered mutual fund portfolio transaction costs, particularly "soft dollar" services and disclosure. On November 11, 2004, the Task Force submitted its Report on these issues to the SEC.

 

9/30/04

Report of the Corporate Debt Market Panel
NASD releases Report of the Corporate Debt Market Panel, which outlines findings and recommendations of the Corporate Debt Market Panel. These recommendations, which along with the increasing availability of TRACE transaction information, will bring new levels of transparency and information to investors in the corporate bond market.

 

6/09/04
Joint SEC/NASD Report on Examination Findings Regarding Broker-Dealer Sales of Variable Insurance Products
SEC and NASD staff conducted examinations of broker-dealers that sell variable insurance products. View the report summarizing the findings of those examinations and recent enforcement actions involving the sale of variable annuities.


3/19/04
Report of the Joint NASD/Industry Task Force on Breakpoints
On March 19, 2004, NASD submitted to the SEC, on behalf of the Joint NASD/Industry Task Force on Breakpoints, a status report detailing the progress that has been made toward implementing the recommendations set forth in the July 2003, Task Force report.


1/30/04
Report of the Omnibus Account Task Force

On November 17, 2003, the U.S. Securities and Exchange Commission asked NASD to form a task force of industry professionals to assist the Commission in its efforts to combat abusive short-term trading in mutual fund shares, and to report its findings by January 2004. At the Commission's request, the task force focused on the impact of omnibus account processing of mutual fund transactions on the imposition of a mandatory redemption fee. The report identifies a number of steps that the SEC could mandate to facilitate the imposition of such a fee in an omnibus environment, and also identifies supplemental steps that could be taken to curb abusive short-term trading. View the full Report of the Omnibus Account Task Force


7/22/03
Report of the Joint NASD/Industry Task Force on Breakpoints
NYSE/NASD IPO Advisory Committee Publishes Report
At the request of the U.S. Securities and Exchange Commission, NASD, working with the Securities Industry Association (SIA) and the Investment Company Institute (ICI), led a task force on breakpoints, a problem first uncovered by NASD’s routine examination program. The task force was charged with recommending industry-wide changes to address errors and missed opportunities to provide discounts in the calculation of sales loads charged on the purchase of mutual fund shares that carry a front-end sales load. View the full Report of the Joint NASD/Industry Task Force on Breakpoints and a related news release


5/29/03
NYSE/NASD IPO Advisory Committee

NYSE/NASD IPO Advisory Committee Publishes Report and Recommendations. View associated news release and report.


5/21/03
Global Settlement

Find information about the Global Settlement of Conflicts of Interest Between Research and Investment Banking and the future Distribution Funds from the Global Settlement.