Regulatory Notice 12-08

SEC Requests Broker-Dealers Make SARs and SAR Information Available to FINRA

 

Effective Date: January 26, 2012

Executive Summary

The Financial Crimes Enforcement Network (FinCEN) regulations regarding the confidentiality of suspicious activity reports (SARs) require a broker-dealer to make SARs and supporting documentation available to any self-regulatory organization (SRO) that examines the broker-dealer for compliance with the requirements of 31 CFR 1023.320 (the SAR Rule), upon the request of the SEC. On January 26, 2012, the SEC issued a letter to FINRA authorizing FINRA staff to ask for SARs and SAR information from member firms in certain circumstances. On the same date, SEC staff also issued a letter to chief executive officers of all SEC-registered FINRA member firms requesting that they make SARs and supporting documentation available to FINRA as outlined below.

 

Questions regarding this Notice should be directed to Sarah Green, Senior Director, Enforcement, at (202) 974-2784.