Small Firms Information
Small Firms Information
FINRA has created this page to provide information for the small firm community—those firms with 150 or fewer registered representatives. This page contains current and past communications, links of interest to small firms, and other information.
- Compliance Tools
- Industry Issues
- Preparing for a Cycle Examination
- Communications from the Small Firm Advisory Board (SFAB)
- Small Firm Advisory Board Roster
You may also email us with your comments and questions regarding small firm issues.
What's New
Posted: May 9, 2013
2013 FINRA Risk Control Assessment (RCA)
The 2013 RCA is now available, and emails were sent to executive representatives at all firms requesting that they complete and submit the RCA by Friday, June 7. The RCA is a survey that helps FINRA understand each firm's business activities, the products and services they sell, and the kinds of clients and counterparties with which they deal, and to identify and assess the integrity of the controls intended to manage underlying risks. The RCA is an important part of FINRA’s risk-based examination program, in that the information collected from firms helps us better understand firms’ businesses so examiners can arrive for examinations focused on any areas that pose a real risk to investors.
Visit the RCA page on FINRA's website for more information.
Posted: May 9, 2013
A Few Minutes With FINRA - Regulatory Operations Overview
"A Few Minutes With FINRA" is a new online video series in which senior FINRA staff discuss timely regulatory topics and respond to comments from firms on specific areas of concern.
In this first episode, watch Susan Axelrod, FINRA's Executive Vice President of Regulatory Operations, discuss her responsibilities and priorities and provide an update on the 2013 Risk Control Assessment.
Posted: April 25, 2013
On-demand Webinars
FINRA's free on-demand video webinars include panel discussions with FINRA staff and/or industry experts, and feature online resource materials. The following webinars are available on-demand:
- Discussion With the Small Firm Advisory Board
- Communications with the Public: New FINRA Rule 2210
- FINRA Year-End Review & 2013 Preview
- FINRA Examination Program
- Using FINRA Technology
Posted: January 28, 2013
2013 Regulatory and Examination Priorities Letter
FINRA issued its 2013 Regulatory and Examination Priorities Letter to highlight new and existing issues of importance to our regulatory programs. FINRA issues this letter to help firms assess their compliance, supervisory and ethics programs in the context of its key regulatory priorities.
Other Announcements
FINRA Rulebook Consolidation
To help firms keep track of the various phases of the rulebook consolidation, FINRA has created a special Web page that centralizes rulemaking activity for the FINRA Rulebook.
Quarterly Disciplinary Review
View the latest issue of the Quarterly Disciplinary Review, a summary sampling of recent disciplinary actions involving misconduct by registered representatives that call attention to, and remind registered representatives and firms of, specific conduct that violates FINRA rules and may result in disciplinary action.
FINRA Rule Filing Status Report
The FINRA Rule Filing Status Report provides firms with a comprehensive list of FINRA rule filings currently pending with the SEC, as well as FINRA rule filings approved by the SEC, filed with the SEC for immediate effectiveness, or withdrawn within the last six months.
PCAOB-Registered Auditors Required for Fiscal Years Ending After December 31, 2008: Additional Guidance Available and Certification of Annual Audits Reminder
In Information Notice 12/9/09, FINRA reminds firms that their auditor must be registered with the Public Company Accounting Oversight Board (PCAOB). FINRA recommends that firms verify the PCAOB registration status of the auditor they plan to use to audit their annual financial statements. If the accounting firm is not yet registered with the PCAOB, FINRA suggests that firms encourage the auditor to apply for registration as soon as possible.
FINRA will treat financial statements certified by an auditor who is not PCAOB-registered as not having been filed under Schedule A of the FINRA By-Laws, Section 4(g)(2)&(3). Such firms are subject to suspension under the procedures set out in FINRA Rule 9552 (Failure to Provide Information or Keep Information Current).
The following resources may be useful to firms seeking to comply with the PCAOB-registered auditor requirement:
- SEC-developed Frequently Asked Questions, posted 2/12/09, on PCAOB Registration of Non-Public Broker-Dealers.
- PCAOB’s Registration section of its Web site:
- Staff Questions and Answers on Registration of Broker-Dealer Auditors, posted 2/17/09, supplements the PCAOB’s Registration FAQ below to assist auditors of non-public broker-dealers considering PCAOB registration.
- Frequently Asked Questions, Question 8, generally addresses several of the questions regarding PCAOB registration most frequently received by FINRA regarding the January 8th Information Notice. The Staff Questions and Answers provide more detailed and recent guidance.
- List of registered accounting firms sorted by the geographic location of their headquarters office.
Refer to the Small Firms Information Archive page for previous postings.