Regulatory Notice 19-23

FINRA Supplements Prior Guidance on Credit for Extraordinary Cooperation

Summary

FINRA is issuing this Notice to restate and supplement prior guidance regarding the circumstances under which a firm or individual may influence the outcome of an investigation by demonstrating extraordinary cooperation. This Notice incorporates FINRA’s prior guidance and provides clarification and additional information about how FINRA assesses whether a potential respondent’s cooperation is “extraordinary” and distinct from the level of cooperation expected of all member firms and their associated persons.

Questions concerning this Notice should be directed to:

  • Lara Thyagarajan, Senior Vice President & Counsel to the Head of Enforcement, at (212) 858-4176 or by email; and
  • Megan Davis, Senior Counsel, Enforcement, at (646) 315-7336 or by email.