Targeted Exam Letters

FINRA and other regulators conduct targeted exams, known as sweeps, to gather information and carry out investigations. Sweep information is used to focus examinations and pinpoint regulatory response to emerging issues.

The number of firms included in targeted exams varies and the firms that are included are carefully chosen-in some cases only a few firms are included and in others, dozens. Firms are selected based on a variety of factors, including level and nature of business activity in a particular area, customer complaints and regulatory history, and prior examination findings. By limiting our inquiry to a small number of firms, sweeps allow us to reduce the regulatory burden on the majority of firms.

To help firms inform their compliance programs, FINRA publishes a summary of the information requested in certain sweep letters.

Title Datesort descending
Targeted Examination Letter on Information Barriers January 2008
Targeted Examination Letter on False or Misleading Rumors July 2008
Targeted Examination Letter on Retail Municipal Securities Transactions June 2009
Targeted Examination Letter on the Retail Sale of “Gas Bonds” June 2009
Targeted Examination Letter on Structured Products Review June 2009
Targeted Examination Letter on Retail Forex Trading November 2009
Targeted Examination Letter on Direct Market Access, Naked Access, Electronic Access or Sponsored Access ("DMA") August 2010
Targeted Examination Letter on Placement Agents October 2010
Targeted Examination Letter on Conflicts of Interest July 2012
Targeted Examination Letter on Alternative Trading Systems September 2012
Targeted Examination Letter on Order Protection Disclosure Practices October 2012
Targeted Examination Letter on Business Continuity Plans November 2012
Targeted Exam Letter on Alternative Trading Systems May 2013
Targeted Examination Letter on High Frequency Trading July 2013
Targeted Examination Letter on Cybersecurity January 2014
Targeted Examination Letter on Order Routing and Execution Quality of Customer Orders July 2014
Targeted Examination Letter on Conflicts of Interest Review - Compensation and Oversight August 2015
Targeted Examination Letter on Establishing, Communicating and Implementing Cultural Values February 2016
Targeted Examination Letter on Mutual Fund Waivers May 2016
Targeted Examination Letter on Non-Traded Business Development Companies August 2016
Targeted Examination Letter on Unit Investment Trust Rollover Review September 2016
Targeted Examination Letter on the Review of Cross-Selling Programs October 2016
Targeted Examination Letter on Order Routing Conflicts November 2017
Targeted Examination Letter on VIX-Linked Product Review April 2018