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.

Titlesort descending Date
Alternative Trading Systems September 2012
Alternative Trading Systems May 2013
Bank Broker-Dealer Services October 2010
Business Continuity Plans November 2012
Collateralized Mortgage Obligations December 2007
Conflicts of Interest July 2012
Conflicts of Interest Review - Compensation and Oversight August 2015
Cybersecurity January 2014
Direct Market Access, Naked Access, Electronic Access or Sponsored Access ("DMA") August 2010
Establishing, Communicating and Implementing Cultural Values February 2016
Exchange Traded Funds May 2009
False or Misleading Rumors July 2008
Hedge Fund Advertisements and Sales Literature January 2009
High Frequency Trading Sweep Letter July 2013
Information Barriers January 2008
Municipal Underwritings and Municipal Derivative Instruments May 2009
Mutual Fund Waiver May 2016
Non-Traded Business Development Companies August 2016
Order Protection Disclosure Practices October 2012
Order Routing and Execution Quality of Customer Orders July 2014
Order Routing Conflicts November 2017
Placement Agents October 2010
Retail Forex Trading November 2009
Retail Municipal Securities Transactions June 2009
Retail Sale of “Gas Bonds” June 2009
Review of Cross-Selling Programs October 2016
Sale and Promotion of Non-Traded REITs March 2009
Spot-Check of Non-Investment Company Exchange Traded Products Communications June 2010
Spot-Check of Non-Traded REIT Communications September 2012
Spot-Check of Reverse Convertibles Advertising and Sales Literature March 2011
Spot-Check of Social Media Communications May 2013
Spread-Based Structured Products November 2011
Structured Products Review June 2009
Unit Investment Trust Rollover Review September 2016
Use of Professional Designations September 2007