News Releases & Statements

WASHINGTON—FINRA’s Board of Governors met on February 25-26. The agenda included electing a new Board Chair, as well as discussions on FINRA’s proposed Outside Business Activities rule, TRACE reporting timeframes, ongoing technology initiatives, and the proposed allocation of FINRA’s 2024 fine monies.

WASHINGTON—FINRA has fined Apex Clearing Corporation $3.2 million for violations related to its fully paid securities lending program. This is the first time FINRA has charged a firm with violating FINRA Rule 4330, which establishes permissible use of customers’ securities to ensure customer protection.

WASHINGTON—FINRA published today the 2025 FINRA Regulatory Oversight Report—a vital information resource comprising observations from across FINRA’s Member Supervision, Market Regulation and Enforcement programs that member firms can use throughout the year to strengthen their compliance programs. The report reflects FINRA’s commitment to providing transparency to member firms and the investing public about its regulatory observations and activities.

WASHINGTON—FINRA has ordered three firms—Edward Jones, Osaic Wealth, Inc. and Cambridge Investment Research, Inc.—to pay more than $8.2 million in restitution to customers who were harmed by the firms’ failures to provide available mutual fund sales charge waivers and fee rebates on mutual fund purchases. FINRA did not impose any fines in connection with these matters in recognition of each firm’s extraordinary cooperation with FINRA’s investigations.

FINRA’s Board of Governors met on December 4-5. The agenda included discussions around FINRA’s 2025 budget, FINRA’s Outside Business Activities and Private Securities Transactions rules, and an overview of the 2025 FINRA Annual Regulatory Oversight Report.

The report is intended to raise awareness among FINRA member firms and the broader securities industry by providing an overview of how developments related to the metaverse may impact business models and processes. While the true implications of the metaverse may not be known for years, the report analyzes potential applications, use cases and challenges for member firms and notes certain regulatory considerations.

Board Appoints Industry Governors, Discusses FINRA’s Long-Term Financial Planning and Hears Latest From Key Stakeholders

FINRA announced today the results of its election of three Governors to its Board of Governors during the annual meeting of FINRA member firms on Wednesday. The elected Governors include: Large Firm Governor — John Vaccaro, Chair and CEO, MML Investors Services; Head of MassMutual Financial Advisors; Mid-Size Firm Governor — James Crowley, CEO, Pershing Advisor Solutions; Senior Executive Vice President, Global Head of BNY Pershing Small Firm Governor — Jennifer Szaro, Chief Compliance Officer, XML Securities

FINRA has launched an online advertising campaign, Get Your Head in the Trade, encouraging new investors to understand investment risks and rewards as well as their own financial goals and risk tolerance before making an investment decision.

A total of 741 member firms volunteered to participate in FINRA’s Remote Inspections Pilot Program, FINRA announced today in a blog post.