FINRA Reg BI Resources

2021 Report on FINRA’s Examination and Risk Monitoring Program (February 2, 2021)

This Report on FINRA’s Risk Monitoring and Examination Activities (the Report) is designed to inform member firms’ compliance programs by providing annual insights from FINRA’s ongoing regulatory operations. For selected regulatory obligations, the Report: (1) identifies the applicable rule and key related considerations for member firm compliance programs, (2) summarizes noteworthy findings from recent examinations and outlines effective practices that FINRA observed during its oversight, and (3) provides additional resources that may be helpful to member firms.
 

FINRA Statement on SEC’s OCIE Risk Alerts for Reg BI and Form CRS

On April 7, 2020, the SEC’s Office of Compliance Inspections and Examinations (OCIE) released Risk Alerts for Reg BI and Form CRS. These Risk Alerts set forth OCIE’s expectations for firms’ compliance with Reg BI and Form CRS and provide broker-dealers with information about the scope and content of OCIE’s initial examinations following the compliance date of June 30, 2020.

Read FINRA's statement.
 

Filing Form CRS

Firms that are required to file the Form CRS must file electronically using Web CRD^® (for broker-dealers) or IARD (for dually registered firms). For information related to the filing process, please see FINRA’s quick reference guides for filing of Form CRS through Web CRD^® and through IARD, and the SEC’s Form CRS FAQs.
 

Reg BI Preparedness Reviews Report

As part of FINRA’s continuing efforts to assist members with the implementation of Reg BI and Form CRS, FINRA published a report highlighting common practices FINRA observed during reviews that began in late 2019 and through ongoing conversations with firms of all sizes about their preparedness initiatives. The report is meant to help FINRA member firms assess their efforts against their peers.
 

Reg BI and Form CRS Checklist

FINRA is providing a Reg BI and Form CRS Checklist to help members with their assessment and implementation of necessary changes to their policies, procedures and compliance programs in light of Reg BI and Form CRS. This checklist outlines the major requirements of the rules and notes key differences between FINRA rules and SEC’s Reg BI and Form CRS.