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Updated Standard Secured Demand Note (SDN) Templates and New FINRA Foundation Research

June 5, 2024
Volume 23





disciplinary actions

Disciplinary Actions


Upcoming Deadlines and Effective Dates


Education and Compliance Programs


Updated Standard Secured Demand Note (SDN) Templates
FINRA has updated paragraph 3(b) of its SDN templates (FINRA Forms SDN-32D, SDN 32-E, and SDN-32T) to align with paragraph (c)(4) of Appendix D to the SEC’s Net Capital Rule. The updated forms are available on the Subordination Agreements page. Please make the necessary changes to your collateral statements, if applicable, by Aug. 31 to ensure compliance with the rule.

New Research: “The Machines Are Coming: Do We Trust Them?”
A study by the FINRA Investor Education Foundation suggests consumers trust financial professionals more than AI when it comes to financial information.

Reminder: Securities Lending and Transparency Engine (SLATE) Resources
Visit the new SLATE page for a project timetable and additional resources to help prepare in the event the SEC approves FINRA’s proposed rule change to adopt the FINRA Rule 6500 Series (Securities Lending and Transparency Engine (SLATE)). As a reminder, SLATE is a new facility to allow for covered securities loan transaction reporting by covered persons and transparency of covered securities loan transactions in accordance with SEA Rule 10c-1a and the proposed FINRA Rule 6500 Series. 

ICYMI: New Podcast on High-Risk Representative Program
Listen to the latest episode of FINRA Unscripted for a discussion with three individuals from FINRA’s High-Risk Representative program on how they identify and monitor those who pose an elevated risk of misconduct to protect investors and maintain the integrity of the market. 




  • Treasury Call for Large Position Reports
    The U.S. Treasury Department will conduct a call for large position reports sometime over the next three months. Treasury is offering a free virtual workshop on June 7, 1-2 p.m. ET, about its Large Position Reporting rules, which apply to all U.S. and foreign entities that may control a large position in a specified Treasury security. To register for the workshop, complete the online form. The workshop is closed to the press. 

Disciplinary Actions

FINRA publishes disciplinary actions to remind registered representatives and firms of specific conduct that violates FINRA rules and may result in disciplinary action. The May 2024 Monthly Disciplinary Actions are available here

 Upcoming Deadlines and Effective Dates


  • As a reminder, FINRA Rule 6151 – Centralization of SEC Rule 606(a) Reports (Disclosure of Order Routing Information for NMS Securities) goes into effect on June 30. The rule requires members to submit to FINRA for centralized publication the order routing reports required under the Securities and Exchange Commission’s (SEC) Rule 606(a) (Rule 606(a) Reports), and FINRA will centralize access to all Rule 606(a) Reports on its website. In addition, testing for this rule change began today (June 5). To participate in the testing, please fill out this form.



 Education and Compliance Programs

Register for upcoming events:

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