Small Firms Information

FINRA has created this page to provide information for the small firm community—those firms with 150 or fewer registered representatives. This page contains current and past communications, links of interest to small firms, and other information.


March 22, 2019

Preferred Pricing Program: Information Archive Services

The FINRA Preferred Pricing Program is an online directory of vendors that offer discounted pricing on a variety of Information Archiving Services.
 


March 21, 2019

FREE New CRD Overview Webinar • March 27, 2019 • 1 p.m. – 2 p.m., Eastern Time (ET)

Learn more about the new CRD system during a virtual overview of current functionality. Space is limited; please register early. Additional information and registration is available on the Be in the Know page.
 


March 6, 2019

Small Firm Report: FINRA’s 529 Plan Share Class Initiative – Audio Recording

Small firms represent a critical portion of FINRA’s membership and often face regulatory challenges that are unique from their large firm counterparts. In an effort to provide additional compliance education, FINRA launched The Small Firm Report, a series of free conference calls featuring senior FINRA leaders who discuss trending topics, new rules and regulatory guidance and best practices.

Our fourth Small Firm Report took place on Wednesday, February 20. FINRA President and Chief Executive Officer Robert Cook, was joined by Senior Vice President of Member Relations and Education Chip Jones and Executive Vice President of Enforcement Susan Schroeder to discuss FINRA’s 529 Plan Share Class Initiative.

A recording of the call is now available to FINRA member firms.

Register for Access
 


January 22, 2019

2019 Annual Risk Monitoring and Examination Priorities Letter

Each year FINRA publishes its risk monitoring and examination priorities to highlight significant risks and issues that could adversely affect investors and market integrity in the coming year.
 



Reminder: CAT Reporting Obligations and Contact Information

In December 2018 and January 2019, the CAT NMS LLC Plan Processor, Thesys CAT sent emails to potential CAT Reporters. The purpose of this email is to identify contacts the Plan Processor should use for registration with the CAT system. Starting in the first quarter of 2019, all firms with a CAT reporting obligation, regardless of when that obligation commences, are required to register with the CAT system.

 



2018 Report on FINRA Examination Findings

FINRA published its second annual report detailing observations from recent exams of firms.

 



2019 FINRA Small Firm Conference - Registration Open

FINRA's Small Firm Conference focuses on small firms' practices and tips for complying with FINRA rules. Throughout the event, attendees have the opportunity to discuss small firm issues with FINRA senior staff.

The conference is scheduled for October 23 – 24, 2019, in Santa Monica, CA. Discounted rates available—register early to secure your seat.

 


December 20, 2018

Report on Selected Cybersecurity Practices – 2018

Report on Selected Cybersecurity Practices – 2018 is a detailed review of effective information-security controls at securities firms. The report is designed to help broker-dealers – including small firms – further develop their cybersecurity programs. The report addresses areas that firms tend to find most challenging: cybersecurity controls in branch offices; methods of limiting phishing attacks; identifying and mitigating insider threats; elements of a strong penetration-testing program; and establishing and maintaining controls on mobile devices.

 


December 18, 2018

The Small Firm Report

Our third Small Firm Report took place on Tuesday, November 27. FINRA Chief Executive Officer Robert Cook, was joined by Senior Vice President of Member Relations and Education Chip Jones, Senior Vice President of Investor Education Gerri Walsh and Senior Director of Advertising Regulation Amy Sochard to discuss:

  • New Research on Millennial Investors and Implication for Industry
  • Digital Communications and Social Media Compliance

A recording of the call is now available to FINRA member firms. Register for access.

 


October 1, 2018

Materials from the SIE Exam and Exam Restructuring Calls

FINRA's Registration and Disclosure Department is holding a series of conference calls to discuss the Securities Industry Essentials (SIE) exam, the restructure of representative-level qualification exams, and the consolidation of registration rules that took effect October 1, 2018.

 


August 20, 2018

Small Firm Report – Audio Recording

Small firms represent a critical portion of FINRA’s membership and often face regulatory challenges that are unique from their large firm counterparts. In an effort to provide additional compliance education, FINRA launched The Small Firm Report, a series of free conference calls featuring senior FINRA leaders who discuss trending topics, new rules and regulatory guidance and best practices.

View more details, including how to register.

 


July 16, 2018

2019 FINRA Annual Conference

May 15 – 17, 2019 | Washington, DC

Mark your calendar—the FINRA Annual Conference returns May 2019, and will include sessions and events specifically for small firms. Check out highlights from the 2018 event and register early to take advantage of the discounted rate for small firm in-person attendees.


May 1, 2018

Capital Acquisition Broker Written Supervisory Procedures Checklist

FINRA published a Written Supervisory Procedures checklist for capital acquisition brokers (CABs). It outlines selected key topics, ranging from administration to supervision and oversight.
 


April 25, 2018

FINRA 360 Progress Report

FINRA published a comprehensive progress report summarizing the significant operational and regulatory changes FINRA has made in the first year of its ongoing FINRA360 organizational review.
 


April 25, 2018

Investor Education: Protecting Seniors from Financial Exploitation

FINRA Investor Education published information to help investors better understand FINRA Rules Relating to Protecting Seniors from Financial Exploitation. Firms may use this to explain their ability to place a temporary hold on the disbursement of funds or securities and role of the trusted contact person.
 


April 4, 2018

Anti-Money Laundering Template for Small Firms

FINRA updated the Anti-Money Laundering Template for Small Firms to reflect member firms’ obligations under FINRA Rule 3310 in light of the Financial Crimes Enforcement Network’s (FinCEN) final rule on Customer Due Diligence Requirements for Financial Institutions (CDD Rule).
 


March 6, 2018

Small Firm Governors Request Support to Exclude Small Firms from PCAOB Requirement

The Small Firm Advisory Committee and FINRA's three small firm representatives elected to the FINRA Board of Governors are working independently, and separately from FINRA, with members of Congress, the SEC and the PCAOB in an effort to gain a small firm exclusion from the requirement to have their annual audit conducted by a PCAOB registered auditor.

FINRA is requesting that you "opt-in" to a separate email distribution list focused on the PCAOB issue. This will allow you to receive future updates about this important issue affecting small firms. If you are interested in hearing more about these efforts or assisting, please "opt-in" to this separate and distinct email distribution list by emailing [email protected]. Please provide your contact information, phone number and email address.
 


 

May 23, 2016

Small Firm Cybersecurity Checklist

FINRA has created a Cybersecurity Checklist to assist small firms in establishing a cybersecurity program to identity and assess cybersecurity threats, protect assets from cyber intrusions, detect when their systems and assets have been compromised, plan for the response when a compromise occurs and implement a plan to recover lost, stolen or unavailable assets. This checklist is primarily derived from the National Institute of Standards and Technology (NIST) Cybersecurity Framework and FINRA's Report on Cybersecurity Practices. Use of this checklist does not create a "safe harbor" with respect to FINRA rules, federal or state securities laws, or other applicable federal or state regulatory requirements.
 


Other Announcements

Quarterly Disciplinary Review

View the latest issue of the Quarterly Disciplinary Review, a summary sampling of recent disciplinary actions involving misconduct by registered representatives that call attention to, and remind registered representatives and firms of, specific conduct that violates FINRA rules and may result in disciplinary action.
 


FINRA Rule Filing Status Report

The FINRA Rule Filing Status Report provides firms with a comprehensive list of FINRA rule filings currently pending with the SEC, as well as FINRA rule filings approved by the SEC, filed with the SEC for immediate effectiveness, or withdrawn within the last six months.