PODCAST
Inside FINRA's Financial Intelligence Fusion Center
The threats facing the securities industry are evolving fast—and no single firm or regulator has the full picture alone. That's the idea behind FINRA's Financial Intelligence Fusion Center, or FIFC, launched earlier this year as part of the FINRA Forward initiative to strengthen cybersecurity and fraud prevention across the industry. The FIFC is a bi-directional intelligence sharing hub where FINRA and member firms collaborate to protect investors, members, and the integrity of our capital markets.
On this episode, David Ring, Senior Director, Strategic & Threat Intelligence, and Kerri Provenza, Senior Director, Member Firm Experience, discuss why the center was created, what's happened since launch, and how members are already benefiting from timely, actionable intelligence tailored to the broker-dealer landscape. They also share early successes, lessons learned, and what's ahead, including how the FIFC is evolving based on direct feedback from member firms.
Resources mentioned in this episode:
Financial Intelligence Fusion Center
FINRA Forward: A Year of Progress
Ep. 180: Building Cybersecurity Resilience Through FINRA Forward
Blog Post: FINRA Forward’s Rule Modernization—An Update
Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission
Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve
Blog Post: A Progress Update on Rule Modernization
Listen and subscribe to our podcast on Apple Podcasts, Google Podcasts, Spotify, YouTube or wherever you listen to your podcasts. Below is a transcript of the episode. Transcripts are generated using a combination of speech recognition software and human editors and may contain errors. Please check the corresponding audio before quoting in print.
FULL TRANSCRIPT
00:00 – 00:10
Thor Nelson: Love the Financial Intelligence Fusion Center. It's a great example of FINRA coming in sharing information among the firms.
00:10 – 00:15
Matt Billings: It's been a tremendous resource and we've gotten actual information out of it back to us.
00:15 – 00:23
Serina Shores: If you're not visiting the Financial Intelligence Fusion Center, you should be visiting it. I've learned a lot of things from it.
00:23 – 01:45
Margherita Beale: The voices you just heard reflect something that's been a consistent theme in conversations with member firms over the past several months: A real enthusiasm for what's possible when members and FINRA work together toward a common goal. And that goal is increasingly urgent. The cyber threats facing the security industry today are moving faster and hitting harder than ever before. No single member firm, and no single organization, has the full picture on its own.
Earlier this year, as part of FINRA's broader FINRA Forward initiative, FINRA launched the Financial Intelligence Fusion Center, or the FIFC, a new model for how FINRA and its member firms share intelligence, connect the dots across the industry, and turn information into action before threats cause serious harm. A few months in, we're coming back to the story, not just to talk about what the center is, but to talk about what it's doing: the early wins, the lessons learned, and where this initiative is headed.
Welcome to FINRA Unscripted. I'm your host, Margherita Beale. Here to talk to us today about FINRA's Financial Intelligence Fusion Center are David Ring, Senior Director, Strategic and Threat Intelligence, and Kerri Provenza, Senior Director, Member Firm Experience. Dave and Kerri, welcome to the podcast.
01:45 – 01:46
Kerri Provenza: Thank you for having us.
01:47 – 01:48
David Ring: Thanks very much.
01:48 – 01:57
Margherita Beale: Just to jump right, in for listeners who may be unfamiliar with the Financial Intelligence Fusion Center, can you give us a brief overview of what it is?
01:57 – 03:00
David Ring: Yeah, absolutely. The FIFC began over a year ago when we started conversations around FINRA Forward to think about what do we need to provide firms to help them deal with some of the cyber and fraud threats that we're all facing across the ecosystem. And so, we started to build the Financial Intelligence Fusion Center as a secured, centralized and bi-directional intelligence sharing hub that we launched at the end of March of this year. It's designed for FINRA member firms to share timely intelligence about cybersecurity and fraud threats with a focus on actionable intelligence, meaning we collect a lot of fantastic intelligence here at FINRA. We have a lot of fantastic data. We need to get that in the hands of those who can action it to help protect investors and safeguard markets. It was built with the intention of partnering with firms to prevent and protect against these threats that we're facing. We'll dive into ways to sign up for the FIFC, but I recommend everybody go to FIFC.finra.org to start their FIFC journey.
03:00 – 03:12
Margherita Beale: Member firms have told us they're facing increasingly sophisticated cyber and fraud threats. How does the Financial Intelligence Fusion Center respond to what firms are actually experiencing on the ground?
03:12 – 05:33
Kerri Provenza: The numbers tell a striking story. According to the FBI's most recent internet crime report, total cyber incident losses were over $20 billion in 2025. That's more than a 25% increase from the year before. The average loss per scam was nearly $21,000. These aren't abstract figures. That's real money coming out of real investors' pockets. The reality is when one firm gets hit, others are usually next.
The FIFC means that the firm that sees it first can help protect everyone else quickly and before the threat has a chance to spread. FINRA oversees more than 3,200 member firms, which gives us a vantage point an individual firm does not have. FINRA can connect the dots across firms, across business models, and across the country in a way that just isn't possible when everyone is working in isolation. For small and mid-sized firms in particular, the FIFC provides access to sophisticated intelligence capabilities that would be challenging to build or buy on their own at no cost. And for large firms with existing security teams, the FIFC adds something their internal resources can't replicate: Industry-wide visibility that surfaces patterns no single firm could detect alone.
The goal is to shift the whole industry from reactive to proactive. Firms shouldn't be learning about a threat after they've been hit. The FIFC is designed to get actionable intelligence out before that happens. And the intelligence isn't generic, it's curated specifically for broker-dealers. Things like threat intelligence products, which are in-depth analysis of emerging threats; cyber event impact assessments, which help firms understand how a specific incident could affect them; cybersecurity alerts and advisories; imposter site notifications so firms know when fraudsters are impersonating them or their regulators. Also resources from the FBI. Firms can also search the FIFC portal themselves. It's not just about receiving alerts. If something is on a firm's radar and they want to know if FINRA has seen it too, firms can go and look into the portal.
05:33 – 05:39
Margherita Beale: So, how did member feedback inform the creation of the FIFC?
05:39 – 09:09
David Ring: That's a great question. The focus of the FIFC is sharing intelligence, sharing information so that we can collaborate on the threats that we see, having those different perspectives, the perspectives of member firms, the perspectives of FINRA, the perspectives of other organizations coming together to develop the information, the intelligence and the work that we need to do to prevent those threats from happening and mitigating them when they do is really focused on collaboration.
So we wanted to start from a point of collaboration. The intent here was not for FINRA to build what we think member firms would find valuable, but rather to work with member firms from the beginning in order to build something that everybody had a part of and everybody was a stakeholder in from the beginning. So that was valuable to all. It wasn't built in isolation. It was built with our member firm partners from the beginning. And we started a member firm working group with the pilot. And we initiated the pilot a year ago. We identified a group of member firms to participate in that pilot from the start. And we immediately solicited their input on What do you find valuable? What types of information can you action? What types of information do you think are not helpful? What should we be sharing? How should we be sharing it? And how can we make it as easy as possible for you to share what you're seeing in that threat environment with us so that we could take it, analyze it, aggregate it, anonymize it, and share it back out with you all to action.
That member firm feedback directly shaped what the FIFC looks like today and continues to shape it as we move along. One of the most important early inputs from firms was to keep the barrier to participation low. And what I mean by that when I say keep the barrier to participation low, [is] not requiring a million different things that firms have to share in order for them to share intelligence. It's our job to take the intelligence, the things that they're observing. And when I say intelligence, I mean indicators of threat activity, threat actor behaviors, tactics that they're seeing, indicators of compromise, those types of things, and just sharing what they have with us and letting us connect the dots so that it can go and feed back into our member firm ecosystem so that other firms can take it and learn from it and action it.
One of the first things that we got as feedback was when tips are shared either with FINRA or other organizations, government agencies, that firms are sharing, they don't always get feedback from that. So, they share something and they're interested in hearing what happens with it. Was it valuable? Was it worth our time to share that information? And there was a feeling that information and intelligence went into a black hole. So that was one of the first things that we took back. There is not a single piece of intelligence that's submitted to the Financial Intelligence Fusion Center where a member of my team, a subject matter expert on these threats, doesn't respond directly back in person to the firm that shared that intelligence. Sometimes it's asking for more information, sometimes it's asking for clarification, and other times, it's just saying, “These are our next steps.”
Firms were also clear that they appreciated the high-level strategic threat intelligence that we were already sharing through other means with them, but they also signaled that there is an appetite for more tactical and actionable intelligence. And we answered that when we rolled the FIFC out. We created a brand new intelligence product line that we had not previously had intended for that specific purpose of sharing tactical, actionable intelligence quickly with firms to add to the larger strategic threat outlook that they have.
09:09 – 10:20
Kerri Provenza: And just to add on what Dave said, from the very beginning, we were very intentional about making sure the voices shaping the FIFC represented the full spectrum of the industry. Different firm sizes, different business models, different risk profiles. A small regional broker dealer and a large global firm face very different threats and have very different internal capabilities. The FIFC had to work for both of them and everyone in between.
That intentionality shows in who has enrolled. We have firms of all sizes and business models participating, which tells us the intelligence we're producing is relevant across the industry, not just one segment of it. Member feedback also directly informed the types of intelligence products available through the platform. What firms told us they needed is what we built. And importantly, that feedback loop didn't close when we launched. The working group is ongoing. Features we're actively developing, like expanded notification customization, exist because firms told us that's what they need. The FIFC will keep evolving and member firm voices will keep driving that evolution.
10:20 – 10:33
Margherita Beale: Great, thank you both. So, more practically speaking, can you walk us through what happens when a firm shares intelligence with the FIFC? How does it become actionable?
10:33 – 12:47
David Ring: When intelligence comes into the Financial Intelligence Fusion Center, it lands with a small team here that triages that information and determines what are our next steps. There's always a response back to the member firm that shared the intelligence. Oftentimes it leads to additional conversations and questions. What we want to do is identify who in the organization can help provide the member firm with more clarity, more context directly back on more tactical issues so that we can have immediate impact when there's something that a firm shares that we think we can add more to it and let them conduct another action or help mitigate that issue that they're dealing with. Also, it feeds into the broader intelligence picture that we can see. So we get a better look at what the threat environment is because we're getting information and intelligence from across our membership, as well as leveraging the relationships we have with government agencies and the data that we have so that intelligence comes in, we can aggregate it, add more to it, and push it back out in a way that's actionable by firms.
I'd like to just talk a little bit about an example. Actually, on the first day that we launched the FIFC back at the end of March, on that first day, three firms shared a phishing email that they had received from a threat actor. And when we reviewed those three submissions into the FIFC, we realized that it seemed to be the same form email. It likely came from the same individual or group, just trying to elicit those firms to share information with them that they could use to further a scam. Those firms identified it very quickly as a scam and shared it with us. What we were able to do was take information that we had seen on similar scams, build a cyber alert within two hours, take the critical intelligence that those firms had shared with us, and push it back out in that cyber alert. So all firms that had adopted the FIFC on day one were able to see this phishing scam was going around. We included information that firms could use to help prevent those emails from getting through the filters that they have so that they never even reach anybody in their organization that could potentially be tricked by it. And we've been able to replicate that as well since that day.
12:47 – 12:56
Margherita Beale: So, can you share an example of the value of member firm participation in the FIFC beyond this great day one story?
12:56 – 14:33
Kerri Provenza: One of the early examples that really stuck with me involves a small firm that received a proactive targeted notification from the FIFC. It flagged potential malicious scanning activity directed at their public-facing systems. This wasn't something the firm reported to FINRA. The FIFC identified it and got it to them first. When the firm received the alert, they took it seriously and moved quickly. Their security team investigated, blocked the flagged activity, and conducted a thorough review of their systems. The good news? No compromise was identified. But the key point is the firm was able to get ahead of it. And that's because they had the intelligence to act in time.
The feedback from the firm was really gratifying. They found the report [to be] detailed and practical, not just a warning, but something that told them what to look for and what to do about it. The firm appreciated both the depth of the information, and the specific recommended actions included.
This example is meaningful for a few reasons. First, it's a small firm, the kind of firm that may not have a dedicated security team monitoring for this type of activity around the clock. The FIFC was able to provide a level of proactive intelligence that may have been difficult and costly for them to replicate on their own. Second, it demonstrates something we hear a lot: Firms don't always know what they're missing until the FIFC surfaces it for them. This is the FIFC working exactly as intended, and it's a great example of what's possible when FINRA and member firms are connected and communicating in real time.
14:33 – 14:38
Margherita Beale: So, since launching in March, what are you most proud of?
14:38 – 16:20
David Ring: What I'm most proud of is how firms have responded. We're many months in now, and we've got thousands of users across our member firms, and just about a third of FINRA member firms have joined the FIFC and are participating in the FIFC. And that's fantastic from my perspective. That's a significant number. And the more and more firms who sign up who are reading the intelligence that we're pushing out and actioning it, and even more importantly, sharing what they're seeing with us, creates a safer environment and a safer ecosystem for our investors and for our markets. And so it really is making a difference in the threat ecosystem.
I'm also seeing participation across member firm sizes. That's really important. Smaller member firms don't have the same level of resources that larger firms have that have significant cybersecurity teams and intelligence teams working on these things. But those smaller member firms are also seeing a lot of scams that they're able to observe. So, sharing that information and getting it back out to help provide more resources for firms who are helped by that, as well as leveraging the resources of some of those larger firms, really has created a collaborative environment that has had a really positive impact on what we're trying to do here.
The quality of intelligence coming in has been really strong. I think we've built some really positive relationships between the Financial Intelligence Fusion Center and the intelligence teams here at FINRA and those looking for those same threats at firms. And because of that, we've really been able to refine the types of things that are helpful for us to see. And we've been able to refine what we're pushing out so that firms are able to action.
16:20 – 16:29
Margherita Beale: Thanks for sharing that. What have you learned since launching a few months ago? Any lessons that stand out?
16:29 – 18:41
David Ring: The appetite for collaboration is extraordinary. And I think that we're all recognizing that the threat environment, when it comes to the broad array of scams and cyber threats that we're all facing out there, it's overwhelming. And we have to work together to mitigate those threats and help prevent investor harm. It's also become clear to me that when we push out actionable intelligence, it gets actioned.
What Kerri mentioned earlier about the alert that went to the member firm and they were able to search for the activity and prevent anything bad from happening. That's exactly what we're trying to do. And we have to continue to develop that trust between FINRA and our member firms when it comes to collaborating on these threats so that we can be more successful in that effort.
And I'll just share an example that really drives home to me how valuable connecting those dots is. A member firm shared information on a scam network that they were seeing. They had a significant amount of information and data on what those scammers were doing and how they were operating. And they took the time to share that with the FIFC because they felt that there was more that could be done with it if they just shared that information. We were able to take that and share it with some of the subject matter experts here who were able to identify additional elements within that scam network. We got the teams together, both from the firm and from FINRA. And when we did that, we had thought maybe because the firm had done so much work on this issue, that they had seen everything that we were going to tell them and they maybe already knew that. But when we had the conversation, they were not aware of everything that we had seen. And so that really taught me: Don't assume that a large firm sees every aspect of it because they didn't assume that we already knew about it or that we couldn't help them, so they shared it with us. We were able to identify new things. We got together and we were able to connect some dots that were not connected before.
And to me, that drives home how important this collaboration is because our partners in industry, our member firms are seeing pieces of the threats, we're seeing pieces of it. If we could come together and share that information, trust that we're going to use that information to try to prevent these scams or mitigate these threats.
18:41 – 19:06
Kerri Provenza: And something that has really stood out to me is just how overwhelming the threat environment is for firms, particularly smaller ones. The volume and sophistication of what they're up against is significant. And it reinforces for me every day why the FIFC matters. No firm should have to navigate this alone. The FIFC is a win-win for everyone except the bad actors.
19:06 – 19:41
Margherita Beale: What themes come up when you talk to member firms about the FIFC, especially for you, Kerri, and the role that you're in?
19:14 – 20:36
Kerri Provenza: One thing that comes through clearly is that the value of the FIFC is different depending on who you're talking to, but it is valuable for everyone. For smaller and mid-sized firms, the conversation usually centers on access. These firms tell us that the kind of intelligence the FIFC provides would otherwise require dedicated staff, expensive tools, or outside vendors. Getting that capability for free through a platform built specifically for the broker dealer world is a big deal for them, and they're very appreciative.
Large firms come at it from a different angle. Most of them have security teams and existing tools, but what they're telling us is that the FIFC gives them something those resources can't, a view across the entire industry. It's not replacing what they have, it's making it better. And across the board, regardless of firm size, what firms consistently say is that the intelligence feels relevant. It's not a generic feed of cybersecurity news. It's curated for broker-dealers. It focuses on threats and scenarios that actually affect their businesses and their customers. The reaction we hear most often is that firms come in not quite sure of what to expect and they walk away wishing they had joined sooner.
20:36 – 20:38
Margherita Beale: What about you, Dave?
20:38 – 21:51
David Ring: The other thing that I hear consistently from firms is that we're taking their feedback. That when they tell us, “Hey, this is working, this isn't working,” we're doing more of what's working and we're leaning in on that, what's not working as well, we're modifying it, we're changing it, and we're working with them to improve continuously what we're trying to offer through the Financial Intelligence Fusion Center. Wasn't a ready-made product for them to adopt, like it or not, it was a collaborative build and continues to be. I talked about the pilot working group earlier. We have a continued FIFC working group with member firms that goes on today, now that we're out of the pilot, to keep those feedback channels open. When firms tell us something isn't working or something needs to be changed or modified or something is missing, we take it seriously and we act on it.
Threat actors are working together every day. They don't have boundaries, they don't have rules that they operate within. They are collaborating where it helps them to take advantage of our investors, of our firms, for their purposes. Well, we need to do the same and we need to make sure that we're breaking down those barriers here to make sure that we're doing everything we can to work against those threat actors in the same way that they're working against us.
21:51 – 22:03
Margherita Beale: So, in line with our last question, what are some common questions that you've heard from member firms? And are there any misconceptions that you'd like to clarify?
22:03 – 23:08
Kerri Provenza: Definitely. And thank you for asking that because we get a lot of common questions and misconceptions. The question we probably get most often is some version of, “If my firm shares something, will other firms know it came from us?” and the answer is no. Anything a firm submits is reviewed by FIFC analysts first. By the time intelligence reaches other firms, it's been anonymized or aggregated. The focus is on the threat itself, not on where the information came from.
Along those same lines, firms sometimes wonder whether their participation is visible to others in the industry. It is not. FINRA does not disclose which firms are participating in the Fusion Center. Another concern we hear is whether sharing information through the FIFC could have unintended regulatory consequences, particularly whether it could affect their standing in an examination. Dave, I'll turn it over to you to speak more directly on this, but the FIFC was designed from the ground up with this concern in mind.
23:08 – 24:13
David Ring: Just to be very clear and very blunt about this, we are not asking for information from firms. We're not asking firms to share intelligence with us to inform or potentially initiate examinations or other regulatory actions against those firms. The purpose of this is to get ahead of those things. Make sure firms are well equipped to prevent those issues that could potentially hurt everybody down the line. So, we're not sharing that information when it comes in internally with the purposes of any regulatory action on our part. We've been operating for many months now, and there are zero examples of a firm sharing intelligence with us and then it being used against them in any form or fashion, internally or externally. The intent here is to double down on good faith information sharing so that everybody is operating at the highest level possible to prevent scams from happening, to prevent cyber incidents from happening, to protect everybody's data, to protect our investors and to safeguard our markets, with the purpose of creating a safer environment for everyone.
24:13 – 24:23
Margherita Beale: So, we've talked a lot about what the FIFC has done so far, but what's next for the FIFC in the future?
24:23 – 25:41
David Ring: So, what's next? We have a lot of things on the horizon. We're looking at leveraging and leaning into different technology enhancements that we can provide to the portal itself. We want firms to be able to integrate API connections with the FIFC so that the intelligence flowing in from us and flowing out from firms can integrate more [seamlessly] into their operations. And we're looking to add different AI enablement to the FIFC portal so that searching is easier, so that there are more features that make using it easier. We want to increase customization levels of the FIFC portal so that firms can customize what they want to hear and what they don't want to hear, especially at larger firms where you have people working on more specializations, that they can get what they care about in those specializations. And then if they want something outside of that, they can go find it, but it's not being pushed to them.
The goal here is make it easier to share and reduce as many barriers to participation as possible. When firms see something come across their desks when it comes to a particular threat or cyber issue, their second thought is, “I have to share that with the FIFC.” Of course, their first thought is, “What do I need to do to protect our clients? What do I need to do to protect our firm?” But immediately the next thought is the FIFC is the place that we need to go with this.
25:41 – 27:17
Kerri Provenza: And member firm feedback remains central to everything we do, and their voices will continue to shape what the FIFC becomes. There are member firms that may not yet be fully aware of what the FIFC offers or how easy it is to participate. Raising that awareness is a priority for us over the next year because the more firms that participate, the stronger the intelligence network becomes and the better protected the industry is as a whole. We also want to continue expanding the educational dimension of the FIFC. Intelligence products are core to what we do, but we also want to make sure firms have the practical tools and resources to act on what they're receiving, whether that's guidance on responding to a specific type of threat or broader resources to strengthen their cybersecurity and fraud prevention programs. And as the threat landscape evolves, so will our focus areas. The types of threats targeting broker dealers are constantly shifting, whether that's AI-driven fraud, account takeover schemes, or emerging cyber vulnerabilities. Staying ahead of the curve and making sure the intelligence we're producing reflects what firms are actually facing is something we think about continuously.
Looking further ahead, I hope the FIFC becomes a natural part of how firms operate, where sharing intelligence isn't an extra step but simply part of how they respond when they see something. Building that culture across the industry takes time, but that's exactly what we're working towards.
27:17 – 27:25
Margherita Beale: For members that are not actively participating yet, how and why should they consider getting involved?
27:25 – 28:48
David Ring: Well, the how is very easy. Go to FIFC.finra.org and all the information that you need to learn about the Financial Intelligence Fusion Center is right there for you to see. And there are instructions on how to gain access and what you need to do to gain access if you're a FINRA member firm. It sits in FINRA Gateway, is just another access point there for people at member firms. Once you turn that access on, you have full access to the Financial Intelligence Fusion Center, all the resources, all the intelligence, and the ability to submit intelligence information to us.
Why should you consider getting involved? I think that a lot of what we talked about kind of makes that speak for itself. But when you enroll, you're not just gaining access to intelligence, you're contributing to a network that makes every other participating firm safer. The value of the FIFC grows with every firm that joins. The cost of participating is nothing. If you're a member firm, it is another service that FINRA provides. And I've talked a lot about sharing intelligence within the FIFC. The last thing I'd like to say on that is: you don't have to. You can go to the FIFC and just read the intelligence that we're pushing out and just look at the resources that we've provided. So don't feel like joining requires you to share intelligence with us. Everything related to the FIFC is purely voluntary. So, there is really no downside in joining.
28:48 – 29:11
Kerri Provenza: And to add on, when firms are better protected, their customers are better protected too. That's the collective value of what we're building here. Every firm that participates, every threat that gets flagged and acted on, makes the entire broker dealer ecosystem stronger. And that strength ultimately extends to the investors that the industry serves.
29:11 – 29:19
Margherita Beale: As we wrap up today, if listeners could remember one thing from today's conversation, what would you like it to be?
29:19 – 29:52
David Ring: People need to realize that no one individual, no one firm, no regulator, no government agency can stay ahead of today's threat environment alone. What we need is aggressive collaboration to work together to mitigate and prevent these threats and hold threat actors accountable. And I think that the FIFC has been a perfect example of how we can do that in a safe environment, on a trusted, secure platform to really make a difference to protect investors, safeguard markets in a collaborative way.
29:52 – 30:18
Kerri Provenza: Listeners walk away knowing that FINRA is in this with them, not as an observer, not as a regulator standing apart, but as genuine partners. Cybersecurity and fraud are shared challenges, and the FIFC is the most tangible expression of that partnership we've ever built. When firms win, investors win, and the FIFC exists to help make that happen.
30:18 – 30:47
Margherita Beale: Well, that's it for today's episode. Dave and Kerri, thank you so much for joining us and speaking on this important topic. Listeners, if you don't already, please be sure to subscribe to FINRA Unscripted wherever you listen to podcasts. All of the resources mentioned in today's episode will be included on the homepage for the episode. Today's episode was produced by me, Margherita Beale, and engineered by John Williams. Until next time.
30:47 – 31:21
Disclosure: Please note FINRA podcasts are the sole property of FINRA and the information provided is for informational and educational purposes only. The content of the podcast does not constitute any FINRA rule or amendment or interpretation to such rules. Compliance with any recommended conduct presented does not mean that a firm or person has complied with the full extent of their obligations under FINRA rules, the rules of any other SRO or securities laws. This podcast is provided as is. FINRA and its affiliates are not responsible for any human or mechanical errors or omissions. Parties may not reproduce these podcasts in any form without the express written consent of FINRA.