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Guidance

We offer guidance to firms in the form of podcasts, webinars, FAQs, reports, and more. Use the toggle below to find guidance by topic, type or date. 

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Get Involved
Upcoming Board Meeting
This week, the FINRA Board of Governors will hold its first Board meeting of 2021.
March 02, 2021
Media Center
Behind the Process: How an Enforcement Action Becomes an Enforcement Action
Formal disciplinary action or informal action, settlement or complaint. Or, the one you never hear about: no action. There are a lot of possible outcomes for an Enforcement investigation. On this episode, Jessica Hopper, head of FINRA Enforcement, walks us through the Enforcement process and the many steps in the process.
February 23, 2021
Media Center
Encore | Augmenting the Exam and Risk Monitoring Program with Data Analytics and Technology
Technology is opening up new possibilities when it comes to solving business challenges. And that's important when it comes to optimizing an organization's most valuable limited resource: its people. On this episode, Member Supervision's new head of Data Analytics and Technology explains how FINRA is augmenting its examination and risk monitoring program.
February 09, 2021
Report / Study
2021 Report on FINRA’s Examination and Risk Monitoring Program
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.
February 01, 2021
Podcast
Revolutionizing the Digital Experience: Form U4 and FINRA Gateway
For the last couple of years, FINRA has been working to revolutionize the digital experience of firms, particularly when it comes to registration and disclosure. Recently, many of these changes have come to life through the new FINRA Gateway and an enhanced Form U4 filing experience. On this episode, we learn more about what’s new and what to expect next.
January 26, 2021
Media Center
Member Relations & Education: Reimagining the Future of Engagement
FINRA’s Member Relations & Education team is responsible for ensuring FINRA's regulatory programs are working for everyone and for maintaining a strong relationship with FINRA's member firms. But with a new group head looking back on an unprecedented year, the Member Relations & Education team is reimaging the future of member engagement.
January 12, 2021
Guidance
Targeted Examination Letter on Rights of Reinstatement (RoR)

November 2020

FINRA is conducting a review of firms’ systems and procedures for providing customers waivers and rebates available through Rights of Reinstatement1 (RoR) on mutual fund purchases.

As part of this review, FINRA will request that each firm that receives this information request respond to the questions below with respect to the period January 1, 2017 through June 30, 2020 (the relevant period):

November 11, 2020
Podcast
2020 Ketchum Prize: The Financial Security of Americans with Disabilities
Michael Morris’s research into and advocacy work around the financial security and capability of Americans with disabilities earned him the 2020 Ketchum Prize, the FINRA Foundation’s highest honor. On this episode, we talk to Morris, the founder of the National Disability Institute, about his research and advocacy work and the intersection of race and disability.
October 13, 2020
Guidance
Implementation Guidance for Public Offerings Subject to FINRA Rule 5110
Participating members, as defined in Rule 5110, must comply with amended Rule 5110, beginning on September 16, 2020 (the Implementation Date).1 The amended Rule will apply notwithstanding when the offering was filed or declared effective or when a participating member received a No Objections Letter.
September 16, 2020
Guidance
Filing Guidance - Public Offering Review
Filing Guidance - Public Offering Review
September 15, 2020
Guidance
Checklist for Mandatory Materiality Consultations Under Rule 1017(a)(6)

A member must submit a letter requesting a materiality consultation for specified changes in ownership, control, or business operations, including business expansions, involving a defined “covered pending arbitration claim,” unpaid arbitration award or unpaid settlement related to an arbitration.  Such letter must be submitted through FINRA Firm Gateway®, under the Materiality Consultation section.1 There is no fee associated with a mandatory materiality consultation.

September 01, 2020
Guidance
Interpretive Letter to Jason P. Ellison, Foreside Fund Services, LLC
A member firm may include related performance information in institutional communications concerning Section 3(c)(1) Funds, subject to the stated conditions discussed in the letter.
September 01, 2020
Arbitration and Mediation
Arbitrator Training Videos for Virtual Hearings

COVID 19 has increased the demand for virtual arbitration and mediation hearings to ensure cases can proceed without lengthy delays. Upon request of the parties or order of the Panel, FINRA Dispute Resolution Services provides videoconferencing through the Zoom platform, accessible via finra.zoom.us.

August 07, 2020
Podcast
Encore | Beyond Hollywood: Money Laundering in the Securities Industry
This episode originally aired in April 2019. The only thing many people know about money laundering is what they’ve learned from Hollywood. So if you want to really understand what money laundering is, and more specifically, the efforts brokerage firms must take to prevent and detect it, tune in. On this episode we talk to two of FINRA’s Anti-Money Laundering experts.
August 04, 2020
Report / Study
2020 Industry Snapshot
FINRA regulates a critical part of the securities industry – brokerage firms doing business with the public in the United States. In an effort to increase public awareness and understanding about the broad range of FINRA-registered firms and individuals, FINRA shares an annual snapshot of some of the data collected in the course of its work.
July 31, 2020
FAQ
Gifts/Business Entertainment/Non-Cash Compensation FAQs
Q.  Would it be consistent with FINRA Rule 3220 (Influencing or Rewarding Employees of Others) and the non-cash compensation provisions of FINRA Rules 2310, 2320, 2341 and 5110 for an associated person to host a virtual business entertainment event or a video meeting with the employees of an institutional customer or third-party broker-dealer and provide food and beverage that is designed to be consumed during that event or meeting?
July 29, 2020
Guidance
Interpretive Letter to T. Douglas Hollowell, UBS Financial Services, Inc.
A member may use negative response letters to effect a bulk transfer of employee equity compensation plan accounts, as directed by an employer.
July 24, 2020
Guidance
Interpretive letter to Michael Markunas, B. Riley FBR, Inc. and B. Riley Wealth Management, Inc.

Registered representatives who are not qualified to engage in investment banking activities may, subject to specified conditions, receive transaction-based compensation for referring existing brokerage clients that express an interest in investment banking transactions.

June 16, 2020
Virtual Conference Panel
Social Distancing and the Impact on Older Investors
Today, social distancing is an important component of public health. However the isolation that results has important implications for financial decision making, fraud vulnerability, and cognition among older investors. Join this panel for a discussion of emerging research on these topics and steps you can take to further protect your clients.
June 15, 2020
Report / Study
Artificial Intelligence (AI) in the Securities Industry

Artificial Intelligence (AI) technology is transforming the financial services industry across the globe.

June 10, 2020
Virtual Conference Panel
Financial Crimes, Trends and Responses – In the Midst of the Pandemic
COVID-19 has altered the world as we know it. While some have responded to it as an incident or singular event, in the world of countering criminal threats we are seeing the need to treat it as a sustained campaign. This panel will discuss the multitude of threats across the financial crimes’ spectrum perpetrated by an aggressive yet flexible adversary.
June 09, 2020
About FINRA
Report on Use of 2019 Fine Monies

FINRA is a not-for-profit, self-regulatory organization (SRO) dedicated to promoting investor protection and market integrity in a manner that facilitates vibrant capital markets. One of FINRA’s tools for achieving this objective is fair and effective enforcement of our member firms’ compliance with securities laws and regulations.

June 04, 2020
FAQ
Frequently Asked Questions about Advertising Regulation
Frequently asked questions regarding FINRA Rule 2210, filing requirements and the how to use the Advertising Regulation Electronic Filing (AREF) system.
May 20, 2020
Virtual Conference Panel
How to Protect Yourself and Your Firm From Cyberattacks When Working From Home During COVID-19
Join FINRA staff and industry panelists as they provide examples of effective controls and tools their firms have put into place to monitor and address cybersecurity risks.
May 19, 2020
Events & Training
The Small Firm Conference Call
Small firms represent a critical portion of FINRA’s membership and often face regulatory challenges that are unique from their large firm counterparts.
May 13, 2020