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Firm Data

Table of Contents

2.1 Sizes and Counts


Figure 2.1.1 Total Number of FINRA-Registered Firms, 2018−20221

(Count as of year-end)

 

Total Number of FINRA-Registered Firms 2018−2022

Source: Financial Industry Regulatory Authority.

1 Firms conducting securities transactions and business with the investing public must be registered with FINRA. Firms must meet certain membership standards to attain registration.

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Figure 2.1.2 Firm Distribution by Size, 2018−20221

(Count as of year-end)

 

Firm Distribution by Size 2018−2022

Source: Financial Industry Regulatory Authority.

1 Large Firm = 500 or more registered representatives; Mid-Size Firm = 151-499 registered representatives; Small Firm = 1-150 registered representatives.

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Table 2.1.3 Firm Distribution by Size, 2018−20221

(Count as of year-end)

 

  2018 2019 2020 2021 2022
Large 173 168 165 161 165
Mid-Size 192 198 191 185 192
Small 3,242 3,151 3,079 3,048 3,021
Total 3,607 3,517 3,435 3,394 3,378

Source: Financial Industry Regulatory Authority.

1 Large Firm = 500 or more registered representatives; Mid-Size Firm = 151-499 registered representatives; Small Firm = 1-150 registered representatives.

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Figure 2.1.4 Securities Industry Registered Firms by Type of Registration, 2013−20221

(Count as of year-end)

 

Securities Industry Registered Firms by Type of Registration 2013−2022

Source: Financial Industry Regulatory Authority.

1 "Broker-Dealer Firms Only" refers to firms that are solely registered with FINRA as broker-dealers. "Dual Broker-Dealer and Investment-Adviser Firms" refers to FINRA-registered broker-dealers who are also registered as investment adviser firms. "Investment Adviser Firms Only" refers to firms that are registered only as investment advisers and are overseen by the SEC or state regulators. “Securities Industry Registered Firms” refers to the totality of registered firms.

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Table 2.1.5 Securities Industry Registered Firms by Type of Registration, 2013−20221

(Counts as of year-end)

 

  2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Broker-Dealer Firms Only 3,449 3,391 3,303 3,226 3,130 3,045 2,989 2,930 2,914 2,915
Dual Broker-Dealer and Investment Advisers 697 677 640 609 596 562 528 505 480 463
All FINRA-Registered Broker-Dealer Firms 4,146 4,068 3,943 3,835 3,726 3,607 3,517 3,435 3,394 3,378
Investment Adviser Firms Only 27,512 28,134 28,712 29,081 29,600 30,246 30,535 30,891 31,669 32,021
Total Registered Firms 31,658 32,202 32,655 32,916 33,326 33,853 34,052 34,326 35,063 35,399

Source: Financial Industry Regulatory Authority.

1 "Broker-Dealer Firms Only" refers to firms that are solely registered with FINRA as broker-dealers. "Dual Broker-Dealer and Investment-Adviser Firms" refers to FINRA-registered broker-dealers who are also registered as investment adviser firms. "Investment Adviser Firms Only" refers to firms that are registered only as investment advisers and are overseen by the SEC or state regulators. “Securities Industry Registered Firms” refers to the totality of registered firms.

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Figure 2.1.6 Distribution of Branches by Firm Size, 2018−20221,2,3

(Count as of year-end)

 

Distribution of Branches by Firm Size 2018−2022

Source: Financial Industry Regulatory Authority.

1 For each branch office, a FINRA-registered firm must file a Form BR (the Uniform Branch Office Registration Form).

2 Rule 3110(f) defines a branch office and non-branch location (or unregistered location). Under Rule 3110(f)(2)(A), a “branch office” is any location where one or more associated persons of a member conducts the business of effecting any transaction in, or inducing or attempting to induce the purchase or sale of any security or is held out as such. A branch office may be an office of supervisory jurisdiction (OSJ) if any one of the activities set forth under Rule 3110(f)(1) occurs at the location, or a supervisory branch office as set forth under Rule 3110(f)(2)(B).

3 Large Firm = 500 or more registered representatives; Mid-Size Firm = 151-499 registered representatives; Small Firm = 1-150 registered representatives.

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Table 2.1.7 Distribution of Branches by Firm Size, 2018−20221,2,3

(Counts as of year-end)

 

  2018 2019 2020 2021 2022
Large 133,760 132,758 132,719 130,295 130,674
Mid-Size 9,837 10,660 9,766 9,074 10,299
Small 11,064 10,489 10,376 10,518 9,674
Total 154,661 153,907 152,861 149,887 150,647

Source: Financial Industry Regulatory Authority.

1 For each branch office, a FINRA-registered firm must file a Form BR (the Uniform Branch Office Registration Form).

2 Rule 3110(f) defines a branch office and non-branch location (or unregistered location). Under Rule 3110(f)(2)(A), a “branch office” is any location where one or more associated persons of a member conducts the business of effecting any transaction in, or inducing or attempting to induce the purchase or sale of any security or is held out as such. A branch office may be an office of supervisory jurisdiction (OSJ) if any one of the activities set forth under Rule 3110(f)(1) occurs at the location, or a supervisory branch office as set forth under Rule 3110(f)(2)(B).

3 Large Firm = 500 or more registered representatives; Mid-Size Firm = 151-499 registered representatives; Small Firm = 1-150 registered representatives.

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Figure 2.1.8 Firm Distribution by Specified Demographics, 2022

(As of year-end, percent of total)

 

Firm Distribution by Specified Demographics 2022

Source: Financial Industry Regulatory Authority.

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Table 2.1.9 Firm Distribution by Number of Registered Representatives: Additional Breakdown, 2018–2022

(Counts as of year-end)

 

Number of Registered Representatives 2018 2019 2020 2021 2022
>1000 93 95 93 90 91
500-1000 80 73 72 71 74
301-499 65 69 66 63 66
151-300 127 129 125 122 126
101-150 101 107 112 125 102
76-100 94 83 78 74 90
51-75 165 157 174 174 158
41-50 100 100 102 109 99
31-40 167 159 133 140 142
26-30 129 114 119 110 102
21-25 155 164 124 133 156
16-20 257 236 248 224 200
11-15 378 370 374 365 361
10 or Fewer 1,696 1,661 1,615 1,594 1,611
Total 3,607 3,517 3,435 3,394 3,378

Source: Financial Industry Regulatory Authority.

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Figure 2.1.10 10-Year Change in Number of FINRA-Registered Firms, 2012−2022

(Count as of year-end)

 

10-Year Change in Number of FINRA-Registered Firms 2012−2022

Source: Financial Industry Regulatory Authority.

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2.2 Entrance and Exit of Firms


Figure 2.2.1 FINRA-Registered Firms – Median Number of Years in Business, 2012–2022

(As of year-end)

 

FINRA-Registered Firms – Median Number of Years in Business 2012–2022

Source: Financial Industry Regulatory Authority.

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Figure 2.2.2 FINRA-Registered Firms – Leaving/Entering the Industry, 2008–2022

(Count as of year-end)

 

FINRA-Registered Firms – Leaving and Entering the Industry 2008–2022

Source: Financial Industry Regulatory Authority.

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Table 2.2.3 FINRA-Registered Firms – Leaving/Entering the Industry, 2008–2022

(Count as of year-end)

 

Year Firms Leaving Percent of Total Firms Entering Percent of Total End of Year Total Firms
2008 324 7% 218 4% 4,896
2009 341 7% 162 3% 4,717
2010 329 7% 189 4% 4,577
2011 294 7% 172 4% 4,455
2012 303 7% 137 3% 4,289
2013 249 6% 106 3% 4,146
2014 222 5% 144 4% 4,068
2015 244 6% 119 3% 3,943
2016 231 6% 123 3% 3,835
2017 205 5% 96 3% 3,726
2018 219 6% 100 3% 3,607
2019 206 6% 116 3% 3,517
2020 210 6% 128 4% 3,435
2021 150 4% 109 3% 3,394
2022 132 4% 116 3% 3,378

Source: Financial and Operational Combined Uniform Single (FOCUS) Reports.

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Figure 2.2.4 FINRA-Registered Firm Branch Offices – Opening/Closing, 2012–2022

(Count as of year-end)

 

FINRA-Registered Firm Branch Offices – Opening and Closing 2012–2022

Source: Financial Industry Regulatory Authority.

1 Notes Text 1

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Table 2.2.5 FINRA-Registered Firm Branch Offices – Opening/Closing, 2012–2022

(Count as of year-end)

 

Year Branches Closed Percent of Total Branches Opened Percent of Total End of Year Total Branches
2012 25,193 16% 25,939 16% 161,149
2013 19,382 12% 18,711 12% 160,478
2014 16,554 10% 17,522 11% 161,446
2015 18,296 11% 18,242 11% 161,392
2016 20,103 13% 18,175 11% 159,464
2017 21,797 14% 18,300 12% 155,967
2018 20,875 14% 19,569 13% 154,661
2019 17,979 12% 17,225 11% 153,907
2020 15,987 10% 14,941 10% 152,861
2021 20,847 14% 17,873 12% 149,887
2022 17,334 12% 18,094 12% 150,647

Source: Financial Industry Regulatory Authority.

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2.3 Geographic Distribution


Figure 2.3.1 Geographic Distribution of Firms by Number of Branches, 2022

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Table 2.3.2 Branches By State/Region, 2018–2022

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Figure 2.3.3 Geographic Distribution of Firms by Headquarters, 20221

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Table 2.3.4 Geographic Distribution of Firms by Headquarters, 2018–2022

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Figure 2.3.5 Urban-Rural Breakdown of FINRA-Registered Firms and Branches by Firm Size—20221,2

(Percent of total, as of year-end)

 

Urban-Rural Breakdown of FINRA-Registered Firms and Branches by Firm Size—2022

Sources: U.S. Census Bureau; Financial Industry Regulatory Authority.

* A firm is counted if it has a branch in that area. Not included are firms and branches that do not report a zip code in CRD.

1 Large Firm = 500 or more registered representatives; Mid-Size Firm = 151-400 registered representatives; Small Firm = 1-150 registered representatives.

2 Branch and firm zip codes are linked to the 2010 Urban Area to Zip Code Tabulation Area (ZCTA) Relationship File. The Census Bureau identifies two types of urban areas: i) Urbanized Areas (UAs) of 50,000 or more people; ii) Urban Clusters (UCs) of at least 2,500 and less than 50,000 people. "Rural" encompasses all population, housing, and territory not included within an urban area. Zip codes formed since 2010 default to rural status.

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Table 2.3.6 Urban-Rural Breakdown of FINRA-Registered Firms and Branches by Firm Size—20221,2

(Count as of year-end)

 

  Firms* Branches*
  Urban % Urban Rural % Rural Urban % Urban Rural % Rural
Large 164 5% 116 27% 126,457 87% 4,129 86%
Mid-Size 188 6% 85 20% 9,829 7% 374 8%
Small 2,871 89% 223 53% 9,161 6% 276 6%
Total 3,223 100% 424 100% 145,447 100% 4,779 100%

Sources: U.S. Census Bureau; Financial Industry Regulatory Authority.

* A firm is counted if it has a branch in that area. Not included are firms and branches that do not report a zip code in CRD.

1 Large Firm = 500 or more registered representatives; Mid-Size Firm = 151-400 registered representatives; Small Firm = 1-150 registered representatives.

2 Branch and firm zip codes are linked to the 2010 Urban Area to Zip Code Tabulation Area (ZCTA) Relationship File. The Census Bureau identifies two types of urban areas: i) Urbanized Areas (UAs) of 50,000 or more people; ii) Urban Clusters (UCs) of at least 2,500 and less than 50,000 people. "Rural" encompasses all population, housing, and territory not included within an urban area. Zip codes formed since 2010 default to rural status.

3 All the numbers were revised to correct an error. The error was corrected on August 23, 2023.

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2.4 Advertising and Products


Figure 2.4.1 Advertising Regulation Filing Volumes, 2018–20221

(Count as of year-end)

 

Advertising Regulation Filing Volumes 2018–2022

Source: Financial Industry Regulatory Authority.

1 Based on communications filed by broker-dealers for review by FINRA's Advertising Regulation Department ("Filings"). The filing requirements were modified in January 2017 as part of a retrospective review of the Communications with the Public Rules, as described in Regulatory Notice 16-41.

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Table 2.4.2 FINRA-Registered Firms – Most Common Marketing Methods Filed with FINRA, 2022

 

Marketing Methods Total for Period 2022
Acct statement related communications 120
Articles & 3rd party reprints 568
Audio/Video tapes, CDs & DVDs 1,155
Brochures, pamphlets, & catalogs 4,002
Broker Dealer use only material 38
Business related stationery 13
E-mail, IM, SMS or text messages 3,651
Flyers & other hand delivered material 3,303
Fund specific information sheet(s) 14,382
Information released to the press 800
Mailed sales material 2,149
Periodic & other performance reports 3,742
Print ads, posters, & signs 366
Radio ads & radio broadcasts 80
Research reports - equity & debt 520
Seminar related communications 1,700
Software output & IA Tools 448
TV ads & TV broadcasts 119
Telemarketing & other phone scripts 10
Web information password protected 608
Web information public access 26,336
Total 64,110

Source: Financial Industry Regulatory Authority.

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Figure 2.4.3 Advertising Regulation Filing Volumes – Investment Company Product, 2022

(Percentage of Total Filings)

 

Advertising Regulation Filing Volumes – Investment Company Product 2022

Source: Financial Industry Regulatory Authority.

1 Notes Text 1

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Table 2.4.4 Advertising Regulation Filing Volumes – Investment Company Product, 2022

 

Investment Company Product Types Percentage of Total Filings
Total Registered Investment Company Products 95.5%
Total Non-Registered Investment Company Products 4.5%

Source: Financial Industry Regulatory Authority.

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Table 2.4.5 Advertising Regulation Filing Volumes – Voluntary vs. Mandatory, 2018–2022

(Count as of year-end)

 

Filing Type 2018 2019 2020 2021 2022
Mandatory 59,833 55,211 52,583 54,529 55,117
Voluntary 12,350 12,360 10,463 9,950 8,993

Source: Financial Industry Regulatory Authority.

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2.5 Capital Formation


Figure 2.5.1 Capital Acquisition Brokers and Funding Portals, 2018–20221

(Count as of year-end)

 

Capital Acquisition Brokers and Funding Portals 2018–2022

Source: Financial Industry Regulatory Authority.

1 Capital Acquisition Brokers (CABs) engage in a limited range of activities, essentially advising companies and private equity funds on capital raising and corporate restructuring, and acting as a placement agent for sales of unregistered securities to institutional investors under limited conditions. The CAB rule took effect in 2017. Funding Portals (FPs) also engage in a limited range of activities: those prescribed under to JOBS Act and the SEC's Regulation Crowdfunding. The FP rule took effect in 2016.

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Table 2.5.2 Total Number of Unique Corporate Financing Filings, 2018–20221,2,3

(Count as of year-end)

 

Filing Type 2018 2019 2020 2021 2022
Total Public Offerings (FINRA Rule 5110) 1,524 1,604 2,304 2,901 1,398
Member Private Offerings (FINRA Rule 5122) 99 60 51 47 45
Private Placements of Securities (FINRA Rule 5123) 2,372 2,449 2,300 3,822 3,807

Source: Financial Industry Regulatory Authority.

* The total number of unique corporate financing filings (not including amendments to filings) received by the Corporate Financing Department.

1 FINRA Rule 5110 requires all public offerings in which a member participates to be filed with FINRA for review, except as exempted from the filing requirement under paragraph (h).

2 FINRA Rule 5122 requires firms that offer or sell retail private placements of their own securities or that of a control entity to file offering documents and information about the issuer, the offering and the selling firms before the documents are provided to investors, except as exempted from the filing requirements under section (C).

3 FINRA Rule 5123 requires firms that sell non-proprietary, retail private placements to file with FINRA's Corporate Financing Department within 15 calendar days of the date of first sale, offering documents and information about the issuer, the offering and the selling firms, except as exempted from the filing requirements under section (B).

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2.6 Business Segments


Table 2.6.1 Small Firms – Business Segments as of December 20221

 

Firm Grouping Firm Sub-Grouping Number of Firms
Capital Markets and Investment Banking Services M&A and Investment Banking 719
Capital Markets and Investment Banking Services Private Placements - Institutional Investors 319
Capital Markets and Investment Banking Services Product Originator and Wholesaler 199
Capital Markets and Investment Banking Services Niche/Other - CMIB 101
Capital Markets and Investment Banking Services Public Finance 43
Clearing and Carrying Chaperone - 15a-6 Firms 75
Clearing and Carrying Securities Financing Book 18
Clearing and Carrying Niche/Other - Clearing 17
Clearing and Carrying Correspondent Clearing 16
Diversified Small Diversified 71
Diversified Medium Diversified - Carrying/Clearing 13
Diversified Medium Diversified - Non-Carrying/Clearing 5
Diversified Large Diversified 2
Retail Retail Small 350
Retail Public Pooled Investment Vehicles and Variable Annuities 218
Retail Retail Small - Independent Contractor 201
Retail Private Placements 191
Retail Fintech 64
Retail Retail with Carrying/Clearing Activities 29
Retail Retail Mid-Size & Large - Independent Contractor 4
Retail Retail Mid-Size & Large 3
Trading and Execution Institutional Brokerage 249
Trading and Execution Medium/Small Proprietary Trading and Market-Making 58
Trading and Execution Alternative Trading Systems (ATS's) and Electronic Communication Networks (ECN's) 43
Trading and Execution Large Proprietary Trading and Market-Making 12
Total   3,020

Source: Financial Industry Regulatory Authority.

* The definition of firm size in FINRA’s By-Laws may differ from the Member Firm Business Segment definitions, which may consider total assets and/or total revenue in categorizing a firm.

1 Small Firm = 1-150 registered representatives.

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Table 2.6.2 Mid-Size Firms – Business Segments as of December 20221

 

Firm Grouping Firm Sub-Grouping Number of Firms
Capital Markets and Investment Banking Services Product Originator and Wholesaler 45
Capital Markets and Investment Banking Services M&A and Investment Banking 15
Capital Markets and Investment Banking Services Niche/Other - CMIB 1
Capital Markets and Investment Banking Services Public Finance 1
Clearing and Carrying Correspondent Clearing 2
Clearing and Carrying Chaperone - 15a-6 Firms 1
Clearing and Carrying Niche/Other - Clearing 1
Diversified Medium Diversified - Carrying/Clearing 13
Diversified Medium Diversified - Non-Carrying/Clearing 9
Diversified Small Diversified 5
Retail Retail Mid-Size & Large - Independent Contractor 43
Retail Retail Mid-Size & Large 13
Retail Public Pooled Investment Vehicles and Variable Annuities 11
Retail Retail Small - Independent Contractor 7
Retail Retail with Carrying/Clearing Activities 2
Retail Private Placements 2
Retail Fintech 1
Retail Retail Small 1
Trading and Execution Institutional Brokerage 12
Trading and Execution Large Proprietary Trading and Market-Making 4
Trading and Execution Medium/Small Proprietary Trading and Market-Making 3
Total   192

Source: Financial Industry Regulatory Authority.

* The definition of firm size in FINRA’s By-Laws may differ from the Member Firm Business Segment definitions, which may consider total assets and/or total revenue in categorizing a firm.

1 Mid-Size Firm = 151-499 registered representatives.

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Table 2.6.3 Large Firms – Business Segments as of December 20221

 

Firm Grouping Firm Sub-Grouping Number of Firms
Capital Markets and Investment Banking Services Product Originator and Wholesaler 20
Capital Markets and Investment Banking Services M&A and Investment Banking 2
Capital Markets and Investment Banking Services Private Placements - Institutional Investors 1
Clearing and Carrying Correspondent Clearing 3
Diversified Medium Diversified - Carrying/Clearing 24
Diversified Large Diversified 13
Diversified Medium Diversified - Non-Carrying/Clearing 5
Retail Retail Mid-Size & Large - Independent Contractor 38
Retail Public Pooled Investment Vehicles and Variable Annuities 29
Retail Retail Mid-Size & Large 16
Retail Retail with Carrying/Clearing Activities 9
Retail Fintech 1
Retail Private Placements 1
Trading and Execution Large Proprietary Trading and Market-Making 2
Total   161

Source: Financial Industry Regulatory Authority.

* The definition of firm size in FINRA’s By-Laws may differ from the Member Firm Business Segment definitions, which may consider total assets and/or total revenue in categorizing a firm.

1 Large Firm = 500 or more registered representatives.

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2.7 Financials


Figure 2.7.1 Excess Net Capital By Firm Size, 2018-2022

(Dollar Volume as of year-end, in billions of U.S. dollars)

 

Excess Net Capital By Firm Size 2018-2022

Source: Financial Industry Regulatory Authority.

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Figure 2.7.2 FINRA-Registered Firms – Total Revenues and Expenses, 2018−2022

(In millions of U.S. dollars)

 

Alt Text

Source: Financial and Operational Combined Uniform Single (FOCUS) Reports.

1 Notes Text 1

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Table 2.7.3 FINRA-Registered Firms – Aggregate Financial Information, 2018–2022

(In millions of U.S. dollars, as of year-end)

 

  2018 2019 2020 2021 2022
Total Revenues $361,089.37 $388,153.64 $361,954.09 $398,549.66 $350,516.97
Total Expenses $318,309.31 $344,209.98 $284,684.68 $306,908.83 $308,192.48
Pre-Tax Net Income $42,780.06 $43,943.66 $77,269.41 $91,640.83 $42,324.49

Source: Financial and Operational Combined Uniform Single (FOCUS) Reports.

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