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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Guidance
FLEX Equity Options Position & Exercise Limit Rules

FINRA Rule 2360(b)(2) provides that “[t]he position and exercise limits for FLEX Equity Options for members that are not also members of the exchange on which FLEX Equity Options trade shall be the same as the position and exercise limits as applicable to members of the exchange on which such FLEX Equity Options are traded.”

October 29, 2014
Guidance
Targeted Examination Letter on Order Routing and Execution Quality of Customer Orders
The Trading Examinations Unit (“TEU”) within the Trading and Financial Compliance Examinations (“TFCE”) group of the Market Regulation Department at FINRA is conducting a review of processes and procedures of ABC Securities LLC (“the Firm”) in connection with order routing and execution quality of customer orders in exchange listed stocks.
July 01, 2014
Guidance
Regulatory Notice 14-18
FINRA Revises the Investment Company and Variable Contracts Products Principal (Series 26) Examination Program
April 30, 2014
Interpretive Letter
Interpretive Letter to Russell D. Sacks, Shearman & Sterling LLP

NASD Rule 2711 - Research Analysts and Research Reports

April 28, 2014
Notice
Regulatory Notice 14-17
2014 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
April 21, 2014
Notice
Regulatory Notice 14-16
Securities Industry/Regulatory Council on Continuing Education Issues Firm Element Advisory Update
April 11, 2014
Guidance
Regulatory Notice 14-13
Extension of Time Requests Relating to New SEA Rule 15c3-3(d)(4)
March 25, 2014
Guidance
Regulatory Notice 14-12
FINRA Announces Updates of the Interpretations of Financial and Operational Rules
March 24, 2014
Guidance
Regulatory Notice 14-06
FINRA Announces Updates of the Interpretations of Financial and Operational Rules
February 07, 2014
Exemptive Letter
Venu Palaparthi, NPM Securities LLC
Exemptive Letter to Venu Palaparthi, NPM Securities LLC
January 07, 2014
Guidance
Targeted Examination Letter on Cybersecurity
FINRA is conducting an assessment of firms’ approaches to managing cyber-security threats. FINRA is conducting this assessment in light of the critical role information technology (IT) plays in the securities industry, the increasing threat to firms’ IT systems from a variety of sources, and the potential harm to investors, firms, and the financial system as a whole that these threats pose.
January 01, 2014
Guidance
Regulatory Notice 13-45
FINRA Reminds Firms of Their Responsibilities Concerning IRA Rollovers
December 30, 2013
Guidance
Regulatory Notice 13-41
eFOCUS System Updates Applicable to Joint Broker-Dealers/Futures Commission Merchants
December 19, 2013
Guidance
Regulatory Notice 13-38
FINRA and ISG Extend Effective Date for Certain Electronic Blue Sheet Data Elements
November 01, 2013
Guidance
Regulatory Notice 13-36
FINRA Revises the Investment Company and Variable Contracts Products Representative (Series 6) Examination Program
October 31, 2013
Guidance
Regulatory Notice 13-33
Securities Industry/Regulatory Council on Continuing Education Issues Firm Element Advisory Update
October 18, 2013
Report / Study
Conflict of Interest Report

Conflicts of interest can arise in any relationship where a duty of care or trust exists between two or more parties, and, as a result, are widespread across the financial services industry. While the existence of a conflict does not, per se, imply that harm to one party’s interests will occur, the history of finance is replete with examples of situations where financial institutions did not manage conflicts of interest fairly.

October 14, 2013
Guidance
Regulatory Notice 13-31
FINRA Highlights Examination Approaches, Common Findings and Effective Practices for Complying With its Suitability Rule
September 25, 2013
Guidance
Regulatory Notice 13-28
FINRA Revises the Series 16 Examination Program
August 28, 2013
Interpretive Letter
Interpretive Letter to Brian Sweeney, Trustmont Financial Group, Inc.
Request for Interpretive Guidance on FINRA Rule 2111 (Suitability) in Relation to EB-5 Program Securities Transactions
August 26, 2013
Guidance
Regulatory Notice 13-26
FINRA Updates Form for Filing Private Placements of Securities Pursuant to FINRA Rules 5122 and 5123
August 19, 2013
Guidance
Regulatory Notice 13-25
FINRA, the SEC and CFTC Issue Joint Advisory on Business Continuity Planning
August 16, 2013
Guidance
Regulatory Notice 13-24
FINRA Announces Modifications Regarding Historic TRACE Data
July 22, 2013
Targeted Examination Letter
Targeted Examination Letter on High Frequency Trading
The Trading Examinations Unit (“TEU”) within the Trading and Market Making Surveillance (“TMMS”) group of the Market Regulation Department at FINRA is conducting a review of the Firm’s controls and processes in connection with the development and use of trading algorithms , as well as controls surrounding automated trading technology.
July 01, 2013
Guidance
Regulatory Notice 13-22
FINRA Revises the Series 55 Examination Program
June 28, 2013