Guidance
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Requirements under NASD Rule 3030 (formerly Article III, Section 43) for investment seminar activities conducted by dually registered persons that charge fees from participants.
Clarification of NASD Notice to Members
94-44 to situations in which a dually registered person maintains discretionary trading authority, determines portfolio changes, and prepares trade instructions for customer accounts and charges the accounts an asset-based fee.
Whether a proposed standby purchase agreement entered into between affiliate of a member and an issuer in connection with a public offering of the issuer's common stock could constitute an option.
Cash rebates issued to pension plan customers with respect to secondary market transactions in outstanding securities (under former Article III, Section 24, now Rule 2740 and IM-2740).
Background
Until mid-2017, FINRA maintained two distinct enforcement teams within the organization—one handling disciplinary actions related to trading-based matters found through our market surveillance and trading examination programs, and the other handling cases referred from other regulatory oversight divisions within FINRA, such as sales practice examinations and our Office of Fraud Detection and Market Intelligence. Through FINRA360, we analyzed stated firm concerns that these dual programs sometimes resulted in duplication of effort and inconsistency of results.
The Municipal Continuing Disclosure Report displays statistics about transactions that your firm effected with customers. The report provides relevant information about the availability of official statements, annual financial filings, and event filings on the MSRB's Electronic Municipal Market Access system (EMMA) at the time the securities were sold or purchased. Specifically, the report shows counts of transactions with customers for which official statements and/or current annual financial filings were not available on EMMA at the time the transaction occurred.
Background
Advanced data analytics is a critical function within FINRA and an important component of our efforts to be a risk-based and data-driven organization.7 This work, which supports our examination, surveillance and enforcement functions among others, is conducted in a number of areas throughout FINRA, but primarily within Market Regulation Surveillance, Research, Methodology, and Governance (SRMG), the Regulation Operations Advanced Analytics Team (AAT), the Office of the Chief Economist (OCE), and Technology.
The Municipal Trades Below Minimum Denomination Report displays statistics about transactions your firm effected with customers where the denomination was below the minimum denomination provided to DTCC’s New Issue Information Dissemination Service (NIIDS) and/or reference data obtained from Thomson Reuters. This report is designed to aid firms in monitoring their compliance with MSRB Rule G-15(f). MSRB Rule G-15 (f) requires, with some exceptions, that firms should no