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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The TRACE Quality of Markets Report Card for Securitized Products is a monthly status report for the reporting of transactions in Asset Backed Securities, Mortgage Backed Securities and other similar securities, collectively defined as "Securitized Products", to the Trade Reporting and Compliance Engine (TRACE). Firms are required to report trades in accordance with established FINRA rules and regulations.
Background
An important part of FINRA's work involves providing investors the information and tools they require to make informed decisions about their assets and avoid dealings with bad actors. Several respondents to the Special Notice on Engagement issued in March 2017 provided a range of recommendations related to FINRA's efforts in the area of investor education—including the types of investor education content we develop and our dissemination strategies.
The Cross-Market Equities Supervision Manipulation Report is a tool designed to provide firms feedback on exceptions that were generated based on the firm’s order entry and trading activity in a given surveillance period. The report covers two distinct analyses; layering and Cross-Market Quote Spoofing. This report is produced on a monthly basis.
This report provides a summary of the review activity for the filings submitted during the selected and previous reporting periods.
If you have questions regarding the content of this report, please contact FINRA Corporate Financing at (240) 386-4623.
Deals Filed During the Selected Period
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Background
In response to the March 2017 Special Notice on Engagement issued as part of FINRA360, FINRA received a number of comments and suggestions regarding engagement in connection with FINRA's rulemaking process. After carefully reviewing and analyzing the comments, FINRA is taking a number of actions to address the comments and suggestions that it received.
Rulemaking Process
Questions and Answers on FINRA’s Eligibility Proceedings for Firms Participating in the Securities and Exchange Commission’s (“SEC” or “Commission”) Share Class Selection Disclosure Initiative (“SCSD Initiative”).
CRCP® Program Overview
Learn more about the purpose and content of the FINRA Institute at Georgetown CRCP® program. They include building a culture of compliance and helping compliance professionals take their careers to the next level.
The 4530 Disclosure Timeliness Report Card is produced on a monthly basis to show a firm's performance in timely reporting of disclosure events as required by FINRA Rule 4530(a) and (b). The information in this report comes primarily from the Rule 4530 Application; to read more about the system, please see Disclosure Events and Customer Complaint Filings.
General
- Do Rules 5110, 5121 and 2310 (the “Corporate Financing Rules”) apply to Regulation A offerings?
Q: Are members that provide FINRA an electronic feed (“eFeed”) of account transaction and position data via secure file transfer protocol (SFTP) for the accounts of FINRA employees also required to send duplicate account statements to FINRA under Rule 2070(a)? NEW
The Report Center provides firms with secure access to data and reports that help firms detect potential compliance problems early. FINRA Report Center provides report cards that cover a variety of topics and rulesets.
Reports on the Report Center do not relieve a firm from compliance obligations imposed under FINRA’s By-Laws and Rules, and will not limit or prevent FINRA from taking appropriate regulatory or disciplinary action against a firm or associated person for failure to comply with such rules.
Background
A large number of registered representatives are also Certified Financial PlannerTM (CFP®) professionals. These professionals must complete a minimum of 30 continuing education (CE) hours every two years as part of the requirements for CFP certification renewal. Through the FINRA360 process, a number of firms expressed a desire for improved opportunities with regard to continuing education credits.
The Firm Summary Scorecard provides an overview of certain performance and comparison statistics from each of the active individual report cards in one specific location. The Scorecard supplies data available in the respective report cards for the current month and the preceding month.
Report Glossary
The table below provides a reference description for all of the elements found in the Firm Summary Scorecard. (See Firm Summary Scorecard for a sample segment of the report.)
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Background
In March 2017, FINRA issued a Special Notice on its engagement programs as part of FINRA360, its comprehensive review of its operations. In response to the Special Notice, FINRA received a number of comments and suggestions regarding the usefulness of some advisory committees, their membership and their effectiveness as a vehicle for dialogue between FINRA and member firms. After carefully reviewing and analyzing the comments, FINRA is taking a number of actions to address the comments and suggestions.
In June 2009, FINRA issued Regulatory Notice 09-31 to remind firms of their sales practice obligations relating to leveraged and inverse exchange-traded funds (ETFs). At the same time, the Investment Industry Regulatory Organization of Canada (IIROC) issued guidance to the Canadian industry that is substantially similar to our Notice. In July we released a compliance podcast concerning the Notice and some of the issues that it raised.
FINRA has initiated a multi-phased effort to overhaul its registration and disclosure programs, including the Central Registration Depository (CRD) -- the central licensing and registration system that FINRA operates for the U.S. securities industry and its regulators, and that provides the backbone of BrokerCheck. In June 2018, we implemented the first phase of the transformation through a new WebCRD interface that highlights important information or activities requiring the immediate attention of firms, branches and individuals.
The Best Execution Outside-of-the-Inside (BE) report card is a monthly status report detailing the number of transactions reported to a FINRA Facility (i.e., a FINRA Trade Reporting Facility or FINRA's Alternative Display Facility) in which your firm participated that were executed Outside-of-the-Inside market in apparent violation of the Best Execution Rule. If non-compliance with the Best Execution Rule is found to exist, your firm may be found to be in violation of FINRA Rule 5310.
The Frequently Asked Questions below are taken directly from the Securities and Exchange Commission’s Regulation Best Interest and Form CRS FAQ pages. The below are FINRA’s best attempt to highlight the latest SEC FAQs, but additional FAQs may have been published that are not posted on this page. For the latest FAQs on Reg BI and Form CRS, please visit the SEC’s website.
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Honoraria
FINRA will pay arbitrators honoraria in accordance with the Codes of Procedure. The following page answers the most commonly asked questions regarding honoraria.