Guidance

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.

• Observations on Liquidity and Credit Risk Management
• Segregation of Client Assets
• Net Capital Calculations

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

1. How do I submit form filings to CRD?

Background

A critical part of the registration process in the securities industry is the background investigation of applicants for registration and the timely and accurate reporting of information to the Central Registration Depository (CRD) system via the Form U4 (Uniform Application for Securities Industry Registration or Transfer).

In Regulatory Notice 23-17, FINRA announced its decision, effective November 30, 2023, to discontinue collecting INSITE data, pursuant to Rule 4540, at this time. As a result, effective November 30, 2023, the Canceled and As-Of Trades Report was retired from the FINRA Report Center.

1. Where can I access a list describing the exams listed in CRD?

A listing of the exams available in CRD can be found on the Qualification Exams page.

2. How long is an exam window in CRD?

Exam windows are valid for 120 days. Provided that an exam candidate is not subject to a waiting period after a previous failed attempt, the exam window start date will be the day following the submission of the exam enrollment request.

Background

FINRA administers qualification examinations that are designed to establish that persons associated with broker-dealers have attained specified levels of competence and knowledge pertinent to their function. Over time, the qualification examination program has increased in complexity to address new products and functions, and related regulatory concerns and requirements.

To assist firms in complying with SEC Rules regarding financial and operational matters, FINRA has published and will periodically update certain interpretations provided by the staff of the SEC's Division of Trading and Markets.

State and national securities regulators and legislators came together on November 6, 2019 in Gaithersburg, MD to talk to area savers and investors about how to make informed investment decisions and to protect their retirement savings from fraud. Hear from FINRA Foundation President, Gerri Walsh, about how Marylanders are doing with their finances.

The tables below provide a reference description for all of the elements found in all views of the TRACE Quality of Markets Corporate Bond and Agency Debt Report Cards. (See TRACE Quality of Markets Report Card Figures 1 - 3 for a sample report.)

Background

FINRA examines broker-dealers on a regular cycle basis, with firms posing greater risk receiving an examination more frequently. In connection with each of these examinations, FINRA prepares a report—which is available only to the relevant firm—addressing certain aspects of the firm's compliance with securities rules and regulations.

A motion to dismiss is a request made by a party to the arbitrator(s) to remove some or all claims raised by another party filing a claim. Rule 12504 of the Code of Arbitration Procedure for Customer Disputes and Rule 13504 of the Code of Arbitration Procedure for Industry Disputes (collectively, the Codes) establish procedures that govern motions to dismiss.

For any public offering that is required to be filed pursuant to FINRA Rule 5110(a)(2), FINRA Rule 5110(a)(3)(A) describes that the required documents and information must be filed by participating members with FINRA no later than three business days after any documents are filed with or submitted to the SEC, including confidential filings or submissions, or any state securities commission or other similar U.S.

The TRACE Markup/Markdown Analysis Report is a monthly report designed to assist firms in their supervision activities by providing transparency into a portion of FINRA's surveillance program of corporate and agency fixed income transactions customer pricing.  

The TRACE Markup/Markdown Analysis Report is built upon logic developed to pair purchase and sale transactions reported to TRACE.  

The Market Order Timeliness Statistical Report is published monthly based upon firm-reported data detailing the number of customer market orders executed by your firm in NMS securities and classifying these orders based on time duration to execute. Supplementary Material .01 of FINRA Rule 5310 – Best Execution and Interpositioning - states that member firms must make every effort to execute marketable customer orders it receives fully and promptly.