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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. 

A B C D E F G I L M N O P Q R S T V
Guidance
Resource Page for the SEC’s July 2013 Financial Responsibility Rule Amendments
June 29, 2015
Interpretive Letter
The use of related performance information in institutional communications, subject to specific conditions, is consistent with the applicable standards of FINRA Rule 2210.
May 12, 2015
Guidance
The staff granted an exemption from FINRA Rule 5131(b) with respect to purchases of “new issues” by the National Railroad Retirement Investment Trust.
May 05, 2015
Guidance

What is a Fast Track Review?


In mid-2013, the Membership Application Program (“MAP”) Group designated a dedicated front-line team of examiners (the “Triage Group”) to conduct an initial assessment of each New Member Application, Continuing Membership Application, Materiality Consultation, Membership Agreement Change and Two Principal Waiver.

May 05, 2015
Investor Education
Maybe you use the services of a securities professional, like a broker or investment adviser, or are thinking about contacting one. Maybe you’ve wondered what it takes to become a securities professional. We’ve put together a list of five things you should know about securities professionals, including who needs to register with FINRA and what it takes to get and maintain a FINRA registration.
February 25, 2015
Interpretive Letter

February 20, 2015

Mr. Gregory J. Nowak
Pepper Hamilton LLP
3000 Two Logan Square
Eighteenth and Arch Streets
Philadelphia, PA 19103-2799

Re: FINRA Rule 5130 - Restrictions on the Purchase and Sale of Initial Equity Public Offerings

Dear Mr. Nowak:

This is in response to your letter dated December 3, 2014, in which you request interpretive guidance on behalf of PCV Lux, SCA ("PCV") regarding the definition of "portfolio manager" under FINRA Rule 5130(i)(10)(D) (Portfolio Managers).

February 20, 2015
FAQ
  1. Q: If I am an existing subscriber or vendor of the SPDS (Structured Products Dissemination Service) will I automatically receive the new ABS data set on June 1, 2015? A: Existing subscribers or vendors of SPDS will automatically receive disseminated transactions in publicly traded ABS. No changes to the vendor agreement are required.
February 17, 2015
Guidance

What is a Materiality Consultation?

Pursuant to NASD Rule 1017(a)(5), a member firm that plans to undergo a material change in business operations is required to file a Continuing Membership Application (“CMA”) with FINRA’s Membership Application Program (“MAP”) Group prior to implementing the material change.

February 12, 2015
Exemptive Letter
Exemptive relief is granted based on: representations that at the time of the contribution the individual was not employed by the firm and was not an MFP; the firm already had a significant business relationship with the state of whom the contribution recipient is an issuer official (as defined); the firm has instituted information barriers on certain municipal business communications; the individual will be prohibited from the solicitation of certain new municipal business for a period of time.
February 11, 2015
Podcast
Computer security experts point out that economic cyber-crime continues to surge. Phishing attacks have increased significantly since they were first discovered in 2005. These scams typically use bogus emails to lure you into giving the scammers your personal information. But you can arm yourself with knowledge. We have three tips to help protect you from cyber criminals looking to steal your money.
December 08, 2014
Interpretive Letter
Direct Participation Programs Representatives are eligible to sell shares of a non-listed business development company that qualifies as a regulated investment company under the Internal Revenue Code at the time of sale.
December 01, 2014
Guidance

FINRA Rule 2360(b)(3)(B) provides that "...no member shall effect for any account in which such member has an interest, or for the account of any partner, officer, director or employee therof, or for the account of any customer, an opening transaction in an option contract of any class of index options dealt in on an exchange if the member has reason to believe that as a result of such transaction the member or partner, officer, director, or employee thereof, or customer, would, acting alone or in concert with others directly or indirectly, hold or

October 29, 2014
Guidance

FINRA Rule 2359(a) provides that “…no member shall effect for any account in which such member has an interest, or for the account of any partner, officer, director or employee thereof, or for the account of any customer, a purchase or sale transaction in an index warrant listed on a national securities exchange if the member has reason to believe that as a result of such transaction the member, or partner, officer, director or employee thereof, or customer would, acting alone or in concert with others, directly or indirectly, hold or control an aggreg

October 29, 2014
Guidance

FINRA Rule 2360(b)(3)(B) provides that “…no member shall effect for any account in which such member has an interest, or for the account of any partner, officer, director or employee thereof, or for the account of any customer, an opening transaction in an option contract of any class of index options dealt in on an exchange if the member has reason to believe that as a result of such transaction the member or partner, officer, director or employee thereof, or customer, would, acting alone or in concert with others, directly or indirectly, hold or cont

October 29, 2014
Guidance

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
A Few Minutes With FINRA
Tom Selman, FINRA’s Executive Vice President for Regulatory Policy, responds to questions FINRA has received from firms about IRA rollovers, the focus of FINRA Regulatory Notice 13-45, which was published in December 2013. (5 min. 32 sec.)
October 01, 2014
Guidance
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
FINRA Revises the Investment Company and Variable Contracts Products Principal (Series 26) Examination Program
April 30, 2014
Interpretive Letter

NASD Rule 2711 - Research Analysts and Research Reports

April 28, 2014
Notice
2014 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
April 21, 2014
Notice
Securities Industry/Regulatory Council on Continuing Education Issues Firm Element Advisory Update
April 11, 2014
Guidance
Extension of Time Requests Relating to New SEA Rule 15c3-3(d)(4)
March 25, 2014
Guidance
FINRA Announces Updates of the Interpretations of Financial and Operational Rules
March 24, 2014
Guidance
FINRA Announces Updates of the Interpretations of Financial and Operational Rules
February 07, 2014
Exemptive Letter
Exemptive Letter to Venu Palaparthi, NPM Securities LLC
January 07, 2014