Guidance

The Fixed Income Distributions file is a cumulative list of distributions that have been announced during the calendar year. These include cash, stock and in kind distributions as a result of a bankruptcy reorganization plan, default interest payments, or other distributions in fixed income securities. FINRA’s Operations Department reviews and processes these company-related actions pursuant to SEA Rule 10b-17 and FINRA Uniform Practice Code (FINRA Rule 11000 Series) to facilitate the orderly trading and settlement of OTC securities.

Dispute Resolution is committed to providing a fair, efficient, and economical forum to resolve disputes among investors, securities firms, and individual brokers. To ensure that the forum meets the evolving needs of parties, FINRA formed a task force to consider possible enhancements to its arbitration and mediation forum. The task force comprised individuals, from the public and industry sectors, who represent a broad range of interests in securities dispute resolution. The members of the task force are set forth at the end of this page.

These reports and report cards display statistics related to firms' compliance with Municipal Securities Rulemaking Board rules and other requirements related to municipal securities and the MSRB's Electronic Municipal Market Access website.

These reports and report cards display summaries and statistics related to various risk factors, including canceled trades, sales practice and customer complaints, and more.

July 27, 2016

Mr. Thomas S. Vales
Chief Executive Officer
TMC Bonds L.L.C.
850 3rd Avenue, 9th Floor
New York, NY 10022

Re: Application for Exemptive Relief from Trade Reporting Obligation for Certain Transactions on an Alternative Trading System 

Dear Mr. Vales:

Q1. Is a firm required to report on the OBS the market value of underwriting commitments entered into on a “best efforts” basis?

A1. No. Underwriting commitments entered into on a “best efforts” basis are not required to be reported on the OBS.

Q2.

Technology has long played a central role in financial services innovation. It continues to do so today as many firms in the securities industry introduce new digital investment advice tools to assist in developing and managing investment portfolios. FINRA undertook a review of selected digital investment advice tools to assess these developments.

FINRA is conducting a retrospective review of the NASD Rule 1010 Series (Membership Proceedings) (collectively, MAP rules), which govern FINRA’s Membership Application Program (MAP).1 The purpose of the review is to assess whether the rules are meeting their intended investor protection objectives by reasonably efficient means and to take steps to maintain or improve the effectiveness of the rules while minimizing negative economic impacts.