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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Webinar
Webinars

FINRA webinars are free online video programs delivered right to your desktop. Webinars include panel discussions with FINRA staff and/or industry experts and feature online resource materials that participants can access from their own computers.

December 03, 2021
Arbitration and Mediation
Neutral Workshop Audio and Video Files
The Neutral Workshops provide practicing arbitrators and mediators with updates on developments within FINRA's dispute resolution program. They provide information about the latest proposed rule changes, procedures, recent Regulatory Notices as well as best practice tips.
December 01, 2021
Guidance
Special Purpose Acquisition Companies (“SPACs”)
FINRA is examining firms’ offering of, and services provided to, Special Purpose Acquisition Companies (“SPACs”) and their affiliates (e.g., sponsors, principal stockholders, board members, and related parties).  Unless otherwise noted, the relevant period for each request is July 1, 2018, through September 30, 2021 (the “Relevant Period”).  In addition, if your response varies over the Relevant Period, please explain the differences in your response. 
October 07, 2021
Guidance
Social Media Influencers, Customer Acquisition, and Related Information Protection - UPDATED
FINRA is conducting a review of firm practices related to the acquisition of customers through social media channels and how firms manage their obligations related to information collected from those customers and other individuals that may provide data to firms. Please note that each item requested is specific to the subsection header.
September 16, 2021
Report / Study
Cloud Computing in the Securities Industry

Cloud computing is transforming how broker-dealers operate by providing opportunities to enhance agility, efficiency, resiliency and security within firms’ technology and business operations while potentially reducing costs. As a result, cloud computing is increasingly seen by many firms as an important architectural component to their infrastructure.

August 16, 2021
Guidance
FINRA Targeted Examination Letter on Option Account Opening, Supervision and Related Areas - UPDATED

August 2021

FINRA is conducting a review of Firm Name practices and controls related to the opening of options accounts and related areas, including account supervision, communications and diligence. 

August 10, 2021
Compliance Tools
Small Firm Cybersecurity Checklist

Protecting investors means protecting their data, too. Our Small Firm Cybersecurity Checklist supports small firms in establishing a cybersecurity program to:

July 12, 2021
Training
Addressing and Reporting Financial Exploitation of Senior and Vulnerable Adult Investors

Training for the Securities Industry

NASAA, the SEC, and FINRA have provided this training presentation as a resource for the securities industry. Firms can use this presentation to train associated persons about how to detect, prevent, and report financial exploitation of senior and vulnerable adult investors.

June 15, 2021
About FINRA
Report on Use of 2020 Fine Monies

FINRA is a not-for-profit, self-regulatory organization (SRO) dedicated to promoting investor protection and market integrity in a manner that facilitates vibrant capital markets. One of FINRA’s tools for achieving this objective is fair and effective enforcement of our member firms’ compliance with securities laws and regulations.

May 27, 2021
Report / Study
2021 Industry Snapshot
FINRA regulates a critical part of the securities industry – member brokerage firms doing business in the U.S. In an effort to increase public awareness and understanding about the broad range of FINRA-registered firms and individuals, FINRA shares an annual snapshot of some of the data collected in the course of its work.
May 25, 2021
FAQ
Margin Balance Reporting: Frequently Asked Questions under FINRA Rule 4521(d)
View frequently asked questions and guidance to aid members in their reporting obligations under FINRA Rule 4521(d). Note: This guidance only applies to members that need to report data pursuant to Rule 4521(d).
April 13, 2021
Guidance
Targeted Examination Letter on Rights of Reinstatement (RoR)

November 2020

FINRA is conducting a review of firms’ systems and procedures for providing customers waivers and rebates available through Rights of Reinstatement1 (RoR) on mutual fund purchases.

As part of this review, FINRA will request that each firm that receives this information request respond to the questions below with respect to the period January 1, 2017 through June 30, 2020 (the relevant period):

November 11, 2020
Podcast
Overlapping Risks, Part 2: Anti-Money Laundering and Elder Exploitation
A broker-deal firm’s anti-money laundering efforts may overlap with any number of other regulatory concerns. On this episode, the second in a two-part series, we’re looking at how AML may overlap with a firm’s efforts to protect senior investors from exploitation and fraud.
November 10, 2020
Podcast
Overlapping Risks, Part 1: Anti-Money Laundering and Cybersecurity
Firm regulatory risks and priorities don't exist in a vacuum. And that is perhaps nowhere clearer than when it comes to a firm's anti-money laundering responsibilities. A firm's AML risks can overlap with any number of other priorities. On this episode, the first of a two-part series, we look at the overlapping risks of AML and cybersecurity.
October 27, 2020
Guidance
Implementation Guidance for Public Offerings Subject to FINRA Rule 5110
Participating members, as defined in Rule 5110, must comply with amended Rule 5110, beginning on September 16, 2020 (the Implementation Date).1 The amended Rule will apply notwithstanding when the offering was filed or declared effective or when a participating member received a No Objections Letter.
September 16, 2020
Guidance
Filing Guidance - Public Offering Review
Filing Guidance - Public Offering Review
September 15, 2020
Guidance
Checklists for Mandatory Materiality Consultations Under Rules 1017(a)(6) and 1017(a)(7)

On This Page:

Checklist for Mandatory Materiality Consultations Under Rule 1017(a)(6)

A member must submit a letter requesting a materiality consultation for specified changes in ownership, control, or business operations, including business expansions, involving a defined “covered pending arbitration cla

September 01, 2020
Guidance
Interpretive Letter to Jason P. Ellison, Foreside Fund Services, LLC
A member firm may include related performance information in institutional communications concerning Section 3(c)(1) Funds, subject to the stated conditions discussed in the letter.
September 01, 2020
Arbitration and Mediation
Arbitrator Training Videos for Virtual Hearings

COVID 19 has increased the demand for virtual arbitration and mediation hearings to ensure cases can proceed without lengthy delays. Upon request of the parties or order of the Panel, FINRA Dispute Resolution Services provides videoconferencing through the Zoom platform, accessible via finra.zoom.us.

August 07, 2020
Report / Study
2020 Industry Snapshot
FINRA regulates a critical part of the securities industry – member brokerage firms doing business in the U.S. In an effort to increase public awareness and understanding about the broad range of FINRA-registered firms and individuals, FINRA shares an annual snapshot of some of the data collected in the course of its work.
July 31, 2020
FAQ
Gifts/Business Entertainment/Non-Cash Compensation FAQs

Guidance on Donations Due to Federally Declared Major Disasters

Q:  Would it be consistent with FINRA Rule 3220 (Influencing or Rewarding Employees of Others) for a member or an associated person to donate goods or money (either directly or through a fundraising platform) to employees of an institutional customer for losses sustained due to a federally declared major disaster? NEW

July 29, 2020
Guidance
Interpretive Letter to T. Douglas Hollowell, UBS Financial Services, Inc.
A member may use negative response letters to effect a bulk transfer of employee equity compensation plan accounts, as directed by an employer.
July 24, 2020
Podcast
Regulation Best Interest: Implementing a New Standard of Conduct
As of June 30, 2020, the U.S. Securities and Exchange Commission’s Regulation Best Interest—or Reg BI—is officially in effect. What does a post implementation-date world look like? And how is FINRA working to ensure a consistent approach to examining around and enforcing the new regulation? Tune in to learn more.
July 07, 2020
Guidance
Interpretive letter to Michael Markunas, B. Riley FBR, Inc. and B. Riley Wealth Management, Inc.

Registered representatives who are not qualified to engage in investment banking activities may, subject to specified conditions, receive transaction-based compensation for referring existing brokerage clients that express an interest in investment banking transactions.

June 16, 2020

Mr. Michael Markunas
Deputy General Counsel
Chief Compliance Officer
B. Riley FBR, Inc.
11100 Santa Monica Blvd, Suite 800
Los Angeles, CA 90025

Re:      Investment Banking Referrals

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June 16, 2020
Report / Study
Artificial Intelligence (AI) in the Securities Industry

Artificial Intelligence (AI) technology is transforming the financial services industry across the globe.

June 10, 2020