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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. 

4 5 A B C D E F G H I L M N O P Q R S T U V
FAQ
FINRA Rule 5131 (New Issue Allocations and Distributions) addresses potential misconduct in the allocation and distribution of new issues.
January 29, 2016
Exemptive Letter
Exemptive relief is denied based on: Firm D was subject to a ban that was discernible via a review of publicly available Forms G-37 which disclosed that a PAC controlled by Firm D or a Firm D MFP made political contributions to the Issuer Officials; Firm D had a long history of making contributions to the Issuer Officials; the ban attached to Firm A upon completion of the acquisition of Firm D; neither Firm A nor Firm D attempted to obtain refunds of the contributions; Firm A’s proposed supervisory systems are not adequate to address regulatory concerns presented.
January 04, 2016
Report / Study

On April 20, 2015, FINRA launched a significant new initiative—the FINRA Securities Helpline for Seniors (HELPSTM)—to broaden its investor protection efforts. As part of FINRA’s commitment to the protection of senior investors, the Helpline is intended to be the “go-to” resource for senior investors with securities-related questions and concerns.

December 30, 2015
Guidance

Effective June 6, 2016, FINRA Rule 2210 (Communications with the Public) requires a firm to include a readily apparent reference and hyperlink to BrokerCheck on the initial Web page that the firm intends to be viewed by retail investors, and any other Web page that includes a professional profile of one or more registered persons, who conduct business with retail investors. A summary of the rule’s requirements is available in Regulatory Notice 15-50.

December 17, 2015
Guidance
On this free, on-demand recording of a WebEx presentation, FINRA staff members discuss new and updated fixed income-related Report Cards.
November 25, 2015
FAQ

FINRA is committed to ensuring that all respondents are treated fairly in the disciplinary process. Below, you will find brief answers to a number of questions frequently asked by respondents. We hope these answers will be helpful in orienting you to the disciplinary process.

September 18, 2015
FAQ
Web EFT Frequently Asked Questions
September 11, 2015
Targeted Examination Letter
As referenced in FINRA's Annual Priorities Letter, conflicts of interest represent a recurring challenge that contribute to compliance and supervisory breakdowns which can lead to firms and registered representatives, at times, compromising the quality of service they provide to clients.
August 01, 2015
Video
From the FINRA 2015 Annual Conference, a panel discussion about ways to get involved via committee service, elections, and comment letters.
July 31, 2015
Guidance
Guidance Relating to Firm Short Positions and Fails-to-Receive in Municipal Securities
July 30, 2015
Video
From the FINRA 2015 Annual Conference, a panel discussion about ways to get involved via committee service, elections, and comment letters.
July 24, 2015
Exemptive Letter
The staff granted an exemption from FINRA Rule 5130 with respect to purchases of "new issues" by the Novartis Pension Funds.
July 23, 2015
FAQ
FINRA has updated the FAQ on the Eligibility Proceedings for Firms Participating in the MCDC Initiative.
July 09, 2015
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
Report / Study

One of the primary missions of the Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”) is the protection of investors, of which senior investors are an important and growing subset. As part of a collaborative effort, staff of the SEC’s Office of Compliance Inspections and Examinations (“OCIE”)1  and FINRA (collectively, the “staff”) conducted 44 examinations of broker-dealers in 2013 that focused on how firms conduct business with senior investors as they prepare for and enter into retirement.

March 15, 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

Many firms will from time to time seek to expand their business, either by adding a new line of business or by substantially increasing the scope and size of the existing business. However, 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, pursuant to FINRA Rule 1017(a)(5).

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
Report / Study

FINRA is conducting a retrospective review of its gifts and non-cash compensation rules, and is publishing this report on the assessment phase of the review. 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.

December 09, 2014
Report / Study

FINRA is conducting a retrospective review of its communications rules, and is publishing this report on the assessment phase of the review. The purpose of the review is to assess whether the communications 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.

December 09, 2014
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