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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Guidance
Interpretive Letter to Elliott R. Curzon, Dechert LLP
A “family office,” as defined in the Advisers Act, may be considered an “investment adviser” for purposes of meeting the limited exception of FINRA Rule 5131.02.
May 09, 2017
Guidance
TRACE Reporting of Transactions in U.S. Treasury Securities: Demonstration of Forms
On-Demand Recording: Phone-In Workshop and WebEx Presentation; Original Program Date: April 6, 2017
May 04, 2017
Guidance
Report on Distributed Ledger Technology: Implications of Blockchain for the Securities Industry
Comment Period Expired: March 31, 2017
March 31, 2017
FAQ
Frequently Asked Questions about the DR Portal for Arbitration and Mediation Case Participants
  1. I’m not sure I understand how the DR Portal works. What is the process for initiating a new arbitration case and registering the party representatives to it?
  2. How do I create an online account so that I can access the Dispute Resolution (DR) Portal?
  3. I locked my account by mistyping my password several times.
March 31, 2017
Board of Governors Meeting
March 2017 Board Update
FINRA President and CEO Robert Cook and Chairman of the Board Jack Brennan review rulemaking and other matters discussed at FINRA's March Board of Governors meeting.
March 08, 2017
Guidance
Fixed Income Distributions

The fixed income distributions file is a cumulative list of distributions that have been announced per calendar year going back to 1/1/2017. Distributions 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.

February 24, 2017
Technical Documentation
Short Interest Reporting Video Demonstration
FINRA has developed a video demonstration of the new web-based interface through which firms will begin submitting short interest reports to FINRA effective January 17, 2017.
January 17, 2017
Targeted Examination Letter
Targeted Examination Letter on the Review of Cross-Selling Programs
FINRA is conducting an inquiry regarding incentives for broker-dealer ("firm") employees to:
October 26, 2016
Compliance Tools
Non-FINRA Cybersecurity Resources
FINRA has assembled a list of resources that firms may use to manage their cybersecurity risk. These resources include: news and analysis; effective practices and guidance; and free diagnostic tools...
October 25, 2016
Compliance Tools
Risk Monitoring Report Cards
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These reports and report cards display summaries and statistics related to various risk factors, including sales practice and customer complaints, and more.

October 25, 2016
Compliance Tools
MSRB Report Cards
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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.

October 25, 2016
Targeted Examination Letter
Targeted Examination Letter on Unit Investment Trust Rollover Review
FINRA is conducting an inquiry with respect to Unit Investment Trust (“UIT”) rollovers. In connection with our inquiry, we request that firm provide the following documents and information for the period from January 1, 2014 through June 30, 2016 (the “Review Period”) to the undersigned by no later than October 10, 2016.
September 13, 2016
FAQ
Frequently Asked Questions Regarding FINRA Rule 2273
In March 2016, the SEC approved the adoption of FINRA Rule 2273 (Educational Communication Related to Recruitment Practices and Account Transfers).
August 19, 2016
Guidance
Joshua Hershman, Trumid Financial LLC
Application for exemptive relief from trade reporting obligation for certain teransactions on an Alternative Trading System
August 09, 2016
Targeted Examination Letter
Targeted Examination Letter on Non-Traded Business Development Companies
FINRA is conducting an inquiry with respect to non-traded Business Development Companies (“BDCs”).
August 04, 2016
FAQ
Frequently Asked Questions about Derivatives and Other Off-Balance Sheet Items (OBS)
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.
June 16, 2016
Guidance
Targeted Examination Letter on Mutual Fund Waivers
In connection with the Mutual Fund Waiver Sweep and pursuant to FINRA Rule 8210, FINRA requests that the Firm provide the following documents and information to FINRA staff on or before June 10, 2016 regarding the above referenced Sweep.
May 16, 2016
Guidance
Michael McGuire, Tradeweb Direct LLC
Based on the information provided in your application, and conditioned upon Tradeweb Direct providing the items listed below, the staff has determined that Tradeweb Direct meets the specified criteria and hereby grants, pursuant to FINRA Rule 9610, Tradeweb Direct an exemption from the trade reporting obligation under FINRA Rule 6730, subject to the monthly transaction reporting obligation and remission of the transaction reporting fees based on the fee schedule set forth in Rule 7730(b)(1) for each exempted sell transaction occurring on the ATS.
May 16, 2016
Guidance
Regulatory Notice 16-10
Direct Purchases and Bank Loans as Alternatives to Public Financing in the Municipal Securities Market
April 04, 2016
Interpretive Letter
Interpretive Letter to Craig P. Hoffman, Esq., APM, American Retirement Association, Chris DeGrassi, National Tax-deferred Savings Association, and Richard K. Matta, Esq., Groom Law Group
A member firm that provides services to Non-ERISA Plan participants and beneficiaries may rely on the filing exclusions contained in Rule 2210(c)(7)(B) and (C) in preparing and distributing a “Model Disclosure” as described in the letter, subject to the stated conditions and obligations discussed in the letter.
March 22, 2016
Arbitration and Mediation
Frequently Asked Questions about the DR Portal for Arbitrators and Mediators
DR Portal FAQ for Arbitrators and Mediators
March 17, 2016
Report / Study
Report on Digital Investment Advice

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.

March 15, 2016
Report / Study
Retrospective Rule Review Report: Membership Application Rules and Processes

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.

March 11, 2016
Targeted Examination Letter
Targeted Examination Letter on Establishing, Communicating and Implementing Cultural Values
Firm culture has a profound influence on how a broker-dealer conducts its business, including how it manages conflicts of interest.
February 18, 2016
FAQ
Frequently Asked Questions about FINRA Rule 5131 (New Issue Allocations and Distributions)
FINRA Rule 5131 (New Issue Allocations and Distributions) addresses potential misconduct in the allocation and distribution of new issues.
January 29, 2016