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Applicability [Version up to February 28, 2019]

These guidelines supersede prior editions of the FINRA Sanction Guidelines, whether published in a booklet or discussed in FINRA Regulatory Notices (formerly NASD Notices to Members). These guidelines are effective as of the date of publication, and apply to all disciplinary matters, including pending matters. FINRA may, from time to time, amend these guidelines and announce the amendments in a Regulatory Notice or post the changes on FINRA's website ( Additionally, the NAC may, on occasion, specifically amend a particular guideline through issuance of a disciplinary decision. Amendments accomplished through the NAC decision-making process or announced via Regulatory Notices or on the FINRA website should be treated like other amendments to these guidelines, even before publication of a revised edition of the FINRA Sanction Guidelines. Interested parties are advised to check FINRA's website carefully to ensure that they are employing the most current version of these guidelines.