1021. Foreign Members
A member which does not maintain an office in the United States responsible for preparing and maintaining financial and other reports required to be filed with the SEC and FINRA must:
(a) prepare all such reports, and maintain a general ledger chart of account and any description thereof, in English and U.S. dollars;
(b) reimburse FINRA for any expenses incurred in connection with examinations of the member to the extent that such expenses exceed the cost of examining a member located within the continental United States in the geographic location most distant from the District Office of appropriate jurisdiction;
(c) ensure the availability of an individual fluent in English and knowledgeable in securities and financial matters to assist representatives of FINRA during examinations; and
(d) utilize, either directly or indirectly, the services of a broker-dealer registered with the SEC, a bank or a clearing agency registered with the SEC located in the United States in clearing all transactions involving members of FINRA, except where both parties to a transaction agree otherwise.
|Amended by SR-FINRA-2019-009 eff. May 8, 2019.
Adopted by SR-NASD-82-17 eff. Apr. 11, 1983.