Summary
FINRA is updating the text of the Securities Exchange Act (SEA) financial responsibility rules in the Interpretations of Financial and Operational Rules to reflect the effectiveness of a rule change that the Securities and Exchange Commission (SEC) adopted.1 The SEC’s rule change, amending paragraph (e)(1)(i)(A) of SEA Rule 17a-5, relates to a specified exemption with regard to the
At FINRA, we’ve built a framework and cultivated a mindset, a culture for innovation and collaboration. It not only helps ensure the securities industry follows the rules, but also it empowers our employees with projects, programs, and opportunities so they can be the best version of themselves. That allows them to build, grow, and shape their career as they protect investors.
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Summary
FINRA has multiple committees that facilitate effective engagement with its member firms and representatives of the public regarding regulatory and policy initiatives related to FINRA’s mission of promoting market integrity and investor protection. The purpose of this Notice is to encourage employees of member firms and other interested parties with diverse skills, backgrounds,
• Corporate Financing Rule—Failure to Comply With Rule Requirements
• Engaging in Prohibited Municipal Securities Business
• Escrow Violations—Prohibited Representations in Contingency Offerings; Transmission or Maintenance of Customer Funds in Underwritings
• Restrictions on the Purchase and Sale of
(a) Definitions(1) For purposes of this Rule, the term "registered person" means any person registered with FINRA as a representative, principal, or assistant representative pursuant to the FINRA Rule 1200 Series or Municipal Securities Rulemaking Board (MSRB) Rule G-3.(2) For purposes of this Rule, the term "disciplined firm" means:(A) a member that, in connection
(a) Except as provided in SEA Rules 15c2-11(a)(1)(ii), 15c2-11(f)(1) through (7), and 15c2-11(g), no member shall initiate or resume the quotation of a non-exchange-listed security in any quotation medium unless the member has demonstrated compliance with this Rule and the applicable requirements for information maintenance under SEA Rule 15c2-11. Except as provided in paragraph (b) of this Rule
FINRA Requirements for Subordinations; Availability of New Standard Forms
Summary
FINRA has adopted amendments to its rules to clarify the application of FINRA rules to security-based swaps (SBS):1
FINRA has adopted a new Rule 0180 (Application of Rules to Security-Based Swaps), which, along with conforming amendments to Rule 9610 (Procedures for Exemptions—Application), will become effective February 6, 2022. The new rule replaces the expiring temporary Rule 0180
FINRA’s rules should be modernized to address economic costs, evolving markets, technology advancements, and regulatory inefficiencies. Below are key areas for modernization, including specific rules, guidance updates, and regulatory overlaps that warrant attention.1. Focus Areas for Modernizing FINRA RulesSeveral FINRA rules are outdated, overly burdensome, or fail to account for modern trading
This version was introduced with the filing of SR-FINRA-2020-015, which has been filed for Immediate Effectiveness. This version is temporary and effective from May 8, 2020 through June 15, 2020, pending any future extensions.
(a) Initiation by FINRA
(1) Issuance of Notice of Disqualification or Ineligibility
If FINRA staff has reason to believe that a disqualification exists or that a member
