This webinar highlights FINRA Rule 6151 and provides a demonstration of the Rule 606(a) report submission process, a discussion of the rollout plan and credentialing, and a Q&A segment. The PowerPoint deck to the webinar can be found here.
Prospective FINRA member firms must seek approval for new FINRA membership through the submission of a New Membership Application (NMA or Form NMA) in accordance with FINRA Rule 1013 (New Member Application and Interview). Existing FINRA member firms that are contemplating a material change in ownership, control, or business operations must submit a Continuing Membership Application (CMA or Form CMA) in accordance with FINRA Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations). Both types of applications are reviewed by FINRA’s Membership Application Program (MAP) Group.
Form CMA is organized by 14 standards for admission as set forth under Rule 1014(a) and specifies the documents and information required to support each standard. The items listed in this checklist are also organized by standard and focus on the standards and their related documentation and information that an applicant may inadvertently overlook when submitting the application. Firms should treat this checklist as a starting point for preparing Form CMA. Firms are advised to review the rules applicable to a CMA, including Rules 1014 and 1017, together with Form CMA. During the course of the review process, FINRA may request additional documents and information as necessary to render a decision on the application.
A member firm may include related performance information in institutional communications concerning Section 3(c)(1) Funds, subject to the stated conditions discussed in the letter.
The Anti-Money Laundering (AML) section of the 2021 Report on FINRA’s Risk Monitoring and Examination Activities (the Report) informs member firms’ compliance programs by providing annual insights from FINRA’s ongoing regulatory operations, including (1) relevant regulatory obligations and related considerations, (2) exam findings and effective practices, and (3) additional resources.
FINRA Rule 4530(a) requires firms to promptly report specified events to FINRA no later than 30 calendar days after the firm knows or should have known of their existence.
Background
FINRA is pleased to announce a new centralized, secure file transfer platform called fileX, which enables firms to programmatically send, track and receive files in one place. fileX significantly streamlines the process for submitting bulk filings to FINRA, provides additional options for downloading files from FINRA, and allows for seamless and secure authentication and authorization
In November 2000, the SEC adopted Exchange Act Rule 11Ac1-5. Rule 11Ac1-5 is aimed at improving public disclosure of order execution quality. Under Rule 11Ac1-5, the SEC requires market centers that trade national market system securities to make monthly electronic reports.
FINRA Rule 4311(h)(2) replaced NASD Rule 3230(c)(3) in August, 2011. Rule 4311(h)(2) requires that each year, by no later than July 1, each clearing/carrying member firm notify in writing the introducing/correspondent member firm's chief executive and compliance officers of the reports offered to the introducing member firm pursuant to 4311(h)(1) and the reports requested by or supplied to the introducing member firm as of such date.
