SummaryFor the past several years, FINRA has encouraged firms to keep their risk monitoring analyst informed if the firm, or its associated persons or affiliates, engaged, or intended to engage, in activities related to digital assets, including digital assets that are non-securities.1 FINRA appreciates members’ cooperation with this request and is encouraging firms to continue to keep
Regulatory Obligations and Related Considerations
Regulatory Obligations
FINRA and the national securities exchanges have adopted rules requiring their members to comply with Exchange Act Rule 613 and the CAT NMS Plan FINRA Rule 6800 Series (Consolidated Audit Trail Compliance Rule) (collectively, CAT Rules), which cover reporting to the CAT; clock synchronization; time stamps;
Firms that pursue public cloud technologies generally can pursue three different models depending on their needs: Infrastructure as a Service (IaaS), Platform as a Service (PaaS) and Software as a Service (SaaS). Each type entails a different level of service provided by the cloud service provider:16
Infrastructure as a Service (IaaS): IaaS refers to a self-service model for accessing basic IT
(a) Alternative Trading Systems' Recording Requirements
(1) Each alternative trading system that accepts orders for security futures (as defined in Section 3(a)(55) of the Exchange Act) shall record each item of information described in paragraph (b) of this Rule. For purposes of this Rule, the term "order" includes a broker-dealer's proprietary quotes that are
An alternative trading system (ATS) is an SEC-regulated trading venue in which a computerized system matches buy and sell orders of securities. An ATS is not a national securities exchange, an ATS may apply to the SEC to become a national securities exchange. An ATS that registers as a broker-dealer must also comply with the obligations associated with being a registered broker-dealer, including FINRA membership and compliance with FINRA rules.
Overview – FINRA’s Funding Portal Rules (FP Rules) apply to firms that register with the U.S. Securities and Exchange Commission (SEC) as funding portals pursuant to the SEC’s Regulation Crowdfunding (Reg CF) and that become FINRA FP members. Prospective FPs should review, in addition to the rules under the SEC’s Reg CF, Regulatory Notice 16-06 (SEC Approval of FINRA Funding Portal Rules
To conduct securities transactions and business with the investing public in the United States, both firms and individuals must be registered with FINRA. Firms must apply and meet certain membership standards, FINRA’s 14 Standards of Admission in FINRA Rule 1014(a), to become a FINRA-registered broker-dealer. The New Member Application Form (Form NMA) is used by FINRA’s Membership Application
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FINRA Requests Comment on Proposed Consolidated FINRA Rules Governing Registration and Qualification Requirements
FINRA has taken disciplinary actions against the following firms and individuals for violations of FINRA rules; federal securities laws, rules and regulations; and the rules of the Municipal Securities Rulemaking Board (MSRB).
