By Robert Cook, President and CEO, FINRA. Last month, the SEC issued an exemptive order providing significant relief from the personally identifiable information (PII) reporting requirements of CAT (the Exemptive Order). This was an important step towards reducing unnecessary PII risk associated with CAT, and was directionally consistent with a blog I previously wrote calling for CAT to stop collecting and storing investors’ PII. As discussed below, however, the Exemptive Order did not eliminate all PII from CAT.
In observance of Independence Day, FINRA’s Market Transparency Reporting Systems will be closed on Monday, July 4, 2022. Affected applications include:
Alternative Display Facility (ADF)
Over-the-Counter Reporting Facility (ORF)
Trade Reporting and Compliance Engine (TRACE)
FINRA/Exchange Trade Reporting Facilities (TRFs)
As stated in the data feed interface specifications,
The 2025 FINRA Annual Regulatory Oversight Report (the Report) provides member firms with insight into findings from the recent oversight activities of FINRA’s Member Supervision, Market Regulation and Enforcement programs (collectively, regulatory operations programs).
GUIDANCE
Credit Extension/Day Trading Requirements
SUGGESTED ROUTING
KEY TOPICS
Legal & Compliance
Operations
Senior Management
Day Trading
Margin Requirements
Regulation T
Rule 2520
Executive Summary
On March 11, 2004, NASD announced a disciplinary action that resulted in a $10 million fine against three
In observance of Juneteenth, FINRA’s Market Transparency Reporting Systems will be closed on Monday, June 20, 2022. Affected applications include:
Alternative Display Facility (ADF)
Over-the-Counter Reporting Facility (ORF)
Trade Reporting and Compliance Engine (TRACE)
FINRA/Exchange Trade Reporting Facilities (TRFs)
As stated in the data feed interface specifications, FINRA may
The landscape of types of investment products is quite broad, and extends well beyond stocks, bonds and mutual funds, which are familiar to many investors. We’ll give you an overview of major investment categories—those that have been around for decades and some that are emerging.
Currently, users attempting to submit a TRACE or Over the Counter Reporting Facility (ORF) form may incur an error. Users may also have issues accessing Participant Data Management.
Firms should contact FINRA Market Operations or call (866) 776-0800 with questions or for assistance in setting up new issues. FINRA will advise when this issue has been resolved.
FINRA has resolved the issue affecting the submission of TRACE or Over the Counter Reporting Facility (ORF) forms and access to Participant Data Management.
Firms should contact FINRA Market Operations or call (866) 776-0800 if there are any remaining questions regarding these issues.
In observation of the Thanksgiving holiday, the TRACE system will be closed on Thursday, November 23, 2023. Please be advised that the TRACE system will close early on Friday, November 24, 2023. See the table below for a schedule of modified hours (these hours also apply to BTDS/ATDS/SPDS/144A). Thank you for your attention to this matter. Please contact FINRA Operations at (866) 776-0800 if you
Pursuant to a Securities and Exchange Commission request, each SRO has agreed to make publicly available the trading data in connection with the Pilot. By making the trading data publicly available, researchers may study the Pilot.
