Financial Industry Regulatory Authority
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You asked. We answered. What is FINRA?
Learn more ▶️ bit.ly/47ttFHI
#FINRA101
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We are requesting comment on potential enhancements to our short sale reporting program. Comments must be received by August 4, 2021.
Learn more: bit.ly/2TJmKKj
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FINRA has fined Apex Clearing Corporation $3.2 million for violations related to its fully paid securities lending program.
This is the first time FINRA has charged a firm with violating FINRA Rule 4330, which establishes permissible use of customers’ securities to ensure customer protection.
Read more: bit.ly/3Qp0WOh
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FINRA has received a number of questions relating to a corporate action and trading halt in MMTLP. Learn more about how corporate actions and trading halts are processed as well as specific information related to MMTLP: bit.ly/3YNHYCp
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JUST IN: We have fined Robinhood $57 million and ordered the firm to pay approximately $12.6 million in restitution, plus interest, to thousands of harmed customers.
Learn more ▶️ bit.ly/3qAuYkd
(1/7)
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We have fined BofA Securities $24 million for engaging in more than 700 instances of spoofing through two former traders in U.S. Treasury secondary markets and related supervisory failures spanning more than six years.
Learn more: bit.ly/3N600wO
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Today, we announced that we have expelled broker-dealer SW Financial for multiple violations, including making misrepresentations to customers in its sales of private placement offerings of pre-IPO securities, churning customer accounts, and failing to supervise its representatives. Learn more: bit.ly/3nSM284
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FINRA and other securities regulators inside and outside the U.S. are increasingly concerned about a new twist on the classic pump-and-dump scheme—the ramp-and-dump. Learn more about this stock manipulation scheme: bit.ly/3zjvurR
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We’ve modified our Investor Insights article about corporate actions, trading halts and MMTLP. For additional information, please see the Note at the bottom of the article: bit.ly/3YNHYCp
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We have published a supplemental FAQ with additional information relating to a corporate action and trading halt in the Series A Preferred Shares of Meta Materials that traded under the symbol MMTLP.
Learn more ▶️ bit.ly/3QqooKj
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There has been significant growth in the number of financial products, primarily ETPs, that are linked to, and seek to track, the performance of alternatively weighted indexes—often referred to as "smart beta" indexes. Here's what you need to know ▶️ bit.ly/3dCq5EH
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We are reminding member firms of longstanding SEC and FINRA rules and guidance concerning best execution and payment for order flow. Learn more: bit.ly/3gVA1Hy
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Have you ever received an unexpected text or direct message from a stranger? Don’t trust it—it might be the first step in a “pig butchering” scam.
Avoid becoming a victim of a pig butchering type scam by learning the red flags and how to protect yourself: bit.ly/3wluB0A
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We are reminding member firms about the scope of broker-dealer chief compliance officer (CCO) supervisory liability under FINRA rules.
Learn more: bit.ly/3welL5W
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JUST IN: We have fined Deutsche Bank $2 million for failing to comply with its obligation to seek best execution for its customers’ orders.
Learn more ▶️ bit.ly/35V1aIN
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If interest rates rise, what will typically happen to bond prices? Only 34% of Americans can get 4 out of 5 questions right on our #FinancialLiteracy quiz. Take the full quiz to see how you stack up: bit.ly/2XoNu2R #FINRAFoundation #FinLit
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Rise
41%
Fall
16%
Stay the Same
15%
No Relationship
10,164 votes • Final results
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Are you dealing with a registered investment professional or a fraudster?
Before you invest, check BrokerCheck. 🔍 brokercheck.finra.org
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JUST IN: We have fined Webull $3 million for options customer approval violations.
Learn more ▶️ bit.ly/3ymrhDz
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We have adopted new rules to address firms with a significant history of misconduct. The new rules and rule amendments become effective on January 1, 2022.
Learn more: bit.ly/3zJNmtS
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We are requesting comment on a proposal to establish a new trade reporting requirement for over-the-counter options transactions.
Learn more: bit.ly/3Oh9XpE
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True or false: Buying a single company's stock usually provides a safer return than a stock mutual fund. Take the full quiz: bit.ly/2XoNu2R Only 34% of Americans can get 4 out of 5 questions right. How do you stack up? #FINRAFoundation #FinLit
22%
True
50%
False
28%
I Don't Know
10,710 votes • Final results
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Only 1 in 44 seniors report when they've been scammed. This number is because they often don't know where to report their case.
If you need help, you can call the FINRA Securities Helpline for Seniors. ☎️ bit.ly/2Q4rWpT
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Imagine the interest rate on your savings account is 1% a year and inflation is 2% a year. After 1 year, how much could the money in the account buy relative to today? Take the full quiz and learn the answer: bit.ly/2XoNu2R #FinancialLiteracy #FINRAFoundation
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7,725 votes • Final results
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While FINRA will never ask you for money, there are scammers who might try to convince you otherwise. These financial fraudsters are posing as regulators and can look surprisingly real.
Learn what to look out for: bit.ly/3doMfKN
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Suppose you have $100 in a savings account earning 2% interest a year. After five years, how much would you have? Only 34% of Americans can get 4 out of 5 questions right. Take the full quiz to see where you stand: bit.ly/2XoNu2R #FinancialLiteracy #FINRAFoundation
59%
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6,939 votes • Final results
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🚨 Member firms should be aware of an alleged large-scale data breach possibly affecting Oracle Cloud services at firms and third-party providers. FINRA recommends that firms review this information to assess any potential impact to their operations, as well as with third-party providers who provide services to the firm.
Learn more: bit.ly/421dYIo
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There is an ongoing phishing campaign that involves fraudulent emails purporting to be from FINRA and using the domain names “@finrarps.org” or “@finrarps.net”. These emails are not connected to FINRA, and firms should delete all emails from these domains. bit.ly/436jo37
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We have adopted amendments to Rule 6730 to require identification of portfolio trades. The changes will take effect on May 15, 2023.
Learn more: bit.ly/3M5MupJ
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True or false: A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage but the total interest over the life of the loan will be less. Take the full quiz: bit.ly/2XoNu2R Only 34% can get 4 out of 5 questions right. #FINRAFoundation #FinLit
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Don't Know
9,619 votes • Final results
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Wouldn't it be nice if there was a tool that could give you the most important facts about a particular bond in an easy-to-digest package?
We've got you covered.
Check out bondfacts.finra.org for essential info on any bond you are considering purchasing.
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The only official FINRA Twitter accounts are @FINRA, @FINRAFoundation and @FINRA_Tech. Any other Twitter accounts claiming to be a part of our organization and have FINRA in the domain name are not affiliated with FINRA.
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When you enter an order for a stock, what happens next?
Read on to learn about the different places your order can be executed after you click "buy" or "sell" ▶️ bit.ly/31G7G4e
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Additionally, between January 2018 and December 2020, Robinhood failed to report to FINRA tens of thousands of written customer complaints that it was required to report.
(6/7)
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Today, we have sanctioned four firms—M1 Finance LLC, Open to the Public Investing, Inc., SoFi Securities LLC, and SogoTrade, Inc.—a combined $2.6 million for violations relating to fully paid securities lending.
Learn more: bit.ly/46HkT8p
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Congratulations to Bill St. Louis for his appointment as FINRA's new Head of Enforcement, effective immediately. Learn more: bit.ly/45iuN0z
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We took a look back at a few key topics related to anti-money laundering and what FINRA is doing to combat those threats.
You can learn more here ▶️ bit.ly/3l2n7ha
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Meet Isaac 👋🏼 he's an @MITFinTech #Buildathon-er, who signed up to meet other people in the industry that share his passion. His team focused on Challenge #2: Investor Onboarding. Find out why he thinks he can make an impact. #BreakingBarriers @Deloitte
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We have expelled Monmouth Capital Management for violating Reg BI, and churning and excessively trading customer accounts, including those of Gold Star families.
Learn more: bit.ly/43f9lYr
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We have fined Merrill Lynch $6 million for longstanding AML program failures. In particular, Merrill Lynch failed to file nearly 1,500 Suspicious Activity Reports.
Learn more: bit.ly/44H07VQ
ALT The quote reads: Law enforcement and regulators depend on FINRA member firms to properly report potential fraud and other suspicious activities. It is therefore essential that member firms comply with their SAR filing obligations. Christopher J. Kelly SVP and Acting Head of Enforcement." There is also a headshot of Christopher J. Kelly.
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Have you experienced a major life event that has changed your financial situation? Are you looking for help developing a road map for your financial future? These and other events might make you consider contacting an investment professional. Learn more: bit.ly/3zffQOa
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The sanctions against Robinhood represent the largest financial penalty ever ordered by FINRA and reflect the scope and seriousness of the violations.
(2/7)
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Learn effective strategies and solutions for protecting senior investors from exploitation, scams and other questionable practices at our 2023 Senior Investor Protection Conference on March 27.
Register now ▶️ finra.org/senior2023
ALT The text on image reads "2023 FINRA Senior Investor Protection Conference. March 27, 2023. Washington, DC. Hybrid Event. Register Now." The FINRA logo is in the bottom right corner. The image depicts two people talking to each other in front of a laptop at a table.
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Did you know that when you trade on #margin a firm can sell your securities without contacting you?
Learn why and other risks of trading on margin. ▶️ bit.ly/2AJYjCM
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FINRA and other securities regulators inside and outside the U.S. are increasingly concerned about a new twist on the classic pump-and-dump scheme—the ramp-and-dump.
Learn more about this stock manipulation scheme: bit.ly/3zjvurR
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⚠️ LockBit, one of the most deployed ransomware variants in recent years, continues to impact organizations across the globe, including FINRA member firms. Our CAU is actively alerting firms about the increased activity of this threat actor. Learn more: bit.ly/494Yt2A
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On the latest episode of #FINRAUnscripted, Afshin Atabaki and Haime Workie delve into what exactly @FINRA's Machine-Readable Rulebook is, how it works, and how you can start taking advantage of all it has to offer today.
Listen here 🎧 bit.ly/3HBuD9Q
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First, we found in our investigation that, despite Robinhood’s self-described mission to “de-mystify finance for all,” during certain periods since September 2016, the firm has negligently communicated false and misleading information to its customers.
(3/7)
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Second, we found that since Robinhood began offering options trading to customers in December 2017, the firm has failed to exercise due diligence before approving customers to place options trades.
(4/7)
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⚠️ We're warning member firms of an ongoing phishing campaign that involves fraudulent emails claiming to be from FINRA and using either the domain name "@finra.eu" and "@finrarec.com". Those domains are not connected to FINRA.
Learn more: bit.ly/3IQaTkP
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What is short interest? What is it not? What do you need to know about short interest data?
We have the answers to your short interest questions. ▶️ bit.ly/3dS9rgM
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Investor Alert ⚠️ Self-directed IRAs allow investment in a broader—and potentially riskier—portfolio of assets than other types of IRAs.
Learn ways to avoid fraud from our joint alert with the @SEC_Investor_Ed and @NASAA: bit.ly/3x55xeu
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Looking to understand short sale volume data available on our website?
Here's what you need to know. ▶️ bit.ly/2MwYHef
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Thank you to @jengolbeck for being our keynote speaker at the 2018 Createathon! Your insights on #MachineLearning and #AI were the perfect way to kick off these three days of innovation and collaboration.
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Among the wide range of hacking techniques known collectively as social engineering, pretexting is a tactic that hinges on telling a compelling (and, spoiler alert, fake!) story.
Learn about the different ways you might be targeted and more. ▶️ bit.ly/3tAgFSa
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The action today resolves numerous other charges against Robinhood, including the firm’s failure to have a reasonably designed customer identification program and its failure to display complete market data information.
(7/7)
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FINRA joins those speaking out against racial injustice and intolerance.
Today, and every day, we stand together with the Black community.
#BlackOutTuesday
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Are you an industry professional? Attend the 2023 FINRA Annual Conference—our premier event—to hear from practitioners, peers and regulators on today's most timely compliance and regulatory topics.
Register now! ▶️ finra.org/2023annual
#FINRAAC
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As you look over an employer’s benefits selections or research retirement accounts, you may see phrases like “pre-tax” and “tax-advantaged.” But what do these terms really mean, and why should you know the difference?
Learn more: bit.ly/3Dw1Npw
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With great sadness, we announce the passing of Thomas Gira, EVP of Market Regulation & Transparency Services. A tremendous leader and industry expert who cared deeply for his colleagues, Tom embodied our values and culture during his 28 years with FINRA. bit.ly/2V5fg23
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FINRA marks a decade of the FINRA Securities Helpline for Seniors, a vital resource safeguarding the interests of seniors and vulnerable investors. Established to provide direct access to FINRA's specially trained staff, the Helpline offers assistance with brokerage account inquiries, investment concerns, and other related matters.
Over the past ten years, this resource has demonstrated remarkable effectiveness in protecting and supporting our most vulnerable investors. We encourage you to review the Helpline's significant impact below and learn more here: bit.ly/4lazzFt
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A call to FINRA's Senior Helpline resulted in $3.4 million returned to approx. 300 customers at 30 different brokerage firms. Learn how we followed that lead and succeeded in getting the $3.4 million returned to customers, with the firms’ cooperation. ▶️ bit.ly/3LbxCZY
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To bring attention to a rising trend in ACATS fraud, we issued Regulatory Notice 22-21 at the end of last year.
Through recent industry engagement, we have gained further insights on how to detect and mitigate the risk of ACATS fraud.
Learn more: bit.ly/3G2Llig
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Need help keeping track of #compliance deadlines and events?
Check out our Compliance Calendar for firms 👉 bit.ly/2CE4hGz
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Third, we found that, from January 2018 to February 2021, Robinhood failed to reasonably supervise the technology that it relied upon to provide core broker-dealer services, such as accepting and executing customer orders.
(5/7)
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FINRA and other securities regulators inside and outside the U.S. are increasingly concerned about a new twist on the classic pump-and-dump scheme—the ramp-and-dump.
Learn more about this stock manipulation scheme: bit.ly/3zjvurR
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⚠️ We have seen a recent significant spike in investor complaints resulting from recommendations made by fraudulent “investment groups” promoted through social media channels.
Learn more about these bad actors posing as registered investment advisers. ▶️ bit.ly/48Qax7L
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Just in: Joint SEC Staff/FINRA statement on Broker-Dealer custody of digital asset securities: bit.ly/2XzefTc
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🚨 The 2023 Senior Investor Protection Conference starts next week! 🚨
Register to learn effective strategies and solutions for protecting senior investors from exploitation, scams and other questionable practices. ▶️ finra.org/senior2023
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The April Disciplinary Actions report is now available. Read the report: bit.ly/3mFNpGF
Watch below to learn more 🔽
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⚠️ We have seen a recent significant spike in investor complaints resulting from recommendations made by fraudulent “investment groups” promoted through social media channels.
Learn more about these bad actors posing as registered investment advisers. ▶️ bit.ly/48Qax7L
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We have fined M1 Finance $850,000 for social media posts made by influencers on the firm's behalf that were not fair or balanced, or contained exaggerated, unwarranted, promissory or misleading claims.
Learn more ▶️ bit.ly/3POBwd1
ALT The image reads "As investors increasingly use social media to inform their financial decisions, FINRA's rules on communicating with the public are especially critical." The quote is from Bill St. Louis, EVP and Head of Enforcement. There is a headshot of St. Louis.
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There is no higher priority for us than protecting senior investors from financial exploitation. We offer 3️⃣ helpful resources that seniors can use:
1️⃣ Securities Helpline for Seniors ☎️ 844-57-HELPS
2️⃣ BrokerCheck.FINRA.org
3️⃣ Learn more ▶️ bit.ly/34zVpO9 https://t
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⚠️ We have seen a recent significant spike in investor complaints resulting from recommendations made by fraudulent “investment groups” promoted through social media channels.
Learn more about these bad actors posing as registered investment advisers. ▶️ bit.ly/48Qax7L
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Chris Kelly, acting Head of Enforcement, discusses crypto regulation at the 2023 FINRA Annual Conference last week.
Learn more at finra.org/2023AC.
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We're requesting comment on a proposal to facilitate centralized access to members’ order execution quality reports for NMS stocks that are required to be published by market centers under Rule 605 of Regulation NMS. Comments must be received by July 31. bit.ly/45MSvTi
ALT The text reads: Regulatory Notice 23-10. FINRA Requests Comment on a Proposal to Require Members to Provide Rule 605 Order Execution Quality Reports to FINRA for Centralized Publication. Comment Period Expires: July 31, 2023.
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When you enter an order for a stock, what happens next?
Read on to learn about the different places your order can be executed after you click "buy" or "sell" ▶️ bit.ly/31G7G4e
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You asked. We answered. What is FINRA?
Learn more ▶️ bit.ly/47ttFHI
#FINRA101
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There are two seats on the FINRA Board for election at our 2023 annual meeting: one Large Firm Governor and one Small Firm Governor. Individuals interested in petitioning to become candidates should contact the Corporate Secretary’s office. Learn more: bit.ly/3N9w4PN
ALT The text reads: Election Notice. Nominee for Upcoming FINRA Board of Governors Election. Petitions for Candidacy Due: Monday, July 17, 2023.
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Read @FINRA CEO Robert Cook’s written testimony for today’s hearing of the Capital Markets Subcommittee of the House Financial Services Committee. ▶️ bit.ly/3v4jADl
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To help firms assess their compliance programs, we published an update to our September 2021 targeted exam (“sweep”) on social media influencers, customer acquisition and related information protection.
Learn more: bit.ly/41Bs0ya
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FINRA and other securities regulators inside and outside the U.S. are increasingly concerned about a new twist on the classic pump-and-dump scheme—the ramp-and-dump.
Learn more about this stock manipulation scheme: bit.ly/3zjvurR
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On the 225th #anniversary of the Buttonwood Agreement, here are 7 surprising facts about the @NYSE bit.ly/2q6kY2R #nyse
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Option holders who hold expiring options have until 5:30 p.m. ET on the day of expiration to make a final exercise decision to exercise or not exercise the option.
Learn more ▶️ bit.ly/2MtnFeo
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We are requesting comment on potential enhancements to our short sale reporting program. Comments must be received by August 4, 2021.
Learn more: bit.ly/2TJmKKj
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Brokerage accounts allow investors to buy and sell numerous types of investments. When opening a brokerage account, investors have two main options: a cash account or a margin account. Read here to learn the difference between those accounts and more ▶️ bit.ly/44CrNMv
ALT Text reads: Investment Accounts Brokerage Accounts. The FINRA logo is in the corner. There are two people looking at a calculator and paper in the background.
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ALERT: We have been informed of firms receiving phishing emails from the domain "@ broker-finra.org." Please note that this domain is NOT associated with FINRA and firms should delete emails originating from this domain.
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In the latest #FINRAUnscripted we hear from @FINRA's SVP of the Market Abuse Unit, Sam Draddy, and VP of the Insider Trading Detection Program, Karen Braine, to discuss the role FINRA's Insider Trading Detection Program has in ensuring market integrity. 🎧 bit.ly/3wqon3j
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It's important to understand what exchange-traded notes (ETNs) are, how they work and how they are different from exchange-traded funds (ETFs) before you consider investing in them to avoid unpleasant surprises.
Learn more: bit.ly/30NSHSF
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Over the last three years, 2,000+ members of the FINRA community have joined us on FINRALink—our alumni portal that gives access to networking tools and opportunities, recent news and benefits info.
Register today! ▶️ finralink.finra.org
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Have you recently left the industry or terminated a registration? Your exams can remain valid for five years instead of just two—but only if you enroll in the optional Maintaining Qualifications Program (MQP).
Learn more: finra.org/mqp2p
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Just in: FINRA's first-ever disciplinary action involving #cryptocurrencies has been taken. The broker has been charged with fraud and unlawful distribution of a cryptocurrency security called HempCoin. bit.ly/2Mkclew
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You asked. We answered. What is FINRA?
Learn more ▶️ bit.ly/47ttFHI
#FINRA101
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There is an ongoing scam involving letters delivered in the mail from unidentified criminal actors to corporate executives, claiming to have come from a ransomware group.
Stamped “Time Sensitive Read Immediately,” the letter claims the “BianLian Group” gained access to the organization’s network and stole thousands of sensitive data files. The letters are an attempt to scam organizations into paying a ransom.
To learn more about this scam and the steps you can take to protect yourself, click here: bit.ly/41zWukG
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What is short interest? What is it not? What do you need to know about short interest data?
We have the answers to your short interest questions. ▶️ bit.ly/3dS9rgM
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Check out our encore episode of #FINRAUnscripted, where Armando Valdes and David Aman talk about the role our Membership Application Program team is playing in the digital asset space and more.
Listen here 🎧 bit.ly/3JzymFL
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We have identified potential violations of FINRA Rule 2210 (Communications with the Public) in 70% of crypto asset communications we reviewed, according to a report published today on the results of a targeted exam. Learn more ▶️ bit.ly/42cdQUx
ALT The image reads "FINRA Publishes Crypto Asset Communications Sweep Update". The FINRA logo is in the bottom right corner.
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On the latest episode of #FINRAUnscripted, FINRA President & CEO Robert Cook and Chairperson Eric Noll sat down at the 2023 Annual Conference to discuss compliance trends, long-term FINRA goals and how to prepare for anticipated industry developments. 🎧 bit.ly/3MJDF7a
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A trusted contact is a person you authorize your financial firm to contact in limited circumstances. They might be a family member, attorney or another third-party whom you think would respect your privacy and know how to handle the responsibility. ▶️ bit.ly/43YKKbS
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Today we're celebrating the 8-year anniversary of the Securities Helpline for Seniors. Watch below to learn more about what this initiative does to protect our most vulnerable investors. 🔽
(844-57-HELPS) ☎️ bit.ly/3GWGPTa
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