CINXE.COM

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section 1">Registration section 1</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content4e8b3fa4-2b63-4dc6-9b06-3ec58bd3b6d6--2" class="sf-depth-3 header menuparent"><a href="/registration-exams-ce/registration" class="sf-depth-3 menuparent" aria-labelledby="Registration">Registration</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-contentf6878ec3-2a37-4286-b0ff-51f38f2ea5fd--2" class="sf-depth-4 header sf-no-children"><a href="/registration-exams-ce/broker-dealers" class="sf-depth-4" aria-labelledby="Broker Dealers">Broker Dealers</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content0ecbf1ea-6ca0-4bc8-8e9b-59e7cba90a62--2" class="sf-depth-4 header sf-no-children"><a href="/registration-exams-ce/capital-acquisition-brokers" class="sf-depth-4" aria-labelledby="Capital Acquisition Brokers">Capital Acquisition Brokers</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content01963f11-2411-4031-a5c9-8e73580648f3--2" class="sf-depth-4 header 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Exams">Qualification Exams</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content63752dac-c460-4619-b75a-0544d39f9e21--2" class="sf-depth-4 header sf-no-children"><a href="/registration-exams-ce/qualification-exams/securities-industry-essentials-exam-sie" class="sf-depth-4" aria-labelledby="Securities Industry Essentials Exam (SIE)">Securities Industry Essentials Exam (SIE)</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contenteba0ebc3-0134-40a1-869d-3a5a30f05306--2" class="sf-depth-4 header sf-no-children"><a href="/registration-exams-ce/qualification-exams/series7" class="sf-depth-4" aria-labelledby="Series 7">Series 7</a></li></ol></li><li id="finra-homepage-nav-megamenus-new-menu-link-content1d435c60-0a5d-4ac1-baac-6feb68ac1aa4--2" class="sf-depth-3 header menuparent"><a href="/registration-exams-ce/continuing-education" class="sf-depth-3 menuparent" aria-labelledby="Continuing Education (CE)">Continuing Education (CE)</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content12708005-03a9-4813-a1c4-b79ccb575e00--2" class="sf-depth-4 header sf-no-children"><a href="/registration-exams-ce/continuing-education/regulatory-element-topics" class="sf-depth-4" aria-labelledby="View a Regulatory Element Learning Plan">View a Regulatory Element Learning Plan</a></li></ol></li></ol></div></li><li id="finra-homepage-nav-megamenus-new-menu-link-content87ac70da-476d-497b-bee4-39d65e59ea5f--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/registration-exams-ce" class="sf-depth-2 menuparent" aria-labelledby="Registration Section 3">Registration Section 3</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content1f87e2bc-137c-4e76-ba12-921ac5400696--2" class="sf-depth-3 header menuparent"><a href="/registration-exams-ce/classic-crd" class="sf-depth-3 menuparent" aria-labelledby="Registration Systems">Registration Systems</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content74de55a6-970c-49a4-877f-6a3cd1584db9--2" class="sf-depth-4 header sf-no-children"><a href="/registration-exams-ce/classic-crd" class="sf-depth-4" aria-labelledby="Classic CRD">Classic CRD</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentc425811e-6944-4643-9a4b-21222d7ed44e--2" class="sf-depth-4 header sf-no-children"><a href="/registration-exams-ce/finpro" class="sf-depth-4" aria-labelledby="Financial Professional Gateway (FinPro)">Financial Professional Gateway (FinPro)</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content7afd209b-9193-484a-b160-9705bcd8e250--2" class="sf-depth-4 header sf-no-children"><a href="/registration-exams-ce/financial-industry-networking-directory" class="sf-depth-4" aria-labelledby="Financial Industry Networking Directory (FIND)">Financial Industry Networking Directory (FIND)</a></li></ol></li></ol></div></li></ol></li></ul></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentc47867f6-a419-4633-83aa-9fb4c8d8cda7--2" class="sf-depth-1 header menuparent"><a href="/events-training" class="sf-depth-1 menuparent" aria-labelledby="Events & Training">Events & Training</a><ul class="sf-multicolumn"><li class="sf-multicolumn-wrapper "><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content9cd640c1-feb7-4c4a-b67e-a3eaedacd028--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/events-training" class="sf-depth-2 menuparent" aria-labelledby="Events & Training Section 1">Events & Training Section 1</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-contentf380a1ac-d9fd-45e2-8f15-32b96331c18f--2" class="sf-depth-3 header sf-no-children"><a href="/events-training/conferences-events" class="sf-depth-3" aria-labelledby="Conferences & Events">Conferences & Events</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content9abdc27c-9497-426d-be8e-465a10d034ac--2" class="sf-depth-3 header sf-no-children"><a href="/events-training/finra-georgetown" class="sf-depth-3" aria-labelledby="FINRA Institute at Georgetown">FINRA Institute at Georgetown</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content81cc3c6b-ad65-4627-8b34-69f4bb5d3e5e--2" class="sf-depth-3 header sf-no-children"><a href="/events-training/flex" class="sf-depth-3" aria-labelledby="Financial Learning Experience (FLEX)">Financial Learning Experience (FLEX)</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content8febe617-8873-4d02-aca8-d13df4b6649e--2" class="sf-depth-3 header sf-no-children"><a href="/compliance-tools/small-firms-information/small-firm-report" class="sf-depth-3" aria-labelledby="Small Firm Conference Call">Small Firm Conference Call</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content911c7ec5-023c-4c98-953f-b121ff986fa3--2" class="sf-depth-3 header sf-no-children"><a href="/events-training/webinars" class="sf-depth-3" aria-labelledby="Webinars">Webinars</a></li></ol></div></li></ol></li></ul></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentf3f7bbdd-246d-45c1-af1c-960dc8ad074d--2" class="sf-depth-1 header menuparent"><a href="/filing-reporting" class="sf-depth-1 menuparent" aria-labelledby="Filing & Reporting">Filing & Reporting</a><ul class="sf-multicolumn"><li class="sf-multicolumn-wrapper "><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content296db8b3-7b22-4c23-a036-06be44277a69--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/filing-reporting" class="sf-depth-2 menuparent" aria-labelledby="Filing & Reporting Section 1">Filing & Reporting Section 1</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-contentf874a19d-557b-487f-88f1-3d84445f4bc9--2" class="sf-depth-3 header sf-no-children"><a href="/filing-reporting/finra-gateway" class="sf-depth-3" aria-labelledby="FINRA Gateway">FINRA Gateway</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentf6c4c3c6-93c8-42cf-ab58-476a92d01380--2" class="sf-depth-3 header sf-no-children"><a href="/filing-reporting/systems-status" class="sf-depth-3" aria-labelledby="Systems Status">Systems Status</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentd27e2150-fc22-4e07-98c1-2cce079184a8--2" class="sf-depth-3 header sf-no-children"><a href="/filing-reporting/entitlement" class="sf-depth-3" aria-labelledby="Entitlement Program">Entitlement Program</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content68c74d41-92b9-4e79-84e4-5c43beaf45dc--2" class="sf-depth-3 header sf-no-children"><a href="/filing-reporting/market-transparency-reporting" class="sf-depth-3" aria-labelledby="Market Transparency Reporting Tools">Market Transparency Reporting Tools</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentbb250ecd-0432-4ebc-bccf-a21e455fb617--2" class="sf-depth-3 header sf-no-children"><a href="/filing-reporting/regulatory-filing-systems" class="sf-depth-3" aria-labelledby="Regulatory Filing Systems">Regulatory Filing Systems</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content2de7e722-b3b2-471e-9cf2-587f649dd923--2" class="sf-depth-3 header sf-no-children"><a href="/filing-reporting/data-transfer-tools" class="sf-depth-3" aria-labelledby="Data Transfer Tools">Data Transfer Tools</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentec6d9be1-8ac6-4071-890c-52838b5490a2--2" class="sf-depth-3 header sf-no-children"><a href="/filing-reporting/e-bill" class="sf-depth-3" aria-labelledby="E-Bill">E-Bill</a></li></ol></div></li></ol></li></ul></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentabdfc859-e1e4-4071-9b99-9535c132ee72--2" class="sf-depth-1 header menuparent"><a href="/compliance-tools" class="sf-depth-1 menuparent" aria-labelledby="Compliance Tools">Compliance Tools</a><ul class="sf-multicolumn"><li class="sf-multicolumn-wrapper "><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content318c9740-343f-48dd-a32e-600f8c817211--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/compliance-tools" class="sf-depth-2 menuparent" aria-labelledby="Compliance Tools Section 1">Compliance Tools Section 1</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content2badcc82-a0ba-4813-a97b-5cde27a154a6--2" class="sf-depth-3 header sf-no-children"><a href="https://www.finra.org/compliance-tools/cybersecurity-checklist" class="sf-depth-3 sf-external" aria-labelledby="Cybersecurity Checklist">Cybersecurity Checklist</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content7f6b440c-bc36-49c7-900b-1fe8e36909db--2" class="sf-depth-3 header sf-no-children"><a href="/compliance-tools/compliance-calendar" class="sf-depth-3" aria-labelledby="Compliance Calendar">Compliance Calendar</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contente0f11415-45ff-4cf1-925e-cf2b1f5cecf9--2" class="sf-depth-3 header sf-no-children"><a href="/compliance-tools/weekly-archive" class="sf-depth-3" aria-labelledby="Weekly Update Email Archive">Weekly Update Email Archive</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content170de235-7c02-4852-984e-95eef4499125--2" class="sf-depth-3 header sf-no-children"><a href="/compliance-tools/peer-2-peer-compliance-library" class="sf-depth-3" aria-labelledby="Peer-2-Peer Compliance Library">Peer-2-Peer Compliance Library</a></li></ol></div></li></ol></li></ul></li><li id="finra-homepage-nav-megamenus-new-menu-link-content8a617041-43a3-43ff-9f58-6a2615970d47--2" class="sf-depth-1 header menuparent"><a href="/investors" class="sf-depth-1 menuparent" aria-labelledby="For Investors">For Investors</a><ul class="sf-multicolumn"><li class="sf-multicolumn-wrapper "><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content955b2de2-2baf-4187-9e39-086c21440220--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/investors" class="sf-depth-2 menuparent" aria-labelledby="For Investors Section 1">For Investors Section 1</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content1def6247-9eb1-41f1-a045-bbfc96316e74--2" class="sf-depth-3 header sf-no-children"><a href="/investors/insights" class="sf-depth-3" aria-labelledby="Investor Insights">Investor Insights</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content0f5c83d6-0199-481c-bdb8-4215fffb4371--2" class="sf-depth-3 header sf-no-children"><a href="/investors/tools-and-calculators" class="sf-depth-3" aria-labelledby="Tools & Calculators">Tools & Calculators</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content53f5080d-f916-4b0a-942e-129c5cf72090--2" class="sf-depth-3 header menuparent"><a href="/investors/personal-finance" class="sf-depth-3 menuparent" aria-labelledby="Personal Finance">Personal Finance</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content7c320bbc-4fad-463a-97ee-024d99463fca--2" class="sf-depth-4 header sf-no-children"><a href="/investors/personal-finance/know-your-net-worth" class="sf-depth-4" aria-labelledby="Net Worth">Net Worth</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content26f056cf-1b99-4c9d-a97c-18cc65a4eb22--2" class="sf-depth-4 header sf-no-children"><a href="/investors/personal-finance/control-spending-calculate-cash-flow" class="sf-depth-4" aria-labelledby="Spending">Spending</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content2c662e03-9e1f-4e44-80e6-aba99155f167--2" class="sf-depth-4 header sf-no-children"><a href="/investors/personal-finance/manage-your-debt" class="sf-depth-4" aria-labelledby="Debt">Debt</a></li><li 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aria-labelledby="Investment Accounts">Investment Accounts</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentf425f2b1-c2f1-4000-9bb7-2233a2298437--2" class="sf-depth-4 header sf-no-children"><a href="/investors/investing/working-with-investment-professional" class="sf-depth-4" aria-labelledby="Working With an Investment Professional">Working With an Investment Professional</a></li></ol></li><li id="finra-homepage-nav-megamenus-new-menu-link-contenta983f7d0-3993-4f42-80d8-ed474e986f45--2" class="sf-depth-3 header menuparent"><a href="/investors/protect-your-money" class="sf-depth-3 menuparent" aria-labelledby="Protect Your Money">Protect Your Money</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content84745677-33ee-4917-b6d7-78f2d33ae64a--2" class="sf-depth-4 header sf-no-children"><a href="/investors/alerts" class="sf-depth-4" aria-labelledby="Investor Alerts">Investor Alerts</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentbabb7a34-330b-432a-9c7a-3aed86cab6b3--2" class="sf-depth-4 header sf-no-children"><a href="/investors/protect-your-money/ask-and-check" class="sf-depth-4" aria-labelledby="Ask and Check">Ask and Check</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content75981642-a29c-4c2f-a04a-268dd98fd524--2" class="sf-depth-4 header sf-no-children"><a href="/investors/protect-your-money/avoid-fraud" class="sf-depth-4" aria-labelledby="Avoid Fraud">Avoid Fraud</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content773fb0c7-df7e-422b-a8f0-3689c3f58683--2" class="sf-depth-4 header sf-no-children"><a href="/investors/protect-your-money/protect-your-identity" class="sf-depth-4" aria-labelledby="Protect Your Identity">Protect Your Identity</a></li></ol></li></ol></div></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentf03d2691-6592-4649-b41d-6652712ef3d0--2" class="sf-depth-2 header sf-multicolumn-column menuparent"><div class="sf-multicolumn-column"><a href="/investors" class="sf-depth-2 menuparent" aria-labelledby="For Investors Section 3">For Investors Section 3</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-contentb0c88306-2bd6-4078-8a56-8766b2affe7f--2" class="sf-depth-3 header sf-no-children"><a href="/investors/military" class="sf-depth-3" aria-labelledby="For the Military">For the Military</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content1b13b9ef-e483-4cb3-bce6-a5e1069fc45e--2" class="sf-depth-3 header menuparent"><a href="/investors/need-help" class="sf-depth-3 menuparent" aria-labelledby="Need Help?">Need Help?</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-contentf4bc73f1-2d52-4a24-9c44-7d956273b8fb--2" class="sf-depth-4 header sf-no-children"><a href="/investors/need-help/file-a-complaint" class="sf-depth-4" aria-labelledby="File a Complaint">File a Complaint</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentcca58141-8642-401c-acd4-a857dae74c57--2" class="sf-depth-4 header sf-no-children"><a href="/investors/need-help/helpline-seniors" class="sf-depth-4" aria-labelledby="FINRA Securities Helpline for Seniors">FINRA Securities Helpline for Seniors</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contentb8670cad-ba33-4aff-a609-45c82362ed80--2" class="sf-depth-4 header sf-no-children"><a href="/arbitration-mediation" class="sf-depth-4" aria-labelledby="Dispute Resolution">Dispute Resolution</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content6b4ead9c-d440-41c5-af0b-aa0f20f66919--2" class="sf-depth-4 header sf-no-children"><a href="/investors/need-help/legitimate-avenues-recovery-investment-losses" class="sf-depth-4" aria-labelledby="Avenues for Recovery of Losses">Avenues for Recovery of Losses</a></li></ol></li></ol></div></li></ol></li></ul></li> </ul> </div> </div> </section> </div> <hr> <div id="mob_menu_sec" 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class="image-and-caption i-c-responsive"> <div class="hero-caption"> Rules & Guidance </div> <div class="image"> <div class="block-region-image"><div data-block-plugin-id="entity_field:node:field_hero_image" class="block block-ctools-block block-entity-fieldnodefield-hero-image"> <div class="content"> <div class="field field--name-field-hero-image field--type-image field--label-hidden field__item"> <img src="/sites/default/files/styles/crop_hero_image/public/2019-04/rules-guidance.jpg?h=1d4e0cab&itok=bnVFmfpV" width="2754" height="861" alt="Rules & Guidance" loading="lazy" class="image-style-crop-hero-image" /> </div> </div> </div> </div> </div> </div> </div> <div class="col-xl-9 main-body"> <div class="row"> <div class="hero-caption"> Rules & Guidance </div> <div class="block-region-top"><div data-block-plugin-id="entity_field:node:body" class="block block-ctools-block block-entity-fieldnodebody"> <div class="content"> <div class="clearfix text-formatted field field--name-body 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To ensure this protection, we enact rules and publish guidance for securities firms and brokers. We involve a number of interested parties in rulemaking deliberations so that broker-dealers and investors can have confidence they are collaborating on a level playing field. Our relationship to these participants, as well as the SEC, puts us in the unique position to guard the integrity of the market</p> </div> </div> </div> </div> </div> <div class="row"> <div class="col-lg"> <div class="block-region-middle"></div> </div> </div> <div class="layout--sidebar"> <div class="row sidecar-row"> <div id="layout--sidecar" class="col-lg layout--sidecar"> <div class="block-region-widget-block"><div data-block-plugin-id="entity_field:node:field_sidecar_content" class="block block-ctools-block block-entity-fieldnodefield-sidecar-content"> <div class="content"> <div class="field field--name-field-sidecar-content field--type-entity-reference-revisions field--label-hidden field__item"> <div class="paragraph paragraph--type--call-to-action paragraph--view-mode--default"> <div class="field field--name-field-cta-title field--type-string field--label-hidden field__item">FINRA Rulebook</div> <div class="clearfix text-formatted field field--name-field-body field--type-text-long field--label-hidden field__item"><p>As the market changes, so do FINRA’s rules. Explore our latest regulatory updates—as well as longtime policies—in our rulebook.</p></div> <div class="field field--name-field-cta-link field--type-link field--label-hidden field__item"><a href="/rules-guidance/rulebooks/finra-rules">Explore the rulebook</a></div> </div> </div> </div> </div> </div> </div> </div> <div class="row"> <div class="col-lg layout--right-nav"> <div class="block-region-right-rail"><div data-block-plugin-id="block_content:7d5cbf33-7bba-43c9-9527-0d545429b0a0" class="block block-block-content block-block-content7d5cbf33-7bba-43c9-9527-0d545429b0a0"> <div class="content"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><h2>TRY FIRST</h2> <p>The FINRA Rulebook Search Tool™ (FIRST™) is an enhanced search feature that can help users identify potentially relevant FINRA rules and their associated requirements</p> <p class="more-link"><a 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