CINXE.COM

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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 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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 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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 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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 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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 id="finra-homepage-nav-megamenus-new-menu-link-content2d5626b5-fe42-47bf-8088-a4996e53f73e--2" class="sf-depth-4 header sf-no-children"><a href="/investors/personal-finance/how-your-credit-score-impacts-your-financial-future" class="sf-depth-4" aria-labelledby="Credit Scores">Credit Scores</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content5388280f-edc8-40b9-a071-e4d109117508--2" class="sf-depth-4 header sf-no-children"><a href="/investors/personal-finance/start-emergency-fund" class="sf-depth-4" aria-labelledby="Emergency Funds">Emergency Funds</a></li></ol></li></ol></div></li><li id="finra-homepage-nav-megamenus-new-menu-link-content7d8f8a9d-8b19-4d7e-a8cd-586399b0e4f8--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 2">For Investors Section 2</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content64f29299-b56d-4976-9c4d-c4cd58f933ba--2" class="sf-depth-3 header menuparent"><a href="/investors/investing" class="sf-depth-3 menuparent" aria-labelledby="Investing">Investing</a><ol><li id="finra-homepage-nav-megamenus-new-menu-link-content3d6bebd0-cfbc-4d39-88f9-a401f33f597e--2" class="sf-depth-4 header sf-no-children"><a href="/investors/investing/investing-basics" class="sf-depth-4" aria-labelledby="Investing Basics">Investing Basics</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-contente62ab252-c90e-43eb-b799-328c951f9680--2" class="sf-depth-4 header sf-no-children"><a href="/investors/investing/investment-products" class="sf-depth-4" aria-labelledby="Investment Products">Investment Products</a></li><li id="finra-homepage-nav-megamenus-new-menu-link-content4a8dd42d-00d4-4290-8ed4-e6224956af5f--2" class="sf-depth-4 header sf-no-children"><a href="/investors/investing/investment-accounts" class="sf-depth-4" 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 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field--type-string field--label-hidden"><h1>Capital Acquisition Brokers</h1></span> </div> </div> <div data-block-plugin-id="block_content:7611dbf3-53e0-41ac-ab90-4c361653ab54" class="block block-block-content block-block-content7611dbf3-53e0-41ac-ab90-4c361653ab54"> <div class="content"> <nav id="tab-links" class="nav nav-tabs" role="tablist"> <a href="#overview" role="tab" data-toggle="tab" class="nav-link nav-item">Overview</a> <a href="#rules" role="tab" data-toggle="tab" class="nav-link nav-item">Rules</a> <a href="#notices" role="tab" data-toggle="tab" class="nav-link nav-item">Notices</a> <a href="#guidance" role="tab" data-toggle="tab" class="nav-link nav-item">Guidance</a> <a href="#news-releases" role="tab" data-toggle="tab" class="nav-link nav-item">News Releases</a> <a href="#investor-education" role="tab" data-toggle="tab" class="nav-link nav-item">Investor Education</a> </nav> <div id="tabs" class="tab-content"> <div role="tabpanel" class="tab-pane fade" id="overview"> <div class="field field--name-field-tab-content field--type-block-field field--label-hidden field__items"> <div class="field__item"><div id="block-body" 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 field--type-text-with-summary field--label-hidden field__item"><p><span>Capital Acquisition Brokers (CABs) are firms that engage in a limited range of activities, including: </span></p><ul><li>advising companies and private equity funds on capital raising and corporate restructuring, and</li><li>acting as placement agents for sales of unregistered securities to institutional investors under limited conditions.</li></ul><p>Firms that elect to be governed under the CAB rule set are not permitted, among other things, to carry or maintain customer accounts, handle customers’ funds or securities, accept customers’ trading orders, or engage in proprietary trading or market-making.</p><hr /><h2>Rule Book</h2><p><span>The CAB rules became effective on April 14, 2017. </span></p><p class="more-link"><a href="/rules-guidance/rulebooks/capital-acquisition-broker-rules">View the CAB Rulebook</a></p><hr /><h2>Registration</h2><p>FINRA encourages qualifying member firms and new firms to consider converting to CAB status. Switching to CAB status will help ensure that qualifying firms will be governed by a regulatory structure that is better suited to the limited nature of their business.</p><p>To select CAB status, a current firm must contact its regulatory coordinator and request to change its Membership Agreement. A new firm must file a <a href="/industry/new-bd-firm-registration">New Membership Application</a>. In the membership agreement, firms must represent that their activities will be limited to those permitted for CABs and that they agree to comply with the CAB rules. </p><hr /><h2>Testing the waters?</h2><p>Firms that currently operate as full-service broker-dealers may convert to CAB status and then return to their former status within a year if they prefer full-service status. Firms that revert to full status within a year are not required to file a Continuing Membership Application (CMA). Firms that wish to revert to full-service status beyond the one-year period following conversion to CAB may be eligible for FINRA Fast Track review providing an expedited CMA process.</p><hr /><h2>Written Supervisory Procedures Review Checklist</h2><p>FINRA is providing the Capital Acquisition Broker ("CAB") Written Supervisory Procedures Checklist ("WSP Checklist") as an optional guide to CABs to assist them in fulfilling their obligations under the CAB Rules. The checklist is an outline of selected key topics representative of the business activities typically engaged in by CAB members and permissible under FINRA’s CAB Rules. Note that following this WSP CAB Checklist template does not guarantee compliance with FINRA Supervisory Procedure Rules or provide a safe harbor from regulatory responsibility.</p><p class="more-link"><a href="/compliance-tools/written-supervisory-procedures-checklist-for-capital-acquisition-brokers">View the Written Supervisory Procedures Review Checklist</a></p><hr /><h2>Capital Acquisition Brokers (CABs) We Regulate</h2><p>FINRA maintains a list of CAB firms that are members of FINRA. </p><p class="more-link"><a href="/about/firms-we-regulate/capital-acquisition-brokers-we-regulate">View the list of CABs</a></p><hr /><h2>Contact MAP</h2><p><strong>MAP staff contacts:</strong></p><p><a href="javascript:email(2373,'Yanira Baez');">Yanira Baez</a><br />(212) 858-4144</p><p><a href="javascript:email(2240,'MAP Group');">MAP Group</a><br />(212) 858-4000 (Option 5 – Membership Applications)<br /><br /><a href="/cdn-cgi/l/email-protection#c9a4aca4abacbbbaa1a0b989afa0a7bba8e7a6bbae" target="_blank"><span class="__cf_email__" data-cfemail="b7dad2dad5d2c5c4dfdec7f7d1ded9c5d699d8c5d0">[email protected]</span></a></p></div> </div> </div> </div> </div> </div> <div role="tabpanel" class="tab-pane fade" id="rules"> <div class="field field--name-field-tab-content field--type-block-field field--label-hidden field__items"> <div class="field__item"><div class="views-element-container block block-views block-views-blocktopic-pages-by-industry-issue-block-2" id="block-views-block-topic-pages-by-industry-issue-block-2" data-block-plugin-id="views_block:topic_pages_by_industry_issue-block_2"> <div class="content"> <div><div class="view view-topic-pages-by-industry-issue view-id-topic_pages_by_industry_issue view-display-id-block_2 js-view-dom-id-06966a23f0ca6b1727a1a7b787f499e082aceb191a7989209d2eed3393023983"> <div class="view-content"> <div class="item-list"> <ul> <li><div class="views-field views-field-field-rule-type"><div class="field-content">Capital Acquisition Broker Rules</div></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/rulebooks/capital-acquisition-broker-rules/010" hreflang="en">010. GENERAL STANDARDS</a></span></div></li> <li><div class="views-field views-field-field-rule-type"><div class="field-content">Capital Acquisition Broker Rules</div></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/rulebooks/capital-acquisition-broker-rules/100" hreflang="en">100. MEMBER APPLICATION AND ASSOCIATED PERSON REGISTRATION</a></span></div></li> <li><div class="views-field views-field-field-rule-type"><div class="field-content">Capital Acquisition Broker Rules</div></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/rulebooks/capital-acquisition-broker-rules/1000" hreflang="en">1000. Arbitration and Mediation</a></span></div></li> <li><div class="views-field views-field-field-rule-type"><div class="field-content">Capital Acquisition Broker Rules</div></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/rulebooks/capital-acquisition-broker-rules/200" hreflang="en">200. DUTIES AND CONFLICTS</a></span></div></li> <li><div class="views-field views-field-field-rule-type"><div class="field-content">Capital Acquisition Broker Rules</div></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/rulebooks/capital-acquisition-broker-rules/300" hreflang="en">300. SUPERVISION AND RESPONSIBILITIES RELATING TO ASSOCIATED PERSONS</a></span></div></li> <li><div class="views-field views-field-field-rule-type"><div class="field-content">Capital Acquisition Broker Rules</div></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/rulebooks/capital-acquisition-broker-rules/400" hreflang="en">400. FINANCIAL AND OPERATIONAL RULES</a></span></div></li> <li><div class="views-field views-field-field-rule-type"><div class="field-content">Capital Acquisition Broker Rules</div></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/rulebooks/capital-acquisition-broker-rules/500" hreflang="en">500. SECURITIES OFFERINGS</a></span></div></li> <li><div class="views-field views-field-field-rule-type"><div class="field-content">Capital Acquisition Broker Rules</div></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/rulebooks/capital-acquisition-broker-rules/800" hreflang="en">800. Investigations and Sanctions</a></span></div></li> <li><div class="views-field views-field-field-rule-type"><div class="field-content">Capital Acquisition Broker Rules</div></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/rulebooks/capital-acquisition-broker-rules/900" hreflang="en">900. Code of Procedure</a></span></div></li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div role="tabpanel" class="tab-pane fade" id="notices"> <div class="field field--name-field-tab-content field--type-block-field field--label-hidden field__items"> <div class="field__item"><div class="views-element-container block block-views block-views-blocktopic-pages-by-industry-issue-block-1" id="block-views-block-topic-pages-by-industry-issue-block-1" data-block-plugin-id="views_block:topic_pages_by_industry_issue-block_1"> <div class="content"> <div><div class="view view-topic-pages-by-industry-issue view-id-topic_pages_by_industry_issue view-display-id-block_1 js-view-dom-id-618abdb33bdef9507cf3ffc36034783570eab11a3dee4c021b0c1a94faf4569a"> <div class="view-content"> <div class="item-list"> <ul> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/20-18" hreflang="en">Regulatory Notice 20-18</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">FINRA Amends Its Suitability, Non-Cash Compensation and Capital Acquisition Broker (CAB) Rules in Response to Regulation Best Interest </div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">06/19/2020</em></div></li> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/20-04" hreflang="en">Regulatory Notice 20-04</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">FINRA Requests Comments on Proposed Amendments to the Capital Acquisition Broker (CAB) Rules</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">01/30/2020</em></div></li> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/18-36" hreflang="und">Regulatory Notice 18-36</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">FINRA Amends Capital Acquisition Broker Rule 331 to Conform to FinCEN's Final Rule on Customer Due Diligence Requirements for Financial Institutions</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">10/19/2018</em></div></li> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/17-37" hreflang="und">Regulatory Notice 17-37</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">SEC Approves “Pay-to-Play” and Related Rules for Capital Acquisition Brokers (CABs) Effective Date: December 6, 2017</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">11/06/2017</em></div></li> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/17-14" hreflang="und">Regulatory Notice 17-14</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">FINRA Requests Comment on FINRA Rules Impacting Capital Formation</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">04/12/2017</em></div></li> <li><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/notices/16-37" hreflang="und">Regulatory Notice 16-37</a></span></div><div class="views-field views-field-field-notice-title-tx"><div class="field-content">SEC Approves FINRA's Capital Acquisition Broker (CAB) Rules</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">10/17/2016</em></div></li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div role="tabpanel" class="tab-pane fade" id="guidance"> <div class="field field--name-field-tab-content field--type-block-field field--label-hidden field__items"> <div class="field__item"><div class="views-element-container block block-views block-views-blocktopic-pages-by-industry-issue-block-3" id="block-views-block-topic-pages-by-industry-issue-block-3" data-block-plugin-id="views_block:topic_pages_by_industry_issue-block_3"> <div class="content"> <div><div class="view view-topic-pages-by-industry-issue view-id-topic_pages_by_industry_issue view-display-id-block_3 js-view-dom-id-0c168f3732037dadf8fffeea5c1e495d955095c817e6ee885a06fc79a8159631"> <div class="view-content"> <div class="item-list"> <ul> <li><div class="views-field views-field-field-core-content-type-tax"><strong class="field-content">Interpretive Letter</strong></div><div class="views-field views-field-title"><span class="field-content"><a href="/rules-guidance/guidance/interpretive-letters/jonathan-d-wiley-forbes-securities-group" hreflang="en">Interpretive letter to Jonathan D. Wiley, The Forbes Securities Group</a></span></div><div class="views-field views-field-body"><div class="field-content">Equity Securities as Compensation for Capital Acquisition Brokers</div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content">May 30, 2019</em></div></li> <li><div class="views-field views-field-field-core-content-type-tax"><strong class="field-content">Compliance Tools</strong></div><div class="views-field views-field-title"><span class="field-content"><a href="/compliance-tools/written-supervisory-procedures-checklist-for-capital-acquisition-brokers" hreflang="en">Written Supervisory Procedures Checklist for Capital Acquisition Brokers</a></span></div><div class="views-field views-field-body"><div class="field-content"><h3>Overview</h3><p>The Capital Acquisition Broker (“CAB”) Written Supervisory Procedures Checklist (“WSP Checklist”) is an outline of selected key topics representative of the business activities typically engaged in by CAB members and permissible under FINRA’s CAB Rules. A complete copy of the CAB Rules can be found here: <a href="/rules-guidance/rulebooks/capital-acquisition-broker-rules">https://www.finra.org/rules-guidance/rulebooks/capital-acquisition-broker-rules</a></p></div></div><div class="views-field views-field-field-core-official-dt"><em class="field-content"></em></div></li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div role="tabpanel" class="tab-pane fade" id="news-releases"> <div class="field field--name-field-tab-content field--type-block-field field--label-hidden field__items"> <div class="field__item"><div class="views-element-container block block-views block-views-blocktopic-pages-by-industry-issue-block-4" id="block-views-block-topic-pages-by-industry-issue-block-4" data-block-plugin-id="views_block:topic_pages_by_industry_issue-block_4"> <div class="content"> <div><div class="view view-topic-pages-by-industry-issue view-id-topic_pages_by_industry_issue view-display-id-block_4 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