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ARTICLE · 28 JANUARY 2019

2019 FINRA Priorities Letter

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FINRA will evaluate the role of such entities.

United StatesFinance and Banking
Anna T. Pinedo
Anna T. Pinedo
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In this year's priorities letter identifying the areas of focus for FINRA examinations during the year, FINRA notes that it will review online distribution platforms. Specifically, the letter notes that some firms are involved in the distribution of securities pursuant to Rule 506(c) and Regulation A under the Securities Act. FINRA notes that in some cases platforms may be owned by entities that are not broker-dealers but may engage broker-dealers to perform specific functions, such as custodial, escrow or back office functions. FINRA will evaluate the role of such entities. Similarly, FINRA notes that some firms claim not to be involved in selling or recommending securities despite their involvement in distributions and their receipt of transaction-based compensation. FINRA notes it will evaluate how firms operating platforms: discharge their suitability obligations, meet AML requirements, supervise communications, vet offering materials, and assess investor status.

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