FINRA Reminds Firms They Must Comply with FINRA Information Requests

FINRA reminded firms to comply with FINRA requests for information, testimony, inspection and records under Rule 8210 ("Provision of Information and Testimony and Inspection and Copying of Books"), regardless of where the firm or its operations are located.

In a Regulatory Notice, FINRA explained that Rule 8210 authorizes staff to require responses in oral, written, or electronic form, compel testimony at designated locations, and obtain access to records under a firm’s or individual’s control. FINRA emphasized that, lacking subpoena power, it relies on this rule to carry out its oversight mission, and failure to respond fully and truthfully may result in expulsion or a bar. FINRA acknowledged that some members operate abroad where local laws may create conflicts but emphasized that no exceptions exist and firms remain obligated to comply.

Further, FINRA said that Rule 3110 ("Supervision") requires firms to maintain supervisory systems that ensure compliance with Rule 8210, even when personnel or records are abroad. FINRA stated that this obligation covers both regulatory and operational records, including those held by third parties under a firm’s control. FINRA warned that firms and individuals may be required to testify in the United States, produce original records, and face expulsion or bars for noncompliance, with cross-border adherence remaining a priority in examinations.