Understanding FINRA Record Retention Rules
FINRA in full stands for Financial Industry Regulatory Authority. While it sounds as though it is an agency that is part of the United States government, the truth of the matter is that it is not. It is a non-profit, independent organization that has been authorized by Congress to protect American investors. It is dedicated to the efficient as well as effective enforcement of regulations in the securities industry so as to protect individual investors and the integrity of the securities market. In short, this agency exists to ensure fair as well as honest securities exchange. The rule 4511 of FINRA includes general archiving requirements that broker-dealers must meet or comply with. This rule is based on the general record-keeping requirements of NASD Rule 3110 as well as NYSE 440 that clarifies that firms are supposed to do the following. First, they are supposed to make and preserve books and records under the FINRA record retention rules, the applicable SEA rules and the S