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Law / United States

FINRA Rule 4511, general requirements for books and records

FINRA Rule 4511

In force since .

An AI sector rules rule binding private bodies.

Enforcement body
Financial Industry Regulatory Authority (FINRA)
Instrument type
a regulation made under an act
Obligation class
Retention
Audit expectation
none

As of .

What it requires

  • It reaches you if you are a FINRA member firm or a person associated with one, because FINRA may sanction either for a violation of a FINRA rule (Rule 8310(a)): make and preserve the books and records the FINRA rules, the Exchange Act and the applicable Exchange Act rules require (Rule 4511(a)).
  • Preserve for at least six years any FINRA book or record for which neither the FINRA rules nor the applicable Exchange Act rules specify a period (Rule 4511(b)).
  • Preserve every book and record the FINRA rules require you to make in a format and media that complies with SEA Rule 17a-4 (Rule 4511(c)).

What this law does

Drafted with AI

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Research summary

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FINRA Rule 4511 requires members to make and preserve books and records as required under the FINRA rules, the Exchange Act and the applicable Exchange Act rules. Members must preserve for a period of at least six years those FINRA books and records for which there is no specified period under the FINRA rules or applicable Exchange Act rules. All books and records required to be made under the FINRA rules must be preserved in a format and media that complies with SEA Rule 17a-4.

The Commission approved FINRA's proposal to adopt rules governing books and records for the consolidated FINRA rulebook, among them Rule 4511. The new books and records rules took effect on . The rulebook records that Rule 4511 was adopted by SR-FINRA-2010-052, effective .

Section 78o-3 of title 15 requires the rules of a national securities association to provide that its members and persons associated with its members shall be appropriately disciplined for violation of the rules of the association. FINRA may impose sanctions on a member or person associated with a member for each violation of FINRA rules, from censure and a fine to expulsion and a bar from association with all members.

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