FINRA Unscripted
FINRA Unscripted is the voice of the nation’s largest non-government securities regulator. We bring together FINRA leaders to discuss existing and emerging regulatory topics that impact the broker-dealer industry. We share best practices for compliance officers, insights into the operations of a 3,500 person self-regulated organization and educational tools and information for investors. Every investor in America relies on one thing: fair financial markets. That is what FINRA works every day to ensure.
Previewing FINRA’s Crypto and Blockchain Education Program
As member firm activity increases in blockchain and crypto assets, FINRA is launching a Crypto and Blockchain Education Program designed to empower member firm compliance and combat crypto fraud by broadening the knowledge base of member firms and associated persons.
On this episode, FINRA’s Crypto Hub Chief Jason Foye, Director of Critical Skills and Capabilities Training Rowan Job-White and Director of Continuing Education Services Genay Glasgo delve into the program’s self-paced e-learning courses and an upcoming in-person training.
Resources mentioned in this episode:
FINRA Crypto and Blockchain Education Program
Finan...
National Financial Capability Study: Key Trends and Insights
In 2009, the FINRA Investor Education Foundation launched the first national study of financial capability of adults in the United States. Since its start, the National Financial Capability Study has provided data on multiple indicators of capability, including financial behaviors, attitudes, and knowledge.
National Financial Capability Study survey data is collected every three years. The 2024 survey, which was published in July, represents the sixth wave of data. This report serves as an important barometer of Americans financial health, and it continues to be an essential resource for policymakers, researchers, financial firms, educators, and other stakeholders seeking to better...
A Conversation With FINRA Chair Scott Curtis
Resources mentioned in this episode:
Blog Post: Fee Rebate for FINRA Member Firms
Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve
Request for Comment: Outside Activities Rule—2025-05
Rule Proposal: Gifts Rule—2025-003
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Robert Cook on FINRA Forward, and More
FINRA Forward—New Initiatives to Support Members, Markets, and the Investors They Serve
FINRA360
Request for Comment on Capital Formation Rules, Guidance and Processes
Request for Comment on Modern Workplace Rules, Guidance and Processes
Request for Comment on Associated Persons’ Outside Activities
Statement to Correct Misinformation About Outside Activities Proposal
Broad Review to Modernize Rules Regarding Member Firms and Associated Persons
Proposed Rule Change to Modify the Implementation Schedule Regarding Corporate Financing Fees
Proposed Rule Change on Transaction Reporting
Engage With FINRA
<...Vendor Vigilance: Navigating Third-Party Risk
Third-party risk is the most clicked-on topic in FINRA's 2025 Regulatory Oversight Report. But what is third-party risk and why are people so interested in it? What can FINRA member firms do to mitigate that risk? And how can FINRA help?
On this episode of FINRA Unscripted, FINRA’s Executive Vice President of Member Supervision Greg Ruppert shares valuable insights on why firms are facing heightened challenges with third-party vendors, the emerging risks posed by fourth-party relationships, and how FINRA's intelligence sharing is helping member firms protect themselves from vendor-related cybersecurity threats.
Resources mentioned in this ep...
Protecting Investors: FINRA Securities Helpline for Seniors' 10th Anniversary
This month, we are marking the 10th anniversary of the FINRA Securities Helpline for Seniors—an important milestone for a critical service that FINRA provides to protect vulnerable investors and assist harmed investors. On this FINRA Unscripted podcast episode, we will be speaking with leaders from FINRA’s Vulnerable Adults and Seniors Team—Elizabeth Yoka, the manager of VAST Intake, and Michael Paskin, the manager of the VAST Investigations, to discuss the Helpline and its 10 years of protecting investors. We will be focusing on the Helpline results and will provide a few examples of how the Helpline has become an eff...
Protecting Yourself from Financial Fraud: Navigating an Evolving Landscape
As we observe National Consumer Protection Week amid a growing and changing financial fraud landscape, the time is ripe to talk about the ways in which investors can protect themselves from financial scams.
On this episode, we sit down with Rob Mascio, Director of the FINRA Investor Education Foundation, to talk about the latest fraud trends, common red flags to watch out for and practical steps investors can take to safeguard investments.
Resources mentioned in this episode:
2025 Annual Regulatory Oversight Report
Investor Alert: Social Media ‘Investment Group’ Imposter Scams on the Rise R...
Using Data to Stay Ahead of Risk: Introducing FINRA’s StratIntel Team
As the financial industry continues to evolve, it's important to stay ahead of emerging risks and trends. On this episode of FINRA Unscripted, the leaders of FINRA's new Strategic Intelligence and Analytics (StratIntel) team discuss how they are working to identify and analyze these industry developments.
On this episode, we sit down with the leaders of the StratIntel team: Senior Vice President of Data and Analytics for Member Supervision Jim Reese, and his two Vice Presidents, Brita Bayatmakou and Clint Johnson. The three share insights on how this new team is evolving FINRA's approach to intelligence gathering...
Unpacking the 2025 FINRA Annual Regulatory Oversight Report
As a self-regulatory organization, information sharing is key to FINRA's pursuit of its mission of investor protection and market integrity. The 2025 FINRA Regulatory Oversight Report provides just that: Critical insights to help firms strengthen their compliance and protect investors.
On this episode, hosted by Member Relations and Education Vice President Kayte Toczylowski, FINRA’s regulatory leaders— Executive Vice President and Head of Member Supervision Greg Ruppert, Executive Vice President and Head of Market Regulation and Transparency Services Stephanie Dumont, and Executive Vice President and Head of Enforcement Bill St. Louis—join us to dive into the report’s takeaw...
Investing Wisely in 2025: Avoiding Scams and Achieving Your Financial Goals
Many of us view January as a time to make a fresh start, and as a time to bid farewell to bad habits. In thinking about your New Year's resolutions, have you considered whether you're making financially healthy decisions?
On this episode, we sit down with Gerri Walsh, President of the FINRA Investor Education Foundation and Senior Vice President of Investor Education, to uncover the trends and tips investors need to get their finances in order for 2025.
Resources mentioned in this episode:
BrokerCheck
Market Data Center
Fund Analyzer
Unlocking Transparency: Navigating FINRA’s Market Data Offerings
Behind every market transaction lies a wealth of data. But how can we harness this information?
On this episode, we sit down with two members of the Market Regulation and Transparency Services team, Senior Vice President of Strategic Regulatory Engagement Alex Ellenberg, and Senior Director of Transparency Services Equities Brendan Loonam. They join us to discuss periodic aggregate market data sets, including some new data recently added to FINRA's website, and how FINRA makes this information available to the public in support of its mission of investor protection and market integrity.
Resources mentioned in this e...
Encore | An Introduction to FINRA’s Crypto Asset Work and the Crypto Hub
This episode originally aired in August 2023.
In 2022, FINRA developed an enterprise-wide strategy to ensure it is prepared for an evolving crypto asset regulatory landscape and created the Crypto Hub, the Blockchain Lab and the Crypto Asset Investigations Team
On this episode, the first in a three-part series, we sit down with Omer Meisel, Senior Vice President of the Complex Investigations and Intelligence Group, Jason Foye, Senior Director and Head of FINRA's Crypto Hub, and Reema Abdelhamid, a Director with FINRA Enforcement to learn more about the strategy and the role of the Hub and FINRA’s w...
Special Investigations Unit: Combating Money Laundering and Fraud in the Securities Industry
In the securities world today, there is little daylight between money laundering and fraud. As these two spaces have come to increasingly overlap, FINRA created the Special Investigations Unit, or SIU, to detect and investigate cases illicit finance, market abuse and other fraud.
On this episode, we sit down with SIU Senior Director Gargi Sharma, and three investigative directors from her team: Kayla Le, Peter Gonzalez and David Byrne. They join us to share how they work to proactively identify and mitigate threats related to money laundering and other frauds.
Resources mentioned in this episode:
The Forgotten Generation: Shining a Spotlight on Gen X’s Financial Health
Gen X is often called the Forgotten Generation given how often they’re overlooked in favor of conversation around boomers, millennials or now even Gen Z. But not today.
On this episode, Gen X is the one in the spotlight as we sit down Gary Mottola, research director with the FINRA Foundation, Ritta McLaughlin, director of community outreach with FINRA’s Investor Education team, and Jeremy Ko, the 2024 FINRA Foundation Ketchum Visiting Scholar, to dig into the financial health of those born between 1965 and 1980 and, importantly, their perception of their own financial well-being.
Resources mentioned in thi...
The Latest Research: Why Do Targets Engage with Scams?
Why do we engage with scammers? What makes one person more likely to engage than the next? Of those that engage, what makes someone more likely to lose money? These are important questions to ask – and find the answers to – both as consumers and as an industry with an interest in disrupting the cycle of financial fraud.
On this episode, we hear from moderator Emma Fletcher, a senior data researcher with the FTC, and panelists Marti DeLiema, Assistant Research Professor at the University of Minnesota, Twin Cities, Duygu Başaran Şahin, a postdoctoral research fellow at the RAND Ce...
The Victim Experience: When Romance Leads to a Crypto Scam
The number of highly sophisticated crypto scams is growing, with Americans losing an estimated $5.6 billion to crypto-related scams in 2023, according to the FBI, a 45 percent jump from the prior year. And often crypto fraud is tied in with romance scams, with criminals targeting victims through texts, dating sites, social media, networking channels or other apps. While we all like to think we would be immune to such scams, research has shown time and again that everyone is vulnerable, even the most highly educated among us.
On this episode, we hear the firsthand accounts of Jules and Brian, t...
Disrupting the Cycle of Financial Fraud Through Collaboration and Innovation
Last week, FINRA CEO Robert Cook spoke to an audience of regulators, academics, law enforcement agencies, advocacy groups and financial firms at a conference hosted by the FINRA Foundation to underscore the importance of working together to disrupt the cycle of fraud.
He highlighted specific areas for further coordination and announced that FINRA will reach out operators of existing regulatory databases to explore ways to create a one-stop shop resource for investor research. On this episode, we tune in to his remarks.
Resources mentioned in this episode:
Full Text of Speech As Prepared for...
FINRA’s Examination Program: Optimizing for the Future
FINRA’s Examinations team carries out one of FINRA’s core functions in the examination of FINRA member firms. In an effort to continuously improve the program, the team has undertaken changes to create efficiencies before, during and after the exam process.
On this episode, Michael Solomon, executive vice president of Examinations and the Membership Application Program, Tom Mellett and John Martino, both vice president of Firm Group Examinations, join us to detail some of the recent changes, including the introduction of thematic reviews, changes to the post-exam closeout process and more.
Resources mentioned in this...
FINRA’s Membership Application Program: Safeguarding the Integrity of the Markets
FINRA’s Membership Application Program (MAP) team serves as the first point of contact for firms looking to enter the broker-dealer industry. It works both to protect investors by ensuring would-be member firms meet FINRA standards of admission, and to help new and existing firms grow and evolve, ensuring a vibrant market for all.
On this episode, Cindy Foster, Vice President of MAP, joins us to share more about FINRA standards of admission and how the group works to ensure a smooth process for both current and prospective member firms.
Resources mentioned in this episode:
<...An Update on FINRA’s Crypto Asset Work and the Crypto Hub
Last summer, we introduced listeners to FINRA’ Crypto Hub and enterprise-wide strategy for keeping up with the evolving crypto asset regulatory landscape. A year later, this remains an important area of focus for investors, the industry and FINRA.
On this episode, Jamie Udinson, senior director of the Cyber and Analytics Unit, Michael Yuan, a director with FINRA’s Risk Monitoring program, and Jason Stralka, an examination manager with the Exam program, join us to provide an update on FINRA’s crypto asset work, to dig into the results of a recent survey of member firms regarding their crypto...
Financial Intelligence Unit: Connecting the Industry with Actionable Information
FINRA's Financial Intelligence Unit acts as a nerve center for information on emerging threats impacting the financial industry with the aim of providing actionable intelligence to firms, other regulators and law-enforcement to keep investors safe.
On this episode, Blake Snyder, senior director of FIU, joins us to share how the group has grown and matured over the last few years and how they are evolving the way they share information, including through the introduction of the new Threat Intelligence Products, or TIPs.
Resources mentioned in this episode:
Episode 33: AML in the Securities Industry
Finfluencers: New Marketing Strategies Meet Existing Compliance Obligations
Financial social media influencers—or finfluencers—are growing in popularity as a cheap way to reach a new generation of investors. But using these individuals to promote a firm its products or services comes with risks, as revealed by the results of a recent targeted review of FINRA member firm practices in the space.
On this episode, Ira Gluck, senior director of Advertising Regulation, and Melissa Turitz, a director with FINRA Enforcement, dig into the results of the finfluencer target review, the risks and regulatory requirements around this newer form of advertising and share some best practices for f...
Amendments to FINRA Rule 4210: Covered Agency Transactions
In late May, certain amendments to FINRA's margin rule, Rule 4210, went into effect to address a significant source of potential systemic risk and risk to FINRA member firms. The amendments introduced specific margin requirements related to covered agency transactions.
On this episode, we talk to David Aman, senior advisor, and James Barry, director of Credit Regulation, both with FINRA's Office of Financial and Operational Risk Policy, and with Michael MacPherson, a senior advisor with Member Supervision’s Risk Monitoring team, to learn more about the purpose of the rule, which firms might be impacted by the change and...
FINRA’s High-Risk Representative Program: Keeping an Eye on Individuals Posing a Heightened Risk of Misconduct
Protecting investors from harm is a top FINRA priority. And when it comes to specific individuals who may pose a risk, FINRA's High Risk Representative (HRR) Program is on the case.
On this episode, Brooks Brown, Senior Director, and Eric Hebert and John Salerno, Investigative Directors, from the HRR unit join us to explain how they identify and monitor individuals who pose an elevated risk of misconduct to protect investors and maintain the integrity of the market.
Resources mentioned in this episode:
Episode 114: Bringing Cases Against Individual Brokers
Episode 150: A Cybersecurity Up...
Insider Trading Detection: FINRA’s Vital Role in Ensuring Market Integrity
Every day, FINRA's Insider Trading Detection Program uses sophisticated technology and analytics to monitor 100% of trading in stocks, options and bonds for potentially suspicious activity around material news events, resulting in hundreds of referrals to the SEC and law enforcement every year.
On this episode, we hear from Sam Draddy, a Senior Vice President of the Market Abuse Unit within FINRA's Market Regulation and Transparency Services, and Karen Braine, Vice President of the Insider Trading Detection Program, about how they connect trading data, information from public sources and from companies and FINRA firms to pull together actionable i...
Fighting Financial Exploitation: FINRA’s Vulnerable Adults and Seniors Team
Senior investor protection has long been a priority for FINRA, and the Vulnerable Adults and Seniors Team (VAST) is at the forefront of FINRA's efforts in this space.
On this episode, we hear from Brooke Hickman, Director of the Vulnerable Adults and Seniors Investigative Team, Mike Paskin, a manager with VAST Investigations, and Liz Yoka, a manager of the VAST Intake team, to hear how the groups work with individual investors, firms, states and other regulators to prevent and detect financial exploitation of senior and other vulnerable investors.
Resources mentioned in this episode:
2024 A...
Preparing for Change: What to Know About the Shift to T+1
On May 28th, U.S. markets are moving to a one-day settlement cycle, familiarly known as T+1. This move, which returns the settlement time frame back to a point at which it last stood a century ago, will have wide ranging impacts for firms, investors and regulators.
On this episode, we hear from James Barry, Director of Credit Regulation with FINRA's Office of Financial and Operational Risk Policy, Bobby Gomez, a Senior Director with Market Regulation and Transparency Services' Strategic Initiatives team, Mike MacPherson, a Senior Advisor in Member Supervision's Risk Monitoring group, and John Nachmann, Associate G...
A Cybersecurity Update with FINRA's Complex Investigations and Intelligence Team
These days, it's not a matter of if, but when, when it comes to cybersecurity incidents, which is why it's essential for all firms to ensure they're prepared for the inevitable.
On this episode, we're catching up with Bryan Smith, the new senior vice president of FINRA’s Complex Investigations and Intelligence (CII) team and Brita Bayatmakou, vice president of the Cyber and Analytics Unit within CII, for an update on CII, the cyber threat landscape and what firms should be thinking about and doing in response to the latest trends.
Resources mentioned in this epis...
MRTS 2.0: A Redesign for a Rapidly Evolving Market
U.S. financial markets today are not what they were ten years ago, five years ago, or even just a couple of years ago. Over the years, FINRA's Market Regulation and Transparency Services (MRTS) team successfully grew and evolved to meet the changing demands of the markets they oversaw. But recently, the group took time to ask, how would we build this team if we were starting from scratch? And the answer to that question involved redesigning the group structure around specific functions, rather than around specific rules or products.
On this episode, we hear from Feral T...
An Evolving Landscape: Generative AI and Large Language Models in the Financial Industry
Generative Artificial Intelligence (AI) and large language models (LLM) are taking the world by storm, presenting numerous opportunities to create business efficiencies. While the new technologies offer many potential benefits to firms, regulators and investors, they also introduce unique risks.
On this episode, we hear from Brad Ahrens, senior vice president of Advanced Analytics, Andrew McElduff, vice president with Member Supervision's Risk Monitoring team and Haime Workie, vice president and head of FINRA's Office of Financial Innovation, who are closely looking at these technologies and following developments in this space to learn how FINRA is looking at a...
Investors of Color: New Insights from FINRA’s Investor Education Foundation
The FINRA Investor Education Foundation has released a new report, Investors of Color in the United States, examining the behavior and attitudes of investors of color based on data from the FINRA Foundation's National Financial Capability Study coupled with a series of focus groups conducted with young Black/African American, Hispanic/Latino and Asian American/Pacific Islander investors.
The report shows interesting trends related to the pace at which these investors are entering the market, their views on risk, where they're receiving information and more. On this episode, we hear more from Ritta McLaughlin, Director of Investor E...
From NCFC to Enforcement Head: Reintroducing Bill St. Louis
FINRA Enforcement works tirelessly on the front lines of investor protection, whether looking into cases of fraud or ways that bad actors try to manipulate the markets. This tremendous undertaking demands steadfast leadership.
On this episode, we meet Bill St. Louis, the former head of FINRA’s National Cause and Financial Crimes Detection Program and FINRA's new Executive Vice President and Head of Enforcement, to learn more about the man at the helm and what's on the horizon for Enforcement in the new year.
Resources mentioned in this episode:
2024 FINRA Annual Regulatory Oversight Rep...
Compliance and Communication: An Update on FINRA’s Crypto Asset Targeted Exam
FINRA recently wrapped up a targeted review of the practices of certain member firms when it comes to communicating with retail investors regarding crypto products and services. On this episode, Ira Gluck, Senior Director, Advertising Regulation at FINRA, joins us to share the results of that crypto asset communications sweep that began in November 2022.
Resources mentioned in this episode:
Advertising Regulation Department
Crypto Asset Communications Targeted Exam Letter
Crypto Asset Key Topics
Crypto Sweep Update
FINRA Blog: An Inside Look into FINRA’s Crypto Asset Work
...
2024’s Must-Read | FINRA’s Annual Regulatory Oversight Report
As a self-regulatory organization, information sharing is key to FINRA's pursuit of its mission of investor protection and market integrity, and no single resource is a better example of that than FINRA's Annual Regulatory Oversight Report.
On this episode, Ornella Bergeron, Senior Vice President of Risk Monitoring, Omer Meisel, Executive Vice President of the National Cause and Financial Crimes Detection Program, Claire O'Sullivan, Vice President and Regulatory Advisor of Stakeholder Engagement, and Michael Solomon, Senior Vice President of Examinations, join us to discuss highlights from the 2024 report.
Resources mentioned in this episode:
2024 FINRA A...
FINRA’s Blockchain Lab: Regulation and Innovation For The Future
In this third and final episode in our series covering FINRA's ongoing crypto asset regulatory work, we hear from FINRA's Blockchain Lab, which serves as a central point within FINRA for the development of blockchain-related regulatory initiatives.
Michael Oh, Senior Director of the Blockchain Lab, Brian Huerbsch, a Senior Blockchain Data Analyst, and Jason Foye, Senior Director and head of FINRA's Crypto Hub share how the Lab is supporting and advancing FINRA's regulatory work involving crypto assets.
Resources mentioned in this episode:
Episode 136: An Introduction to FINRA’s Crypto Asset Work and the Cr...
A Closer Look at Crypto: The Crucial Role of FINRA’s CAI Team
As the crypto asset space has grown, FINRA has evolved its oversight of the crypto asset activities of FINRA member firms and their associated persons. In this second episode of a three-part series covering FINRA's crypto asset-related regulatory work, we hear from Jamie Udinson, Senior Director of the Crypto Asset Investigations team, Taylor Etzell, a Senior Principal Investigator, and Jason Foye, Senior Director and head of FINRA's Crypto Hub, who provide insight into FINRA's Crypto Asset Investigations Team.
We learn more about this dedicated group of investigators specializing in conducting complex crypto asset investigations and the crucial r...
An Introduction to FINRA’s Crypto Asset Work and the Crypto Hub
In 2022, FINRA developed an enterprise-wide strategy to ensure it is prepared for an evolving crypto asset regulatory landscape and created the Crypto Hub, the Blockchain Lab and the Crypto Asset Investigations Team.
On this episode, the first in a three-part series, we sit down with Omer Meisel, Senior Vice President of the Complex Investigations and Intelligence Group, Jason Foye, Senior Director and Head of FINRA's Crypto Hub, and Reema Abdelhamid, a Director with FINRA Enforcement to learn more about the strategy and the role of the Hub and FINRA’s work to advance its mission of investor pro...
2023’s Must-Read | Report on FINRA’s Examination and Risk Monitoring Program
The best tool FINRA provides when it comes to firms developing their annual compliance program is now available. The 2023 Report on FINRA’s Examination and Risk Monitoring Program provides key insights and observations on two dozen key regulatory topics, making it a must-read for compliance professionals.
On this episode, Ornella Bergeron, Senior Vice President of Risk Monitoring, Michael Solomon, Senior Vice President of Examinations, and Bill St. Louis, Executive Vice President of the National Cause and Financial Crimes Detection Programs (NCFC), join us to dig into some of the new and noteworthy topics in the latest report.
Introducing FINRA's Complex Investigations and Intelligence team and Cyber and Analytics Unit
The new Complex Investigations and Intelligence (CII) team and Cyber and Analytics Unit (CAU) are driving a shift in terms of how Member Supervision’s National Cause and Financial Crimes Detection Program comes at its work and leverages intelligence and analytics to drive decision making and operations.
On this episode, we hear from Omer Meisel, Vice President of CII, and Brita Bayatmakou, Senior Director of CAU, about how these changes will help FINRA better deliver on its mission of investor protection, market integrity.
Conferences and Events
Episode 86: FINRA’s Financial Intelligence Unit
Episo...
Financial Capability Study: Financial Wellbeing During a Global Pandemic
The COVID-19 pandemic disrupted many facets of American life but did not derail a trend toward increasing financial capability. Still, not all Americans are benefiting equally from improvements in financial wellbeing, according to the new FINRA Foundation Financial Capability Study.
On this episode, Gerri Walsh and Gary Mottola of the FINRA Foundation join us to delve into the latest results of this nationwide, triennial study and their implications for the financial industry, researchers, policymakers and more.
Resources mentioned in this episode:
2021 National Financial Capability Study
FINRA Foundation
Financial Literacy Q...
