FINRA issues reminder to firms about new data management system

On Behalf of | Dec 3, 2021 | FINRA Compliance

The Financial Industry Regulatory Authority issued a reminder to member firms this week regarding its new platform, Participant Data Management (PDM). The system will replace the existing FINRA Order Form and Transparency Services Participation Agreement.

In a technical notice, FINRA said that beginning on Wednesday, member firms would be able to test the new PDM system in the customer test environment with the same login credentials that have been used to access the FINRA Participant Agreement or FINRA Order Form.

The data management system allows member firms to fulfill their obligation to report over-the-counter secondary market transactions in eligible equity and fixed income securities to a FINRA facility.  The new platform will streamline the submission process for many Transparency Services legal agreements and forms, FINRA said.

FINRA noted that Gateway users with access to the FINRA Order form or Participant Agreement entitlement before Nov. 19 were automatically granted access to the new platform under their existing login. Users attempting to enter the system since that date were advised to contact their Super Account Administrator for access to PDM.

FINRA directed member firms to its Participant Data Management Page for information about the new PDM system and access to training materials, including the user guide and FAQs.

Financial professionals who work for broker-dealers, RIAs or other financial services companies operate in a highly regulated industry that is overseen by the SEC, state regulators and other self-regulatory organizations such as FINRA and various exchanges. If you are the subject of a regulatory proceeding, contact our FINRA investigation attorneys at (888) 655 6002 or through our online contact form for a free consultation.

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