FINRA Unscripted

Data is at the heart of everything we do at FINRA—from examining firms to detecting suspicious trading to protecting investors. But the process of requesting, gathering, and analyzing data involves significant effort across the board. So, the question is: How do we work smarter? How do we use technology and collaboration to be more targeted in what we ask for, more efficient in how we use it, and more effective in the oversight we provide? On this episode, Sam Draddy, Senior Vice President of Surveillance and Market Intelligence, and J. Koutros, Senior Vice President of Member Supervision Operations, Procedures, and Standards, explore how FINRA's approach to data requests is evolving. This effort embodies FINRA Forward, our commitment to continuous improvement, regulatory efficiency, and reducing burden while strengthening investor protection and market integrity. Resources mentioned in this episode: FINRA Rule 8210 Electronic Blue Sheets (EBS) FINRA Quarterly Regulatory Policy Agenda FINRA Forward Blog Post: FINRA Forward’s Rule Modernization—An Update Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve Blog Post: A Progress Update on Rule Modernization Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts, Google Play and by RSS.

Financial security is about more than just building wealth: it's about resilience, preparation, and having the tools to weather whatever comes your way. And right now, with rising costs, market volatility, and evolving fraud risks, investors need that security more than ever. On this episode, FINRA Investor Education Foundation and Senior Vice President of Investor Education Gerri Walsh discusses what financial security really means in 2026, and how firms can help protect and empower their customers. This conversation that sits right at the heart of FINRA Forward, our commitment to evolving alongside the rapidly changing securities industry in support of our mission of protecting investors and market integrity. Resources mentioned in this episode: BrokerCheck Market Data Center Fund Analyzer Fixed Income Data FINRA Investor Education Foundation Protecting Consumers from Fraud FINRA Forward Blog Post: FINRA Forward’s Rule Modernization—An Update Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve Ep. 168: Investing Wisely in 2025: Avoiding Scams and Achieving Your Financial Goals Ep. 183: Investors in the United States: Key Trends and Insights from the National Financial Capability Study Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts, Google Play and by RSS.

The FINRA Investor Education Foundation’s National Financial Capability Study is an expansive source of data and insights about the financial lives of U.S. adults. Conducted every three years, this wide-ranging research effort includes the Investor Survey, an in-depth exploration of the attitudes, behaviors, knowledge and experiences of retail investors across the country. In December, the FINRA Foundation published the latest iteration of the survey, titled "Investors in the United States: Results from the FINRA Foundation’s National Financial Capability Study." Drawing on responses from nearly 3,000 respondents in the U.S. with non-retirement investment accounts, the latest edition builds on previous Investor Survey reports, conducted every three years since 2015. On this episode of FINRA Unscripted, FINRA Foundation President Gerri Walsh, the Foundation's Research Director Gary Mottola, and Senior Researcher Olivia Valdes discuss the study's wide-ranging findings and implications. Resources mentioned in this episode: The National Financial Capability Study (NFCS) Investors in the United States A Report of the National Financial Capability Study State-by-State NFCS Investing Knowledge Quiz Ep. 176: National Financial Capability Study: Key Trends and Insights You Know More Than You Think: Unrealized Knowledge in “Don’t Know” Responses to Financial Knowledge Questions 2026 FINRA Annual Regulatory Oversight Report BrokerCheck Social Media Key Topics Page Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts, Google Play and by RSS.

The Annual Regulatory Oversight Report is one of FINRA’s most valued resources for member firms—and this year, we're publishing it earlier than ever in response to member feedback. The 2026 Report features insights on cyber-enabled fraud, senior investor protection, generative AI, and much more. It also reflects our FINRA Forward commitment to empowering member firm compliance by sharing intelligence from across our Regulatory Operations. This episode features four FINRA leaders: Ornella Bergeron, Senior Vice President, Risk Monitoring, and Acting Head of Member Supervision; Bill St. Louis, Executive Vice President and Head of Enforcement; Feral Talib, Executive Vice President and Head of Market Oversight; and Bryan Smith, Senior Vice President and Acting Head of Strategic Intelligence. They discuss takeaways from the report, and how firms can leverage its effective practices and research to strengthen their compliance programs. Resources mentioned in this episode: 2026 Regulatory Oversight Report FINRA Forward FINRA Crypto and Blockchain Education Program Blog Post: FINRA Forward’s Rule Modernization—An Update Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve SEC Regulation Best Interest (Reg BI) 5310. Best Execution and Interpositioning Ep. 168: Investing Wisely in 2025: Avoiding Scams and Achieving Your Financial Goals Ep. 173: Vendor Vigilance: Navigating Third-Party Risk Ep. 177: Previewing FINRA’s Crypto and Blockchain Education Program Ep. 180: Building Cybersecurity Resilience Through FINRA Forward Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts, Google Play and by RSS.

As a self-regulatory organization, engagement with member firms is vital to FINRA’s success. On this episode, we highlight engagement opportunities, provide insight into how FINRA is listening and taking action on what we're hearing, and encourage even more listeners to get actively involved in FINRA's outreach. FINRA Senior Vice President Kayte Toczylowski is joined by two current FINRA regional committee members: Serving on FINRA's Midwest regional committee, Margaret Dubil, Director of Surveillance for Stifel, Nicolaus & Company, and Stifel Independent Advisors; and serving on the New York regional committee, Peter Garcia, Head of Business Development and Controls at Rabobank and Officer of Rabo Securities USA, Rabobank's U.S. broker- dealer. The two provide firsthand experience on engaging with FINRA. Resources mentioned in this episode: FINRA Forward FINRA Crypto and Blockchain Education Program Blog Post: FINRA Forward’s Rule Modernization—An Update Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve FINRA Conferences and Events 2025 Involvement and Election Process Overview FINRA Engagement Portal FINRA Advisory Committees Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts, Google Play and by RSS.

Today's cybersecurity threats aren't isolated incidents—they are sophisticated operations orchestrated by organized criminals and even nation states. This new reality demands we respond not as individual organizations, but as a unified industry with shared intelligence and coordinated defenses. Through FINRA Forward, we are applying this perspective to create practical tools that firms can use to protect themselves and their clients from emerging threats. On this episode, we explore the topic with Bryan Smith, FINRA’s Senior Vice President of Complex Investigations and Intelligence; Brita Bayatmakou, Vice President of Strategic and Threat Intelligence; and Jason Beachy, Vice President of the Cyber and Analytics Unit. Our guests discuss how FINRA is working to provide firms with the intelligence, preparation, and collaborative tools they need to better protect themselves and their customers in an increasingly complex threat landscape. These efforts include workshops and tabletop exercises, the Cyber and Operational Resilience program, and our forthcoming Financial Intelligence Fusion Center. Resources mentioned in this episode: FINRA Forward FINRA Crypto and Blockchain Education Program Blog Post: FINRA Forward’s Rule Modernization—An Update Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve Ep. 177: Previewing FINRA’s Crypto and Blockchain Education Program FIFC Email: fifc@finra.org Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts, Google Play and by RSS.

Small firms face unique challenges. The regulatory landscape is evolving rapidly. And the conversation between regulators and the regulated is more important than ever. How does FINRA ensure that small firm voices are heard? How do small firms navigate an increasingly complex environment while serving their clients effectively? On this episode, we bring you a conversation between FINRA President and CEO Robert Cook and Small Firm Advisory Committee (SFAC) Chair Preston Haxo from FINRA's Small Firm Conference in Dallas on Oct. 9. The two explored the vital role of the SFAC, the ongoing progress of our FINRA Forward initiatives, the practical ways small firms can engage with FINRA, and more. Resources mentioned in this episode: FINRA Forward Small Firm Advisory Committee (SFAC) FINRA Small Firm Helpline The Small Firm Briefing FINRA Crypto and Blockchain Education Program Reg Notice 25-13: Form U4 Recordkeeping Requirements Reg Notice 25-07: The Modern Workplace Reg Notice 25-06: Capital Formation Reg Notice 25-04: Rule Modernization Blog Post: FINRA Forward’s Rule Modernization—An Update Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve Ep. 177: Previewing FINRA’s Crypto and Blockchain Education Program Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts, Google Play and by RSS.

This episode originally aired in January 2025. 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 Fixed Income Data FINRA Investor Education Foundation Protecting Consumers from Fraud Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts, Google Play and by RSS.

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 Financial Learning Experience Email: cryptoed@finra.org Email: flex@fina.org Key Topics: Crypto Assets SEC Crypto Task Force Podcast: An Introduction to FINRA’s Crypto Asset Work and the Crypto Hub Certified Regulatory and Compliance Professional Program Blog Post: FINRA Forward Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts, Google Play and by RSS.

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 understand and address the financial capability needs of Americans. On this episode of FINRA Unscripted, FINRA Foundation President Gerri Walsh, the Foundation's research director, Gary Mottola, and senior researcher Olivia Valdes discuss the study's findings and implications. Resources mentioned in this episode: National Financial Capability Study (Sixth Wave) National Financial Capability Study: 2024 State-Level Insights Financial Knowledge Quiz National Financial Capability Study (Fifth Wave) The machines are coming (with personal finance information). Do we trust them? Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts, Google Play and by RSS.

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 Subscribe to our show on Apple Podcasts, Google Play and by RSS. Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail Subscribe to our show on Apple Podcasts, Google Play and by RSS.

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 Find us: LinkedIn / X / YouTube / Facebook / Instagram / E-mail

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 episode: 2025 Annual Regulatory Oversight Report CEO Blog: New FINRA Initiatives to Support Members, Markets, and the Investors They Serve FINRA Cybersecurity Guidance Ep. 170: Using Data to Stay Ahead of Risk: Introducing FINRA’s StratIntel Team Ep. 169: Unpacking FINRA’s 2025 Regulatory Oversight Report Find us: X / YouTube /LinkedIn / Facebook / E-mail

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 effective conduit for investor protection, and how it has been helpful to member firms. Resources mentioned in this episode: FINRA Securities Helpline for Seniors Ep. 152: Fighting Financial Exploitation: FINRA’s Vulnerable Adults and Seniors Team FINRA Rule 2165 FINRA Rule 4512 FINRA Rule 3241 2025 Annual Regulatory Oversight Report Find us: X / YouTube /LinkedIn / Facebook / E-mail

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 Romance Scams FINRA Securities Helpline for Seniors BrokerCheck Market Data Center Fund Analyzer Fixed Income Data FINRA Investor Education Foundation Protecting Consumers from Fraud Ep 162: The Victim Experience: When Romance Leads to Crypto Scam Ep. 168: Investing Wisely in 2025: Avoiding Scams and Achieving Your Financial Goals Ep. 169: Unpacking the 2025 Regulatory Oversight Report Find us: X / YouTube /LinkedIn / Facebook / E-mail

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 and risk monitoring, and the innovative ways they are using data and analytics to support FINRA's mission of investor protection and market integrity. Resources mentioned in this episode: 2025 Regulatory Oversight Report 3110. Supervision Episode 168: Investing Wisely in 2025: Avoiding Scams and Achieving Your Financial Goals Episode 169: Unpacking FINRA’s 2025 Regulatory Oversight Report Find us: X / YouTube /LinkedIn / Facebook / E-mail

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 takeaways and insights for member firms. Resources mentioned in this episode: 2025 Regulatory Oversight Report SEC Regulation Best Interest (Reg BI) 5310. Best Execution and Interpositioning Reg Notice 20-31: FINRA Reminds Firms of Their Supervisory Responsibilities Relating to CAT Investor Insights: Artificial Intelligence (AI) and Investment Fraud Episode 168: Investing Wisely in 2025: Avoiding Scams and Achieving Your Financial Goals Find us: X / YouTube /LinkedIn / Facebook / E-mail

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 Fixed Income Data FINRA Investor Education Foundation Protecting Consumers from Fraud Find us: X / YouTube /LinkedIn / Facebook / E-mail

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 episode: FINRA Data OTC Transparency Data NMS Equity and Option Order Routing Reports (SEC Rule 606(a) Reports) About NMS Equity and Options Routing Reports (SEC 606(a) Reports) OTC (ATS & Non-ATS) Transparency Reg Notice 23-10: FINRA Requests Comment on a Proposal to Require Members to Provide Rule 605 Order Execution Quality Reports to FINRA for Centralized Publication Episode 149: MRTS 2.0: A Redesign for a Rapidly Evolving Market Find us: X / YouTube /LinkedIn / Facebook / E-mail

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 work to advance its mission of investor protection and market integrity. Resources mentioned in this episode: FINRA Blog: An Inside Look into FINRA’s Crypto Asset Work Episode 112: FINRA's Complex Investigations and Intelligence Team & Cyber and Analytics Unit Episode 138: FINRA’s Blockchain Lab: Regulation and Innovation For The Future Episode 145: Compliance and Communication: An Update on FINRA’s Crypto Asset Targeted Exam Episode 158: An Update on FINRA’s Crypto Asset Work and the Crypto Hub Episode 162: When Romance Leads to a Crypto Scam Investor Insights: What Is a Blockchain, and Why Should I Care? Find us: X / YouTube /LinkedIn / Facebook / E-mail