FINRA Exemptive Letters List

Detected February 6th, 2026

Summary

FINRA has published a list of its exemptive letters, including those related to TRACE ATS Reporting, Municipal Securities, and Initial Public Offerings (IPOs). These letters provide guidance to industry professionals on FINRA's decision-making rationale for specific situations.

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What changed

FINRA has updated its online resource to include a comprehensive list of its exemptive letters. This publication aims to assist industry professionals in understanding the rationale behind FINRA's decisions regarding exemptions from certain rules. The list includes specific letters pertaining to TRACE ATS Reporting, Municipal Securities, and Initial Public Offerings (IPOs), with entries dating back to 2010.

While these letters are intended to provide clarity, FINRA notes that the decisions apply to the specific situations described and do not cover every possible exemption. Regulated entities, particularly broker-dealers and financial advisers, should review these letters to understand FINRA's interpretations and guidance on specific regulatory matters. The publication serves as a reference tool rather than a source of new regulatory obligations.

Source document (simplified)

Exemptive Letters

FINRA publishes letters or summaries of its letters in response to requests for exemption. We do this to assist industry professionals in understanding the rationale for our decisions. Please note that the decisions apply to the specific situations described. FINRA has not attempted to publish letters covering every rule for which an exemption can be granted.

| Date | Title | Topic |
| --- | --- | --- |
| Mar 26, 2025 | Joseph Lodato, Octaura Securities TradingCo LLC | TRACE ATS Reporting |
| Feb 08, 2024 | Alan Reed, OpenYield Trading LLC | TRACE ATS Reporting |
| Sep 21, 2022 | Jeffrey Eileen, ICE Bonds Securities Corporation | TRACE ATS Reporting |
| Nov 09, 2021 | Name Not Public | Municipal Securities |
| Oct 21, 2020 | Name Not Public | Municipal Securities |
| Nov 06, 2018 | Name Not Public | Municipal Securities |
| Oct 01, 2018 | Mr. Patrick Basilice, Chief Compliance Officer, Euronext Synapse LLC | |
| Apr 16, 2018 | Amy Natterson Kroll, Morgan, Lewis & Bockius LLP | |
| Feb 09, 2017 | Name Not Public | Municipal Securities |
| Aug 09, 2016 | Joshua Hershman, Trumid Financial LLC | TRACE ATS Reporting |
| Jun 01, 2016 | Name Not Public | Municipal Securities |
| May 16, 2016 | Michael McGuire, Tradeweb Direct LLC | TRACE ATS Reporting |
| Jan 28, 2016 | Name Not Public | Municipal Securities |
| Jan 04, 2016 | Name Not Public | Municipal Securities |
| Dec 14, 2015 | Name Not Public | Municipal Securities |
| Jul 23, 2015 | Amy Natterson Kroll, Morgan, Lewis & Bockius LLP | Initial Public Offering (IPO) |
| May 21, 2015 | Name Not Public | Municipal Securities |
| May 05, 2015 | Kevin O’Connor, Picard Kentz & Rowe LLP | |
| Feb 11, 2015 | Name Not Public | Municipal Securities |
| Jan 07, 2014 | Venu Palaparthi, NPM Securities LLC | |
| Nov 02, 2012 | Christopher M. Wells, Proskauer Rose LLP | |
| Mar 01, 2012 | Michael R. Modeski, OTC Link LLC | |
| Jun 27, 2011 | Name Not Public | Municipal Securities |
| Dec 07, 2010 | Edward A. Kwalwasser, Proskauer Rose LLP | Initial Public Offering (IPO) |
| Sep 07, 2010 | Name Not Public | Municipal Securities |