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RECOGNITION (STEP 1) OCCURS WHEN AN ENTITY CONCLUDES THAT A TAX POSITION, BASED SOLELY ON ITS TECHNICAL MERITS, IS MORE LIKELY THAN NOT TO BE SUSTAINED UPON EXAMINATION. MEASUREMENT (STEP 2) OCCURS WHEN THE TAX BENEFIT IS MEASURED AS THE LARGEST AMOUNT OF BENEFIT, DETERMINED ON A CUMULATIVE PROBABILITY BASIS, THAT IS MORE LIKELY THAN NOT TO BE REALIZED UPON ULTIMATE SETTLEMENT. FROM 2014 THROUGH 2017, THE YEARS MANAGEMENT CONSIDERS TO BE OPEN FOR EXAMINATION BY TAXING AUTHORITIES, MANAGEMENT DID NOT IDENTIFY THE EXISTENCE OF ANY UNCERTAIN TAX POSITIONS. North America 2017 SPONSORSHIP 15000 CHECK 0 1 false false false false false false true AMERICAN ENDOWMENT FOUNDATION 1521 GEORGETOWN ROAD HUDSON OH 44236 341747398 501(C)(3) 17586 2017 CONTRIBUTION AMERICAN ONLINE GIVING 200 MAIN STREET SAFETY HARBOR FL 34695 810739440 501(C)(3) 181082 2017 CONTRIBUTION AMERICAN UNIVERSITY 4400 MASS AVE WASHINGTON DC 20016 530196549 501(C)(3) 10000 2017 CONTRIBUTION ASECA PO BOX 5767 WASHINGTON DC 20016 223036796 501(C)(3) 10000 2017 CONTRIBUTION CONSUMER FEDERATION OF AMERICA 1620 EYE STREET WASHINGTON DC 20006 520880625 501(C)(3) 31000 2017 CONTRIBUTION COUNCIL FOR ECONOMIC EDUCATION 122 EAST 42ND STREET NEW YORK NY 10168 131623848 501(C)(3) 115000 2017 CONTRIBUTION FINRA INVESTOR EDUCATION FOUNDATION 1735 K STREET WASHINGTON DC 20006 200863779 501(C)(4) 81673 2017 CONTRIBUTION GEORGETOWN UNIVERSITY 3700 O STREET WASHINGTON DC 20057 530196603 501(C)(3) 15000 2017 CONTRIBUTION JUMPSTART COALITION 1001 CONNECTICUT AVE WASHINGTON DC 20036 522031287 501(C)(3) 15000 2017 CONTRIBUTION OPERATION HOPE 707 WILSHIRE BLVD LOS ANGELES CA 90017 954378084 501(C)(3) 12500 2017 CONTRIBUTION SEC HISTORICAL SOCIETY 1101 PENNSYLVANIA AVE WASHINGTON DC 20004 522213646 501(C)(3) 15000 2017 CONTRIBUTION SIFMA FOUNDATION FOR INVESTOR EDUCATION 120 BROADWAY NEW YORK NY 10271 521087193 501(C)(3) 30000 2017 CONTRIBUTION TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA 3620 LOCUST WALK PHILADELPHIA PA 19104 231352685 501(C)(3) 10000 2017 CONTRIBUTION 12 1 Form 990, Schedule I VOLUNTARY DISCLOSURE FOR THE SIFMA FOUNDATION FOR INVESTOR EDUCATION CONTRIBUTION DURING 2017: TODD T. DIGANCI, FINRA AND FINRA REGULATION EXECUTIVE VICE PRESIDENT & CFAO, SERVED AS A BOARD MEMBER OF THE SIFMA FOUNDATION FOR INVESTOR EDUCATION. THE DONATIONS MADE TO THE AMERICAN ENDOWMENT FOUNDATION AND AMERICAN ONLINE GIVING REPRESENT THE EMPLOYER MATCH FOR FINRA'S WORKPLACE GIVING CAMPAIGN. FINRA REGULATION, INC. CONTRIBUTED DISGORGEMENT AWARDS RESULTING FROM REGULATORY FINES TO THE FINRA INVESTOR EDUCATION FOUNDATION. THESE DISGORGEMENTS, IN THE AMOUNT OF $81,673 WERE EARMARKED BY FINRA REGULATION, INC. FOR THE INVESTOR EDUCATION FOUNDATION (THE FOUNDATION), FOR PROGRAMS AND PROJECTS CONSISTENT WITH THE FOUNDATION'S MISSION. THE FOUNDATION IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(4) AND ITS MISSION IS TO PROVIDE UNDERSERVED AMERICANS WITH THE KNOWLEDGE, SKILLS AND TOOLS NECESSARY FOR FINANCIAL SUCCESS. THE FINRA INVESTOR EDUCATION FOUNDATION BOARD IS RESPONSIBLE FOR APPROVING AND MONITORING GRANTS. SEE THE FOUNDATION'S FORM 990 FOR ADDITIONAL DETAILS ON THE GRANT APPROVAL AND MONITORING PROCESS. FORM 990, SCHEDULE I, PART I, LINE 2 OVERSIGHT AND RECORDKEEPING OF CONTRIBUTIONS CHARITABLE CONTRIBUTIONS ARE REVIEWED AND APPROVED BY THE APPROPRIATE BUSINESS UNIT HEAD (OR THEIR DESIGNEE). THE ORGANIZATION MAINTAINS RECORDS TO SUBSTANTIATE THE AMOUNT AND THE PURPOSE OF THE CHARITABLE CONTRIBUTIONS. false true false ROBERT W COOK PRESIDENT & CEO 981846 26769 440985 1923 1451523 TODD T DIGANCI EXECUTIVE VICE PRESIDENT/CFAO 572216 695000 24681 145105 40353 1477355 MARCIA E ASQUITH EVP & CORPORATE SECRETARY 309672 355000 38742 113373 24103 840890 SUSAN F AXELROD EXECUTIVE VICE PRESIDENT 424276 465000 21261 1713401 52005 2675943 RICHARD W BERRY EXECUTIVE VICE PRESIDENT 0 290807 0 302000 0 21146 0 129343 0 34619 0 777915 ROBERT L D COLBY EVP AND CHIEF LEGAL OFFICER 0 478688 0 490000 0 267940 0 40950 0 23565 0 1301143 0 108006 THOMAS R GIRA EXECUTIVE VICE PRESIDENT 442772 465000 5663 76230 29592 1019257 J BRADLEY BENNETT EXECUTIVE VICE PRESIDENT 40545 0 499455 15840 2094 557934 CARLO DI FLORIO EXECUTIVE VICE PRESIDENT 417244 278000 21646 122355 62553 901798 STEVEN A JOACHIM EXECUTIVE VICE PRESIDENT 20855 440000 790510 12145 4486 1267996 TRACY B JOHNSON SENIOR VICE PRESIDENT 313522 285500 20463 86456 12306 718247 RICHARD G KETCHUM FMR PRESIDENT & CEO 0 937500 0 3650 0 941150 DEREK W LINDEN EXECUTIVE VICE PRESIDENT 342708 345000 12558 101167 23745 825178 STEVEN J RANDICH EXECUTIVE VICE PRESIDENT & CIO 474758 580000 24353 239633 34304 1353048 STEPHEN M SCHOENEMAN SENIOR VICE PRESIDENT 326733 245000 79059 83510 36895 771197 THOMAS M SELMAN EXECUTIVE VICE PRESIDENT 336895 347000 22800 82033 23904 812632 JONATHAN S SOKOBIN SENIOR VICE PRESIDENT 283684 220000 21687 88744 44047 658162 SCHEDULE J, PART I, LINE 4B FINRA REGULATION, INC. IS A WHOLLY-CONTROLLED SUBSIDIARY OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA). AS THE PARENT ORGANIZATION, FINRA INCURS ALL DIRECT AND INDIRECT EXPENSES, INCLUDING SALARY AND BENEFITS. LINE 4B) FINRA OFFERS TWO NON-QUALIFIED SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS. ANNUAL INCREASES IN BENEFIT VALUE, CLIFF VESTING EVENTS, AND PAYOUT DIFFERENTIALS ARE TAXABLE IN THE YEAR IN WHICH THEY OCCUR AND ARE REPORTED IN COLUMN B(III) OF SCHEDULE J, PART II. UNVESTED BENEFIT AND CONTRIBUTION ACCRUALS ARE TAX DEFERRED AND ARE REPORTED IN COLUMN C OF SCHEDULE J, PART II. 1) FINRA'S SUPPLEMENTAL DEFINED BENEFIT PLAN IS A NON-QUALIFIED DEFINED BENEFIT PLAN THAT IS PROVIDED TO MEMBERS OF A SELECT GROUP OF MANAGEMENT OR HIGHLY COMPENSATED EMPLOYEES SUCH AS THOSE DESCRIBED UNDER 201(2), 301(A)(3), AND 401(A)(1) OF ERISA. IT IS A FINRA FUNDED PLAN IN WHICH PARTICIPANTS TYPICALLY HAD A TAXABLE ONE-TIME CLIFF VESTING EVENT AT A SPECIFIED MILESTONE BASED ON BOTH AGE AND YEARS OF SERVICE. THIS PLAN WAS CLOSED TO NEW ENTRANTS AS OF 12/31/05. ALL PARTICIPANTS HAVE COMPLETED VESTING. THE AMOUNTS BELOW REPRESENT THE ACCUMULATED BENEFITS RECOGNIZED IN THE CURRENT YEAR FOR FEDERAL INCOME TAX PURPOSES UPON THE INDIVIDUALS' SEPARATION FROM FINRA AND THE PLAN. THE BENEFITS WERE EARNED WITHIN THE NON-QUALIFIED DEFINED BENEFIT PLAN OVER THE DURATION OF THE INDIVIDUALS' YEARS OF SERVICE TO FINRA. THESE AMOUNTS VARY BY INDIVIDUAL BASED ON YEARS OF SERVICE, COMPENSATION LEVELS AND PAY GRADE, AGE AT SEPARATION, AND PREVIOUS VESTING EVENTS. PARTICIPANTS IN THE NON-QUALIFIED DEFINED BENEFIT PLAN THAT HAD ACCUMULATED BENEFITS RECOGNIZED IN 2017: STEVEN A. JOACHIM - $754,939 2) FINRA'S SUPPLEMENTAL DEFINED CONTRIBUTION PLAN IS A NON-QUALIFIED PLAN THAT IS OPEN TO VICE PRESIDENTS AND ABOVE WITH AN ANNUAL BASE PAY ABOVE THE QUALIFIED LIMIT. IT IS ONLY OPEN TO THOSE NOT PARTICIPATING IN THE CLOSED NON-QUALIFIED DEFINED BENEFIT PLAN DESCRIBED ABOVE. IT IS A FINRA FUNDED PLAN WITH A 3 YEAR VESTING CYCLE WITH ANNUAL VESTING BEGINNING AT AGE 62. PARTICIPANTS IN THE SUPPLEMENTAL NON-QUALIFIED DEFINED CONTRIBUTION PLAN WITH CONTRIBUTIONS VESTING IN 2017 INCLUDE: ROBERT L. D. COLBY - $240,896 STEPHEN M. SCHOENEMAN - $54,585 SCHEDULE J, PART II, LINE 4, COLUMN C THE COMPENSATION DISCLOSURE FOR SUSAN F. AXELROD INCLUDES $1.7M IN DEFERRED COMPENSATION RELATED TO HER SEPARATION FROM FINRA IN APRIL 2018. THESE AMOUNTS WERE PAID IN 2018 AND ARE REFLECTIVE OF HER 28 YEARS OF SERVICE AT BOTH THE NEW YORK STOCK EXCHANGE AND FINRA. VOLUNTARY COMPENSATION DISCLOSURE: STEPHEN CUTLER WAS A VOLUNTEER BOARD MEMBER IN 2017 AND DID NOT RECEIVE COMPENSATION FOR HIS SERVICE. VOLUNTARY DISCLOSURE FOR FINANCIAL INFORMATION FINRA REGULATION, INC. IS A WHOLLY-OWNED SUBSIDIARY OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA). AS THE PARENT ORGANIZATION, FINRA INCURS ALL DIRECT AND INDIRECT EXPENSES, INCLUDING SALARY AND BENEFITS. THE FINANCIAL INFORMATION INCLUDED IN THIS FORM 990 IS PRESENTED ON A STAND-ALONE BASIS, REFLECTING ONLY THOSE AMOUNTS ALIGNED WITH THE PROGRAMS CONDUCTED UNDER THE GOVERNANCE OF THE FINRA REGULATION BOARD OF DIRECTORS. THE STATEMENTS AND SCHEDULES IN THIS FORM 990 DO NOT REPRESENT THE CONSOLIDATED RESULTS FOR FINRA AND ITS SUBSIDIARIES. THE 2017 FORM 990 SHOULD BE READ IN CONJUNCTION WITH FINRA'S 2017 ANNUAL FINANCIAL REPORT, WHICH IS AVAILABLE AT WWW.FINRA.ORG/ABOUT/ANNUAL-REPORTS-FINANCIALS. SEE ALSO SEPARATE 2017 FORMS 990 FOR RELATED ENTITIES INCLUDING FINRA AND FINRA INVESTOR EDUCATION FOUNDATION. FORM 990, PART III, LINE 4 4A) MARKET REGULATION FINRA REGULATION'S MARKET REGULATION DEPARTMENT OVERSEES AND REGULATES OVER-THE-COUNTER TRADING OF EXCHANGE-LISTED AND NON-EXCHANGE-LISTED SECURITIES, CORPORATE AND MUNICIPAL DEBT, ASSET-BACKED SECURITIES AND TREASURY SECURITIES FOR COMPLIANCE WITH FINRA AND MUNICIPAL SECURITIES RULEMAKING BOARD (MSRB) RULES AND FEDERAL SECURITIES LAWS. MARKET REGULATION ALSO PROVIDES REGULATORY SERVICES TO THE CBOE, ISE, MIAX, NASDAQ AND NYSE EXCHANGE GROUPS, AS WELL AS THE BOX OPTIONS EXCHANGE AND THE IEX EXCHANGE. IN 2017, MARKET REGULATION OPENED 5,460 REVIEWS OR INVESTIGATIONS AND 237 EXAMINATIONS. IN ADDITION, THE DEPARTMENT REFERRED 795 MATTERS TO THE SECURITIES AND EXCHANGE COMMISSION. 4B) MEMBER REGULATION FINRA REGULATION'S MEMBER REGULATION DEPARTMENT CONDUCTS REGULAR AND BRANCH OFFICE EXAMINATIONS OF ITS MEMBER FIRMS ON A SCHEDULE THAT IS ESTABLISHED BASED ON A RISK-PROFILE MODEL. IN ADDITION, MEMBER REGULATION CONDUCTS REVIEWS AND TARGETED EXAMINATIONS BASED ON INVESTOR COMPLAINTS, REFERRALS FROM OTHER FINRA REGULATION DEPARTMENTS, TERMINATIONS OF BROKERAGE EMPLOYEES FOR CAUSE, ARBITRATIONS AND REFERRALS FROM OTHER REGULATORS. MEMBER REGULATION ALSO DETERMINES EXAMINATION PRIORITIES AND CONDUCTS SPECIAL "SWEEPS" OF ITS MEMBER FIRMS TO TARGET ISSUES OF IMMEDIATE CONCERN. IN 2017, MEMBER REGULATION CONDUCTED OVER 7,800 EXAMINATIONS. 4C) ENFORCEMENT FINRA REGULATION DISCIPLINES SECURITIES FIRMS AND INDIVIDUALS IN THE SECURITIES INDUSTRY WHO VIOLATE THE FEDERAL SECURITIES LAWS AND RULES AS WELL AS FINRA AND MUNICIPAL SECURITIES RULEMAKING BOARD (MSRB) RULES. THROUGH ITS ENFORCEMENT DEPARTMENT, FINRA REGULATION BRINGS DISCIPLINARY ACTIONS AGAINST FIRMS AND THEIR EMPLOYEES THAT MAY RESULT IN SANCTIONS, INCLUDING CENSURES, FINES, SUSPENSIONS AND, IN EGREGIOUS CASES, EXPULSIONS OR BARS FROM THE INDUSTRY. IN APPROPRIATE CASES, FINRA REGULATION WILL REQUIRE FIRMS AND INDIVIDUALS TO PROVIDE RESTITUTION TO HARMED INVESTORS AND OFTEN IMPOSES OTHER CONDITIONS ON A FIRM'S BUSINESS TO PREVENT REPEATED WRONGDOING. IN 2017, FINRA REGULATION BROUGHT MORE THAN 1,369 DISCIPLINARY ACTIONS AGAINST REGISTERED INDIVIDUALS AND FIRMS, LEVIED FINES TOTALING MORE THAN $64.9 MILLION AND ORDERED $66.8 MILLION IN RESTITUTION TO HARMED INVESTORS. IN ADDITION, FINRA REGULATION EXPELLED 20 FIRMS FROM THE SECURITIES INDUSTRY, BARRED 492 INDIVIDUALS AND SUSPENDED 733 BROKERS FROM ASSOCIATION WITH FINRA-REGULATED FIRMS. 4D) OFFICE OF FRAUD DETECTION AND MARKET INTELLIGENCE FINRA REGULATION'S OFFICE OF FRAUD DETECTION AND MARKET INTELLIGENCE (OFDMI) PROVIDES A HEIGHTENED AND EXPEDITED REVIEW OF ALLEGATIONS OF SERIOUS FRAUD, SERVES AS A CENTRAL POINT OF CONTACT INTERNALLY AND EXTERNALLY ON FRAUD-RELATED ISSUES, AND CONSOLIDATES RECOGNIZED EXPERTISE IN EXPEDITED FRAUD DETECTION AND INVESTIGATION. THIS DEPARTMENT IS RESPONSIBLE FOR CONDUCTING CONSOLIDATED SURVEILLANCE OF POTENTIAL INSIDER-TRADING ACROSS ALL U.S. MARKETS AS WELL AS CONDUCTING SURVEILLANCE OF LISTED AND OVER-THE-COUNTER SECURITIES FOR POTENTIAL FRAUDULENT ACTIVITY. THE DEPARTMENT ALSO HOUSES THE CENTRAL REVIEW GROUP, WHICH IS RESPONSIBLE FOR THE TRIAGE REVIEW OF TIPS, COMPLAINTS AND BROKER-DEALER FILINGS. IN 2017, THE CENTRAL REVIEW GROUP REVIEWED OVER 24,000 MEMBER FIRM FILINGS, COMPLAINTS, TIPS AND ARBITRATION-RELATED MATTERS FOR POTENTIAL FRAUD. IN ADDITION, OFDMI OVERSEES FINRA'S WHISTLEBLOWER PROGRAM. IN 2017, THE INSIDER TRADING SURVEILLANCE, FRAUD SURVEILLANCE, WHISTLEBLOWER AND CENTRAL REVIEW GROUP CONDUCTED INVESTIGATIONS THAT RESULTED IN MORE THAN 881 REFERRALS TO THE SEC, OTHER FOREIGN, FEDERAL OR STATE REGULATORY OR LAW ENFORCEMENT AGENCIES, OR OTHER INTERNAL FINRA DEPARTMENTS. THESE REFERRALS INVOLVED POTENTIAL INSIDER TRADING, MICROCAP FRAUD, ISSUER FRAUD, PONZI-TYPE SCHEMES, AND OTHER POTENTIAL VIOLATIONS OF FEDERAL SECURITIES LAWS, STATE SECURITIES REGULATIONS OR FINRA RULES. 4E) REGISTRATION AND DISCLOSURE ANY PERSON ENGAGED IN THE SECURITIES BUSINESS OF A FIRM, INCLUDING PARTNERS, OFFICERS, DIRECTORS, BRANCH MANAGERS, DEPARTMENT SUPERVISORS AND SALESPERSONS MUST REGISTER WITH FINRA. THROUGH ITS REGISTRATION AND DISCLOSURE DEPARTMENT, FINRA REGULATION OPERATES CRD, THE CENTRAL LICENSING AND REGISTRATION SYSTEM FOR THE U.S. SECURITIES INDUSTRY AND ITS REGULATORS. FINRA REGULATION ALSO OPERATES THE INVESTMENT ADVISER REGISTRATION DEPOSITORY ON BEHALF OF THE SEC. THESE SYSTEMS CONTAIN THE REGISTRATION RECORDS OF MORE THAN 3,900 FINRA AND OTHER REGISTERED BROKER-DEALERS AND MORE THAN 30,000 INVESTMENT ADVISERS, AND THE QUALIFICATION, EMPLOYMENT, AND DISCLOSURE HISTORIES OF MORE THAN 630,000 ACTIVE REGISTERED INDIVIDUALS. FINRA REGULATION ALSO OPERATES THE BROKERCHECK PROGRAM, AN ONLINE SYSTEM FOR INVESTORS TO REVIEW THE BACKGROUNDS OF INVESTMENT PROFESSIONALS. BROKERCHECK CONTAINS RECORDS ON 1.2 MILLION CURRENT AND FORMER BROKERS AND OVER 20,000 CURRENT AND FORMER BROKER-DEALERS. 4F) OFFICE OF DISPUTE RESOLUTION FINRA REGULATION'S OFFICE OF DISPUTE RESOLUTION OPERATES A DISPUTE RESOLUTION FORUM FOR INVESTORS, BROKERAGE FIRMS AND THEIR REGISTERED EMPLOYEES, AND ADMINISTERS ARBITRATIONS AND MEDIATIONS THROUGH A NETWORK OF FOUR REGIONAL OFFICES, WITH 71 HEARING LOCATIONS INCLUDING ONE IN EACH STATE AND PUERTO RICO. IN 2017, THE OFFICE OF DISPUTE RESOLUTION ADMINISTERED 3,456 ARBITRATIONS AND 237 MEDIATIONS. FORM 990, PART VI, LINE 6 FINRA IS THE SOLE NOT-FOR-PROFIT STOCKHOLDER OF FINRA REGULATION, INC. FORM 990, PART VI, LINE 7A FINRA, THE SOLE NOT-FOR-PROFIT STOCKHOLDER, ELECTS ALL MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, LINE 7B FINRA, THE SOLE NOT-FOR-PROFIT STOCKHOLDER, RETAINS THE FOLLOWING AUTHORITY AND FUNCTIONS: 1) TO EXERCISE OVERALL RESPONSIBILITY FOR ENSURING THAT THE ASSOCIATION'S STATUTORY AND SELF-REGULATORY OBLIGATIONS AND FUNCTIONS ARE FULFILLED 2) TO DELEGATE AUTHORITY TO THE SUBSIDIARIES TO TAKE ACTIONS ON BEHALF OF THE ASSOCIATION. 3) TO ELECT THE SUBSIDIARY BOARDS OF DIRECTORS. 4) TO REVIEW THE RULEMAKING AND DISCIPLINARY DECISIONS OF THE SUBSIDIARIES 5) TO COORDINATE ACTIONS OF THE SUBSIDIARY BOARDS AS NECESSARY. 6) TO RESOLVE ANY DISPUTES AMONG THE SUBSIDIARIES. 7) TO ADMINISTER COMMON OVERHEAD AND TECHNOLOGY OF THE SUBSIDIARIES. 8) TO ADMINISTER THE OFFICE OF INTERNAL REVIEW AS PROVIDED IN THE ASSOCIATION'S BY-LAWS. 9) TO MANAGE EXTERNAL ASSOCIATION RELATIONS ON MAJOR POLICY ISSUES. 10) TO DIRECT THE SUBSIDIARIES TO TAKE ACTION NECESSARY TO EFFECTUATE THE PURPOSES AND FUNCTIONS OF THE ASSOCIATION. 11) TO TAKE ACTION AB INITIO IN AN AREA OF RESPONSIBILITY DELEGATED TO SUBSIDIARIES. FORM 990, PART VI, LINE 11B THE FORM 990 WAS REVIEWED BY SENIOR MANAGEMENT AT VARIOUS STEPS THROUGHOUT THE PREPARATION CYCLE. THE AUDIT AND MANAGEMENT COMPENSATION COMMITTEES REVIEWED AND APPROVED THE ORGANIZATION'S 2017 FORM 990 ON SEPTEMBER 26, 2018. THE BOARD WAS PROVIDED ACCESS TO THE FINAL FORM 990 FOR REVIEW (VIA A WEBSITE FOR BOARD MEMBERS ONLY) PRIOR TO FILING. FORM 990, PART VI, LINE 12C THE ORGANIZATION HAS WRITTEN CONFLICT OF INTEREST POLICIES FOR BOARD MEMBERS AND OFFICERS. THE WRITTEN CONFLICT OF INTEREST POLICY FOR BOARD MEMBERS REQUIRES INITIAL DISCLOSURE OF INTERESTS THAT COULD GIVE RISE TO CONFLICTS AS WELL AS ANNUAL DISCLOSURE BY THE SAME BOARD MEMBERS. ADDITIONALLY, THE WRITTEN POLICY CONTAINS AN ONGOING OBLIGATION OF BOARD MEMBERS TO DISCLOSE POTENTIAL CONFLICTS OF INTEREST AS THEY ARISE. FORM 990, PART VI, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND THE FINRA CONSOLIDATED AUDITED FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. FORM 990, PART VII, COLUMN B THE OFFICERS LISTED IN FORM 990, PART VII, COLUMN B, DEVOTE AN AVERAGE TOTAL OF 60 HOURS PER WEEK TO THE FILING ORGANIZATION AND ANY OR ALL OF THE FOLLOWING RELATED ORGANIZATIONS: FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC., AND FINRA INVESTOR EDUCATION FOUNDATION. FORM 990, PART XI, LINE 9 OTHER CHANGES IN NET ASSETS OR FUND BALANCES PRIMARILY RELATE TO ANY OR ALL OF THE FOLLOWING: CHANGES IN NET INCOME/(LOSS) AND ELIMINATION OF INTERCOMPANY TRANSACTIONS. FOR ADDITIONAL INFORMATION PLEASE SEE THE FINRA 2017 ANNUAL FINANCIAL REPORT WHICH IS AVAILABLE AT WWW.FINRA.ORG/ABOUT/ANNUAL-REPORT-FINANCIALS. 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