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FINRA operates TRACE, which provides transparency in the corporate and agency bond markets by requiring reporting of secondary market transactions. Operations staff must understand TRACE reporting obligations.

EMMA (Electronic Municipal Market Access) reports municipal bond trades and disclosures. Corporate bonds go through TRACE, Treasuries through the Fed, and equities via ACT/CAT.

Churning is excessive trading to generate commissions without regard to client objectives. It violates suitability rules and ethical obligations under FINRA Rule 2111.

SEC Rule 10b-10 requires timely delivery of trade confirmations to customers. Delays undermine transparency and are an ethical and regulatory violation.

FINRA requires all customer complaints, written or verbal, to be documented and forwarded to compliance for proper handling. Ignoring complaints or attempting to handle them without reporting undermines regulatory obligations. Series 99 candidates must know that operations professionals play a role in ensuring complaints are tracked, escalated, and resolved appropriately. This maintains trust, ensures regulatory compliance, and helps firms monitor recurring issues.