On November 1, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 10-57 (the Notice) encouraging broker-dealers to develop and implement sound funding and liquidity risk management programs. The Notice makes it clear that FINRA expects broker-dealers to regularly assess their funding and liquidity risk managementpractices to maximize the likelihood of continued operation under adverse conditions. FINRA also expects broker-dealers affiliated with holding companies to conduct this assessment and develop these programs at the broker-dealer level regardless of whether they also implement these programs at the holding company level. In order to provide guidance to its members, the Notice sets forth some suggested practices that brokerdealers may follow in developing and implementing their funding and liquidity risk management programs.