On Sept. 15, 2015, the Financial Industry Regulatory Authority issued Regulatory Notice titled “Guidance on Liquidity Risk Management Practices.” The notice stakes out FINRA’s position on liquidity risk management as an important function for its member broker-dealers and discusses the areas that FINRA considers relevant when determining whether a firm has implemented appropriate liquidity risk management practices. FINRA developed the contents of the notice in the course of examining the liquidity practices of 43 firms with the twin goals of understanding existing practices and “raising awareness of the need for liquidity stress planning” at broker-dealers.