According to the Financial Industry Regulatory Authority (FINRA), a carrying agreement is an agreement between two firms that are responsible for securities transactions. In 2018, FINRA determined that the wording surrounding carrying agreements was not sufficient, and so they revamped the FINRA manual to better clarify carrying agreements. FINRA Rule 4311 governs the extensive changes (such as prohibiting members from entering into securities transaction agreements with entities that are not FINRA members).