What is a FINRA OTR (on-the-record interview)?

What is a FINRA OTR, or on-the-record interview. In short, it is a formal interview by the FINRA staff, where a witness is under oath and the questions and answers are taken down by a court reporter. It is an investigative tool in certain investigations. If you are called to testify at an OTR, you should seek counsel, and be prepared for the interview.