The market for cloud computing is expected to grow from $182 billion in 2018 to well over $300 billion in 2021, according to a recent FINRA report. In light of that dramatic growth, earlier this year, FINRA discussed the opportunities and challenges of cloud computing with nearly 40 broker-dealers, cloud service providers and other securities industry businesses. FINRA’s discussion paper (Report) discusses common cloud computing models, the ways that the financial services industry has been adopting cloud computing and the regulatory concerns associated with the move to the cloud. This article examines the findings and regulatory concerns discussed in the Report, with commentary from Valerie Dahiya, partner at Perkins Coie and former SEC official and broker-dealer examiner. See our two-part coverage of a 2019 FINRA RegTech conference: “AI and Big Data; Blockchain; and Regulators’ Views” (Mar. 21, 2019); and “Current Uses of RegTech and Considerations Before Deployment” (Mar. 28, 2019).