FINRA proposed to adopt legacy NASD and Incorporated NYSE Rules and Interpretations into the consolidated FINRA rulebook without any substantive changes. FINRA proposed to adopt:
- the NASD Rule 1010 Series ("Membership Proceedings") into the FINRA Rule 1000 Series;
- NASD Rule 1090 ("Foreign Members") as FINRA Rule 1021;
- NASD Rule 2340 ("Customer Account Statements") as FINRA Rule 2231;
- NASD Rule 2510 ("Discretionary Accounts") as FINRA Rule 3260;
- NASD Rule 3140 ("Approval of Change in Exempt Status under Exchange Act Rule 15c3-3") as FINRA Rule 1020;
- NASD Rule 3150 ("Reporting Requirements for Clearing Firms") as FINRA Rule 4540; and
- NASD Rule IM-3150 ("Exemptive Relief") as Supplementary Material to FINRA Rule 4540.
Additionally, FINRA proposed to:
- adopt the remaining "Incorporated NYSE Rules and Interpretations" in the FINRA Rulebook, without any substantial changes, as a separate Temporary Dual FINRA-NYSE Member Rule Series;
- delete four Incorporated NYSE Rule definitions that are not in the FINRA rule set; and
- update cross-references and make other non-substantive changes within the FINRA rules.
FINRA has filed the proposed rule change for immediate effectiveness.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
