FINRA Securities Fraud, Misrepresentation and Mismanagement Arbitration Attorney, Russell L. Forkey, Esq.
The purpose of this post is to provide the reader with information relative to recently proposed or adopted rules changes issued by the Financial Industry Regulatory Authority (FINRA), in addition to Guidance Releases relating to the interruptation of these rules. This information is being provided for informational purposes only. Thus, it should not be relied upon as legal advice, Also, the information provided below is subject to withdrawal, revocation and modification by FINRA, which may or may not be reflected on this site. Consequently, the reader should contact a qualified professional concerning the current status of any of the information referenced below.
June 20, 2011:
Notice of Filing of Proposed Rule Change to Establish a Registration Category, Qualification Examination and Continuing Education Requirements for Certain Operations Personnel and Adopt FINRA Rule 1250 in the Consolidated FINRA Rulebook.
The background for this proposed rule is FINRA's concern about potential regulatory gaps in the area of registration and education requirements for individuals performing and overseeing member operations functions. Read More.
June 21, 2011:
Proposed Rule Change to Adopt the Consolidated FINRA Supervision Rules
FINRA filed with the SEC, for approval, a proposed rule change to adopt consolidated FINRA supervision rules. Read More.
July 1, 2011:
Proposed Rule Change to Implement Revolving Door Restrictions on Former Officers of FINRA
FINRA has filed with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to amend (i) FINRA Rule 9141 (Appearance and Practice; Notice of Appearance) to prohibit a former officer of FINRA, for a period of one year after termination of employment with FINRA, from making an appearance before an adjudicator on behalf of any other person under the FINRA Rule 9000 Series; and (ii) FINRA Rule 9242 (Pre-hearing Submission) to prohibit a former officer of FINRA, for a period of one year after termination of employment with FINRA, from providing expert testimony on behalf of any other person under the FINRA Rule 9000 Series. Read More.
Proposed Rule Change to Adopt FINRA Rules Regarding Communications with the Public in the Consolidated FINRA Rulebook
Financial Industry Regulatory Authority, Inc. ("FINRA") (f/k/a National Association of Securities Dealers, Inc. ("NASD")) has filed with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to adopt NASD Rules 2210 and 2211 and NASD Interpretive Materials 2210-1 and 2210-3 through 2210-8 as FINRA Rules 2210 (Communications with the Public), 2212 (Use of Investment Companies Rankings in Retail Communications), 2213 (Requirements for the Use of Bond Mutual Fund Volatility Ratings), 2214 (Requirements for the Use of Investment Analysis Tools), 2215 (Communications with the Public Regarding Security Futures), and 2216 (Communications with the Public About Collateralized Mortgage Obligations (CMOs)) in the Consolidated FINRA Rulebook. Read More.
August, 2011:
Regulatory Notice 11-39
Guidance on Social Networking Websites and Business Communications
Executive Summary
In January 2010, FINRA issued Regulatory Notice 10-06, providing guidance on the application of FINRA rules governing communications with the public to social media sites and reminding firms of the recordkeeping, suitability, supervision and content requirements for such communications. Since its publication, firms have raised additional questions regarding the application of the rules. This Notice responds to these questions by providing further clarification concerning application of the rules to new technologies. It is not intended to alter the principles or the guidance provided in Regulatory Notice 10-06. If you would like to review the entire notice, please follow the highlighted link.
September, 2011:
SR-FINRA-2011-043
Proposed Rule Change to Amend FINRA Rule 0160 (Definitions in FINRA By-Laws). Read More.
February, 2012:
Proposed Rule Change to Amend FINRA's Mediation Code to Provide the Director of Mediation with the Discretion to Determine Whether Parties May Select a Mediator Who Is Not on FINRA's Mediator Roster. Read More.
February, 2012:
Proposed Rule Change to Amend FINRA's Customer and Industry Codes of Arbitration Procedure to Raise the Limit for Simplified Arbitration from $25,000 to $50,000. Read More.
February, 2012:
Proposed Rule Change to Amend FINRA's Code of Procedure
Financial Industry Regulatory Authority, Inc. ("FINRA") has filed with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to amend FINRA's Code of Procedure that includes:...Read More.
