Effective Date Set for Harmonizing FINRA and NYSE Rules on Customer Account Statements

The effective date for adopted amendments that harmonize FINRA Rule 2231 ("Customer Account Statements") with FINRA-NYSE Rule 409T ("Statements of Accounts to Customers") and FINRA-NYSE Rule Interpretation 409T will be January 1, 2024.

Amendments to FINRA proposed Rule 2231 include the addition of:

• Supplementary Material .01, which reminds firms of their obligations under FINRA Rule 4311 ("Carrying Agreements");

• Supplementary Material .02, which addresses the transmission of customer account statements to a third party;

• Supplementary Material .03, which expressly allows electronic media use as a means to satisfy delivery obligations; and

• Supplementary Material .04, which permits a firm to hold customer mail pursuant to FINRA Rule 3150 ("Holding of Customer Mail").

The approved amendments, as modified by FINRA's Amendment No. 1 (see previous coverage), also (i) incorporate "without substantive change" existing provisions of Temporary Dual FINRA-NYSE Rule Interpretation 409T, (ii) transfer certain requirements from Temporary Dual FINRA-NYSE Rule Interpretation 409T and (iii) delete Temporary Dual FINRA-NYSE Rule 409T and Temporary Dual FINRA-NYSE Rule Interpretation 409T.