SEC Approves Consolidated Telemarketing Rule (FINRA Regulatory Notice)

FINRA Reg. Notice 12-17

The SEC approved FINRA's proposed rule change to adopt NASD Rule 2212 (Telemarketing) as FINRA Rule 3230 (Telemarketing) in the consolidated FINRA Rulebook, taking into account certain requirements under NYSE Rule 440A and Interp. 440A/01 (Telephone Solicitation). Further, the new rule adopts provisions that are substantially similar to FTC rules that prohibit deceptive and other abusive telemarketing acts or practices. This Notice highlights the portions of Rule 3230 that differ from NASD Rule 2210.

Effective Date: June 29, 2012

Cross References: SEC Release No. 34-66279, 77 FR 5611 (Order Approving Proposed Rule Change); FINRA Rule 3230; NASD Rule 2212; NYSE Rule 440A.

For more information about this document, you may contact one of the following Cadwalader attorney: Steven D. Lofchie.

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