FINRA Files Amendment and Requests Comments on Adoption of Amended Rules Regarding Supervision

FINRA has filed an amendment to a previously proposed rule change that will consolidate certain NASD and NYSE supervision rules into FINRA supervision rules. FINRA had received a number of comments on the original proposal, including 555 copies of a form letter. The SEC published a notice to solicit comments on the supervisory proposal, as amended in light of the various comments. The original rule amendment was issued in June of 2013 (see description in the item linked below). In the revised proposal (see pages 4-9), FINRA modified a number of the proposed requirements that commenters argued were burdensome or unclear. FINRA did not respond to the comment that the original rule proposal should be subject to a cost-benefit analysis.

Comments on the amendment are due on November 12, 2013.

See: SEC Notice. Related News: Proposed Rule Change to Adopt the Consolidated FINRA Supervision Rules (June 14, 2013); FINRA Seeks to Adopt Consolidated FINRA Supervision Rules (with Lofchie Comment) (June 24, 2013).