FINRA Proposes Technical Change to Customer Account Information Rule

FINRA proposed to amend FINRA Rule 4512(a)(3) ("Customer Account Information") to permit broker-dealers to obtain electronic - rather than manual - signatures of personnel exercising discretionary trading authority over customer accounts. FINRA acknowledged that while manual signatures were historically required to assist firms in verifying the identity of personnel, the requirement for manual signatures was now obsolete in light of technological advances in the authentication of electronic signatures.