FINRA Seeks to Adopt Consolidated FINRA Supervision Rules (with Lofchie Comment)

FINRA filed with the SEC a series of proposed rule changes to adopt a consolidated set of FINRA supervision rules. The rule change would largely replace existing supervision rules with a new, more flexible set of supervision rules. These amendments are intended to enable FINRA member firms to tailor their procedures to reflect their business, size and organizational structure.

Lofchie Comment:Although none of the individual changes appear material, there are quite a number of small changes, as well as changes in the relevant rules. Accordingly, many of a firm's compliance procedures will have to be updated to be consistent with the new rules.

See: Text of Proposed Rule Change.