SEC Harmonizes FINRA and NYSE Rules on Customer Account Statements
The SEC approved a FINRA proposal to harmonize FINRA Rule 2231 ("Customer Account Statements") with Temporary Dual FINRA-NYSE Rule 409T ("Statements of Accounts to Customers") and Temporary Dual FINRA-NYSE Rule Interpretation 409T, as modified by Amendment No. 1.
As previously covered, the proposal (i) adds new supplementary materials to FINRA Rule 2231, (ii) incorporates "without substantive change" existing provisions of Temporary Dual FINRA-NYSE Rule Interpretation 409T, (iii) transfers certain requirements from Temporary Dual FINRA-NYSE Rule Interpretation 409T and (iv) deletes Temporary Dual FINRA-NYSE Rule 409T and Temporary Dual FINRA-NYSE Rule Interpretation 409T.
After the initial public comment period, the proposal was modified by FINRA's Amendment No. 1 (see previous coverage), which changed the term from "clearing firm" to "carrying firm" in certain places throughout the proposal.
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