SEC Opens New Comment Period on FINRA Home Office Proposal

The SEC opened a new comment period to consider whether to approve a FINRA proposal amending Rule 3110 ("Supervision") to adopt new supplementary Material .19 ("Residential Supervisory Location") "that would treat a private residence at which an associated person engages in specified supervisory activities as a non-branch location."

The proposal was first published in the Federal Register on August 2, 2022 (see previous coverage). FINRA later consented to an extension of the period for the SEC to approve the proposal until October 31, 2022.

The SEC instituted the proceedings in order to "allow for additional analysis and input concerning whether the proposed rule change is consistent with the Exchange Act and the rules thereunder."

Comments on the proposal and objections must be submitted by November 25, 2022. Rebuttals to submitted comments must be submitted by December 9, 2022.