NYSE Adopts FINRA's Remote Inspections and RSL Classification
The New York Stock Exchange ("NYSE") filed a rule change "to permit eligible member organizations to participate in FINRA's remote inspections program ("FINRA Pilot Program") ... and to adopt FINRA's Residential Supervisory Location ("RSL") classification."
In a Notice alerting members of the filing, FINRA stated that the rule change is intended to "harmonize NYSE Rule 3110 with FINRA Rule 3110 ("Supervision")" and is immediately effective.
FINRA also announced "functionality enhancements" to the Uniform Branch Office Registration Form ("Form BR") to support firms' operational needs. (See previous coverage.) These enhancements enable firms to either retain the "notice filing" status for RSLs or adjust it for NYSE member locations. FINRA stated that it will update the Residential Supervisory Location FAQs guidance to reflect the new NYSE rule soon.
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