FINRA Board of Governors

Rulemaking Items for Discussion at the February 2011 Meeting

 

The FINRA Board of Governors will consider the following rulemaking item at its February 2011 meeting. FINRA is publishing this information to provide additional transparency in the rulemaking process. After the February 3 meeting, FINRA will notify firms via email about the Board's action on this item and anticipated next steps, if any.

 

Third-Party Service Providers

The Board will consider a proposed new rule requiring controls and diligence around a member firms' use of third-party service providers in connection with certain clearing broker-dealer functions. The rule would also clarify that responsibility for those functions ultimately resides with the firm through the supervision of an associated person.