2008 Notices

FINRA publishes Notices to provide firms with timely information on a variety of issues.

 
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December 2008

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Regulatory Notices
08-83 FINRA Requests Comment on Proposed FINRA Rule Regarding Front Running of Block Transactions
The comment period was extended to February 27, 2009.
Comment Period Expired: February 6, 2009
Posted on: 12/24/2008
08-82 FINRA Reminds Firms of Their Sales Practice Obligations with Regard to Cash Alternatives
Posted on: 12/16/2008
08-81 FINRA Reminds Firms of Their Sales Practice Obligations with Regard to the Sale of Securities in a High Yield Environment
Posted on: 12/16/2008
08-80 FINRA Requests Comment on Proposed FINRA Rule Addressing Best Execution
The comment period was extended to February 27, 2009.
Comment Period Expired: January 29, 2009
Posted on: 12/16/2008
08-79 SEC Approves Rules Establishing Procedures for Arbitrators Considering Expungement Requests
Effective Date: January 26, 2009
Posted on: 12/15/2008
08-78 FINRA Announces SEC Approval and Effective Date for New Consolidated FINRA Rules Relating to Warrants, Options and Security Futures
Effective Date: February 17, 2009
Posted on: 12/15/2008
08-77 Customer Account Statements: FINRA Provides Guidance on Estimated Annual Income and Estimated Yield
Posted on: 12/12/2008
08-76 Technology Changes for Reporting Clearing Methods and Arrangements
Effective Date: December 15, 2008
Posted on: 12/11/2008
08-75 Guaranteed Senior Unsecured Debt Is a TRACE-Eligible Security
Posted on: 12/10/2008
08-74 FINRA Provides Guidance on Amendments to FINRA Rules Relating to SEC Regulation M
Effective Date: December 15, 2008
Posted on: 12/8/2008
08-73 SEC Approves Amendments to NASD Rule 2220 to Update the Standards for Options Communications
Effective Date: March 4, 2009
Posted on: 12/5/2008
08-72 FINRA Provides Guidance Concerning the Types of Securities Transactions Subject to the Regulatory Transaction Fee
Posted on: 12/3/2008
Election Notices
12/8/2008 FINRA Announces Changes in Composition of National Adjudicatory Council and Nominees for Vacant Small Firm and Large Firm Industry Seats
Posted on: 12/8/2008
Information Notices
12/23/2008 2009 Holiday Trade Date, Settlement Date and Margin Extensions Schedule
Posted on: 12/23/2008
12/8/2008 Continuing Application of NASD Rules and Incorporated NYSE Rules
Posted on: 12/8/2008
Disciplinary and Other FINRA Actions
Posted on: 12/15/2008
 

November 2008

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Regulatory Notices
08-71 FINRA Requests Comment on Proposed Consolidated FINRA Rule Governing Reporting Requirements
The comment period was extended to January 16, 2009.
Comment Period Expired: December 29, 2008
Posted on: 11/28/2008
08-70 FINRA Provides Guidance Regarding Credit for Extraordinary Cooperation
Posted on: 11/28/2008
08-69 Alert to Member Firms About the Federal Trade Commission’s FACT Act Regulations and the Announcement of the FTC’s Decision to Delay Enforcement of the Red Flags Rule until May 1, 2009
8/20/09: Section 1 of p. 3 of the Notice was updated to reflect current FTC guidance on the scope of the term "transaction account."
7/29/09: FTC Extends Deadline to November 1, 2009
Note: FTC enforcement of FACT Act Red Flags Rule has been delayed to December 31, 2010
Posted on: 11/26/2008
08-68 FINRA Requests Comment on Proposed FINRA Rule Addressing the Circulation of Rumors
Comment Period Expired: December 18, 2008
Posted on: 11/18/2008
08-67 FINRA Announces Electronic Filing Process For Qualification Examination Waiver Requests and Series 16 Experience Acceptability Requests
Effective Date: January 16, 2009
Posted on: 11/7/2008
08-66 FINRA Addresses Firms’ Retail Foreign Currency Exchange Activities
Posted on: 11/4/2008
08-65 FINRA Grants Additional, Temporary Relief from the Net Capital, Reserve Formula, Non-purpose Loan, and Maintenance Margin Requirements Applicable to Credit Extended on Auction Rate Securities to Broker-Dealers That Agree to Buy Back Auction Rate Securities
Effective Date: November 4, 2008
Posted on: 11/4/2008
Election Notices
11/21/2008 Notice of SFAB Election and Ballots
Posted on: 11/21/2008
Information Notices
11/12/2008 September 2008 Supplement to the Options Disclosure Document
Posted on: 11/12/2008
11/3/2008 Extension of Current Rate for Fees Paid Under Section 31 of the Exchange Act
Posted on: 11/3/2008
Disciplinary and Other FINRA Actions
Posted on: 11/17/2008
 

October 2008

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Regulatory Notices
08-64 Amendments to Incorporated NYSE Rules to Reduce Regulatory Duplication
Effective Date: November 11, 2008
Posted on: 10/31/2008
08-63 Securities Industry/Regulatory Council on Continuing Education Issues Firm Element Advisory Update
Posted on: 10/30/2008
08-62 SEC Approves Rules Limiting Submissions to Arbitrators in Closed Cases
Effective Date: November 24, 2008
Posted on: 10/24/2008
08-61 Proposed Amendments to Qualification Examination Fees in Section 4(c) of Schedule A to the FINRA By-Laws
Proposed Implementation Date: January 2, 2009
Posted on: 10/23/2008
08-60 FINRA Announces Temporary Margin Maintenance, Net Capital and Reserve Formula Requirements Related to Money Market Mutual Funds
Effective Date: October 21, 2008
Posted on: 10/21/2008
08-59 Broker-Dealer, Investment Adviser Firm, Agent and Investment Adviser Representative, and Branch Renewals for 2009
Payment Deadline: December 12, 2008
Posted on: 10/20/2008
08-58 Guidance on Disclosure Concerning the U.S. Treasury Department's Temporary Guarantee Program for Money Market Mutual Funds
Posted on: 10/17/2008
08-57 FINRA Announces SEC Approval and Effective Date for New Consolidated FINRA Rules
Effective Date: December 15, 2008
Posted on: 10/16/2008
08-56 FINRA Announces the Publication of Consolidated Interpretations of SEC Rules Governing Financial Responsibility, Customer Protection and Books and Records
Posted on: 10/15/2008
08-55 FINRA Requests Comment on Proposed Research Registration and Conflict of Interest Rules
Comment Period Expired: November 14, 2008
Posted on: 10/14/2008
08-54 Guidance on Special Purpose Acquisition Companies
Posted on: 10/13/2008
08-53 FINRA Revises the Effective Date to Collect and Process Certain CRD Numbers in Connection with Regulation T and SEC Rule 15c3-3 Extensions of Time Requests
Effective Date: April 1, 2009
Posted on: 10/7/2008
08-52 SEC Approves Amendments to Eliminate Yield Reporting to TRACE and FINRA Will Disseminate Standard Yield in Real-Time TRACE Data
This Notice was updated to add new endnote 6.
Effective Date: November 3, 2008
Posted on: 10/1/2008
Election Notices
10/10/2008 FINRA Small Firm Advisory Board Election
Posted on: 10/10/2008
10/24/2008 FINRA Notice of Special Meeting of Small Firms and Proxy
Posted on: 10/24/2008
Information Notices
10/6/2008 Effective Dates of New Consolidated Rules; Introduction of Rule Conversion Chart
Posted on: 10/6/2008
10/31/2008 Continuing Education Planning
Posted on: 10/31/2008
10/22/2008 FINRA Survey to Update the Series 7 Exam
Posted on: 10/22/2008
10/21/2008 New Account Application Template
Posted on: 10/21/2008
Disciplinary and Other FINRA Actions
Posted on: 10/15/2008
 

September 2008

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Regulatory Notices
08-51 SEC Approves Amendments to FINRA's Transaction Reporting Rules to Require Prompt Last Sale Reporting of Transactions in Foreign Securities
Effective Date: October 27, 2008
Posted on: 9/26/2008
08-50 Procedures for Submitting Written Attestation of Bona Fide Market Making Relating to Fail-to-Deliver Positions
Please note that under the requirements of the SEC's interim final temporary rule, a market maker is no longer required to attest in writing that the fail to deliver position at issue was established solely for the purpose of meeting its bona fide market making obligations. However, as with any exception, a broker-dealer would have to evidence eligibility for, and compliance with, the requirements of this exception. See Securities Exchange Act Release No. 58773 (October 14, 2008) at fn 84.
Posted on: 9/24/2008
08-49 FINRA Announces Effective Date for Expansion of NASD IM-2110-2 to OTC Equity Securities and Revised Minimum Price-Improvement Standards in IM-2110-2
Effective Date: November 11, 2008
Posted on: 9/23/2008
08-48 Special Allowance to Permit Bulk Exchanges of Shares of Certain Reserve Funds
Posted on: 9/18/2008
08-47 Changes to Customer Complaint Reporting Procedures under NASD Rule 3070(c) and NYSE Rule 351(d)
Effective Date: October 1, 2008
Posted on: 9/15/2008
08-46 Interpretive Guidance on Capital Treatment of Introducing Broker-Dealers' Clearing Deposits
Effective Dates: Immediately with respect to Interpretation I; January 5, 2009, with respect to Interpretation II
Posted on: 9/5/2008
Information Notices
9/15/2008 Loose-Leaf FINRA Manual Subscription
Posted on: 9/15/2008
Disciplinary and Other FINRA Actions
Posted on: 9/15/2008
 

August 2008

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Regulatory Notices
08-45 FINRA to Deduct All Delinquent Arbitration and Mediation Fees from CRD Accounts
Effective Date: September 22, 2008
Posted on: 8/25/2008
08-44 SEC Approves a Proposed Rule Change to Amend the Chairperson Eligibility Requirements in the Arbitration Codes for Customer and Industry Disputes
Effective Date: September 22, 2008
Posted on: 8/22/2008
08-43 SEC Approves Expanding Disseminated Real-Time TRACE Data
Effective Date: November 3, 2008
Posted on: 8/20/2008
08-42 Guidance on Transactions in TRACE-Eligible Securities Under SEC Rule 144
Posted on: 8/15/2008
08-41 FINRA Announces Amendments to Make Permanent the Portfolio Margin Pilot Program
Effective Date: August 1, 2008
Posted on: 8/8/2008
08-40 Technology Changes for Reporting Certain Complaint and Disclosure Information
Effective Date: October 20, 2008
Posted on: 8/6/2008
Election Notices
8/26/2008 Nominee for Vacant FINRA Board of Governors Small Firm Seat
Posted on: 8/26/2008
Trade Reporting Notices
8/14/2008 Trade Reporting Frequently Asked Questions
Posted on: 8/14/2008
Information Notices
8/26/2008 June 2008 Supplement to the Options Disclosure Document
Posted on: 8/26/2008
Disciplinary and Other FINRA Actions
Posted on: 8/15/2008
 

July 2008

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Regulatory Notices
08-39 FINRA Requests Comments on Proposed New Rules Governing Communications About Variable Insurance Products
Comment Period Expired: September 30, 2008
Posted on: 7/28/2008
08-38 FINRA Provides Clarification on SEC Guidance Regarding Emergency Orders Concerning Short Selling
Posted on: 7/23/2008
08-37 FINRA Reminds Firms that the Trading Activity Fee Is Assessed on Exchange-Listed Options Transactions when FINRA Is the DOEA
Posted on: 7/17/2008
08-36 SEC Approves Amendments to Expand the Scope of NASD Rule 2440 and IM-2440-1 to All Securities Transactions
Effective Date: June 13, 2008
Posted on: 7/11/2008
08-35 SEC Approves Amendments to NASD Rule 2810 (Direct Participation Programs)
Effective Date: August 6, 2008
Posted on: 7/7/2008
08-34 SEC Approves Amendments to the Rule 9700 Series to Streamline Existing Procedural Rules Applicable to General Grievances Related to FINRA Automated Systems
Effective Date: August 1, 2008
Posted on: 7/2/2008
Trade Reporting Notices
7/28/2008 FINRA Extends Effective Date of Modifications to the TRACE System to November 3, 2008
Posted on: 7/28/2008
7/1/2008 FINRA Announces the Effective Date of Modifications to the TRACE System
Effective Date: August 4, 2008
Posted on: 7/1/2008
Disciplinary and Other FINRA Actions
Posted on: 7/15/2008
 

June 2008

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Regulatory Notices
08-33 SEC Announces Approval of Amendment to FINRA's MRVP to Include Violations of Options Position and Exercise Limits and Contrary Exercise Advice Procedures
Effective Date: June 6, 2008
Posted on: 6/30/2008
08-32 FINRA Consolidates the Collection and Processing of Regulation T and SEC Rule 15c3-3 Extension of Time Requests
Effective Date: November 17, 2008
Posted on: 6/23/2008
08-31 SEC Approves Exemption from the Requirements in NASD IM-2110-2 and NASD Rule 2111 for Certain Regulation NMS-Compliant Intermarket Sweep Orders
Effective Date: May 6, 2008
Posted on: 6/20/2008
08-30 Guidance Relating to Illiquid Investments
Posted on: 6/12/2008
08-29 Securities Industry/Regulatory Council on Continuing Education Issues Firm Element Advisory Update
Posted on: 6/2/2008
Information Notices
6/9/2008 Continuing Education Planning
Posted on: 6/9/2008
Disciplinary and Other FINRA Actions
Posted on: 6/16/2008
 

May 2008

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Regulatory Notices
08-28 SEC Approves Amendments to Eliminate the Requirement for the Senior Registered and Compliance Registered Options Principals (SROP and CROP)
Effective Date: June 23, 2008
Posted on: 5/22/2008
08-27 The Obligation of Firms When Supervising their Registered Representatives' Use of Marketing Materials to Establish Expertise
Posted on: 5/20/2008
08-26 Proposed Consolidated FINRA Rule Addressing Investor Education and Protection
Comment Period Expired: June 13, 2008
Posted on: 5/14/2008
08-25 Proposed Consolidated FINRA Rules Governing Books and Records Requirements
Comment Period Expired: June 13, 2008
Posted on: 5/14/2008
08-24 Proposed Consolidated FINRA Rules Governing Supervision and Supervisory Controls
Comment Period Expired: June 13, 2008
Posted on: 5/14/2008
08-23 Proposed Consolidated FINRA Rules Governing Financial Responsibility
Comment Period Expired: June 13, 2008
Posted on: 5/14/2008
08-22 SEC Approves Rule Change to Amend the Definition of Public Arbitrator in the Arbitration Codes for Customer and Industry Disputes
Effective June 9, 2008
Posted on: 5/9/2008
Information Notices
5/15/2008 April 2008 Supplement to the Options Disclosure Document
Posted on: 5/15/2008
Disciplinary and Other FINRA Actions
Posted on: 5/15/2008
 

April 2008

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Regulatory Notices
08-21 FINRA Issues Guidance to Broker-Dealers on Partial Redemptions of Auction Rate Securities
Posted on: 4/30/2008
08-20 FINRA Requests Comments on Proposed Changes to Forms U4 and U5
Comment Period Expired: May 27, 2008
Posted on: 4/24/2008
08-19 SEC Approves Rule Change to Amend FINRA's Gross Income Assessment
Effective Date: January 1, 2008
Posted on: 4/11/2008
08-18 Sound Practices for Preventing and Detecting Unauthorized Proprietary Trading
Posted on: 4/8/2008
08-17 Reporting of Customer Complaints Relating to Auction Rate Securities
Effective Date: April 1, 2008
Posted on: 4/8/2008
08-16 Member Firm Disclosure and Supervisory Review Obligations
Effective Date: April 7, 2008
Posted on: 4/7/2008
08-15 Foreign Research Analyst Exemption from the Research Analyst Qualification Examination
Effective Date: April 7, 2008
Posted on: 4/7/2008
Election Notices
4/11/2008 Election Results for District Committees and District Nominating Committees
Posted on: 4/11/2008
Information Notices
4/1/2008 FINRA Implements Changes to OTC Reporting Facility and OTC Bulletin Board Invoice Processes
Effective Date: April 1, 2008
Posted on: 4/1/2008
Disciplinary and Other FINRA Actions
Posted on: 4/15/2008
 

March 2008

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Regulatory Notices
08-14 FINRA Implements New Electronic Form NMA Filing Requirement
The New Membership Application Form NMA Guide referred to in this Notice is now available in the FINRA Firm Gateway.
Effective Date: February 29, 2008, Compliance Date: June 26, 2008
Posted on: 3/28/2008
08-13 FINRA Consolidates the Collection of Short Interest Data
The effective date of the consolidation of the collection of short interest data has been extended to June 30, 2008. As a result, the testing period for these changes has been extended to June 3, 2008.
Effective Date: May 15, 2008
Posted on: 3/27/2008
08-12 SEC Approves Amendment to NASD Rule 2210 to Create an Exception to the Principal Approval Requirements for Certain Filed Sales Material
Effective Date: March 26, 2008
Posted on: 3/26/2008
08-11 Q&A on Electronic Filing Requirements of NASD Rule 3170
Posted on: 3/24/2008
08-10 FINRA Announces Amendments to Make Permanent the Pilot Program Increasing Positions and Exercise Limits for Stock Options
Effective Date: February 28, 2008
Posted on: 3/19/2008
08-09 FINRA Revises Portfolio Margining Risk Disclosure Statement and Written Acknowledgment for Customers Using Portfolio Margin Accounts
Effective Date: March 14, 2008
Posted on: 3/14/2008
08-08 FINRA Temporarily Increases Margin Maintenance Requirements on Auction Rate Securities Backed by Fixed Income Products
Effective Date: March 6, 2008
Posted on: 3/5/2008
Trade Reporting Notices
3/18/2008 Revised Policy for Disseminating Reports of Fewer Than 100 Shares
Effective Date: April 21, 2008
Posted on: 3/18/2008
Information Notices
3/12/2008 Rulebook Consolidation Process
Posted on: 3/12/2008
3/10/2008 Mid-Year Rate Adjustment for Fees Paid under Section 31 of the Exchange Act
Effective Date: April 1, 2008
Posted on: 3/10/2008
Disciplinary and Other FINRA Actions
Posted on: 3/17/2009
 

February 2008

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Regulatory Notices
08-07 FINRA and NYSE Filed Rule Changes with the SEC to Amend FINRA's Gross Income Assessment and Eliminate Certain NYSE Fees
Effective Date: Upon SEC Approval With an Implementation Date of January 1, 2008
Posted on: 2/14/2008
08-06 SEC Approves Amendments to NASD Rule 11810(i) to Mandate the Use of the Automated Liability Notification System of a Registered Clearing Agency
Effective Date: March 13, 2008
Posted on: 2/12/2008
08-05 Regulatory Notice 08-05 has been rescinded.
Election Notices
2/27/2008 Nominees for the District Committees and District Nominating Committees
Posted on: 2/27/2008
Trade Reporting Notices
2/22/2008 FINRA Announces Modifications to the TRACE System Relating to Certain Securities with Equity CUSIPs and Reminds Firms of Their Reporting Obligations Regarding Equity-Linked Notes and Convertible Debt
Posted on: 2/22/2008
2/19/2008 Guidance on Reporting Electronic Communications Network (ECN) Transactions
Posted on: 2/19/2008
Information Notices
2/21/2008 FINRA Secures Relief for Member Firms for Certain Record Retention Requirements
Effective Date: February 19, 2008
Posted on: 2/21/2008
Disciplinary and Other FINRA Actions
Posted on: 2/15/2008
 

January 2008

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Regulatory Notices
08-04 FINRA Adopts Rule Amendments that Expand the Delta Hedging Exemptions for Options Positions Limits
Effective Date: February 1, 2008
Posted on: 1/31/2008
08-03 SEC Approves Technical Amendments to the Uniform Application for Securities Industry Registration or Transfer (Form U4), the Uniform Termination Notice for Securities Industry Registration (Form U5) and the Uniform Branch Office Registration Form (Form BR)
Effective Date: February 4, 2008
Posted on: 1/28/2008
08-02 Acceptability of Series 24 Examination under NYSE Rule 342.13
Posted on: 1/11/2008
08-01 Broker-Dealer, Investment Adviser Firm, Agent and Investment Adviser Representative, and Branch Renewals for 2008
Payment Deadline: February 4, 2008
Posted on: 1/2/2008
Election Notices
1/18/2008 Upcoming District Committee and District Nominating Committee Elections
This Notice was updated to correct the listings for the District Nominating Committees for Districts 3, 4 and 10.
Posted on: 1/18/2008
Information Notices
1/8/2008 New Rate for Fees Paid under Section 31 of the Exchange Act
Posted on: 1/8/2008
Disciplinary and Other FINRA Actions
Posted on: 1/15/2008