Regulatory Notice 08-47

Changes to Customer Complaint Reporting Procedures Under NASD Rule 3070(c) and NYSE Rule 351(d); Effective Date: October 1, 2008

 

Executive Summary

NASD Rule 3070(c) and Incorporated NYSE Rule 351(d) require all member firms to report on a quarterly basis statistical information regarding customer complaints. Firms must file this information by the 15th calendar day of the month following the end of each quarter (e.g., by April 15 for the first quarter). The information reported by member firms provides FINRA with an important regulatory tool that assists us with the timely identification of potential sales practice and operational issues.

 

The following changes to the customer complaint reporting procedures under NASD Rule 3070(c) and NYSE Rule 351(d) will become effective on October 1, 2008, and therefore must be reflected in the fourth quarter 2008 customer complaint filing (due January 15, 2009).

 

Questions concerning this Notice should be directed to Dave Troutner, Deputy Director, Central Review Group, Member Regulation, at (240) 386-6404.