Regulatory Notice 08-76

Technology Changes for Reporting Clearing Methods and Arrangements; Effective Date: December 15, 2008

Executive Summary

As part of FINRA's ongoing effort to integrate NASD and NYSE technology systems, FINRA is revising the information reporting process regarding firms' clearing arrangements, memberships in clearing organizations and certain other information described in this Notice.

 

Effective December 15, 2008, member firms that carry accounts and/or clear transactions or act as an intermediary to facilitate the clearance of accounts through another firm must report their clearing method and clearing arrangements through the FINRA Firm Gateway, a tool that provides firms consolidated access to FINRA applications. Firms that are members of both FINRA and the NYSE must report their clearing method and arrangements under Incorporated NYSE Rule 416A. FINRA-only member firms are requested to provide this information on a voluntary basis. However, as part of FINRA's rulebook consolidation, FINRA staff anticipates proposing a similar rule that would apply to all FINRA member firms.

 

Member firms that do not carry accounts, clear transactions or act as an intermediary in a clearing arrangement are not subject to this reporting obligation. Such firms will, however, be able to view information pertaining to them that has been filed by the reporting firms and will receive an email notice if a reporting firm adds or removes them as a correspondent.