Regulatory Notice 09-40

SEC Approval and Effective Dates for New Consolidated FINRA Rules on Electronic Filing Requirements for Uniform Forms and Arbitration Disclosures

 

Effective Date (FINRA Rule 1010): July 27, 2009

Effective Date (FINRA Rule 2263): September 25, 2009

 

Executive Summary

The SEC recently approved the adoption of NASD Rule 1140, subject to certain amendments, as new FINRA Rule 1010 (Electronic Filing Requirements for Uniform Forms). FINRA Rule 1010 supports the information reported by firms to Web CRD and, among other things, permits a firm to file amendments to Form U4 disclosure information without obtaining the associated person’s manual signature, subject to specified conditions (the mandatory signature exception). The effective date of FINRA Rule 1010 is July 27, 2009.

 

The SEC also approved the adoption of NASD Rule 3080, subject to minor amendments, as new FINRA Rule 2263 (Arbitration Disclosure to Associated Persons Signing or Acknowledging FormU4). FINRA Rule 2263 requires firms to provide each associated person with arbitration disclosures whenever the firm asks an associated person, pursuant to FINRA Rule 1010, to manually sign a new or amended Form U4, or to otherwise provide written acknowledgment of an amendment to the FormU4. The effective date of FINRA Rule 2263 is September 25, 2009, to provide firms with additional time to make the necessary changes to forms and any related systems to reflect the slightly revised disclosure language. 

 

The text of the rule amendments are set forth in Attachment A.

 

Questions concerning this Notice should be directed to:

 

  • Richard E. Pullano, Associate Vice President and Chief Counsel, Registration and Disclosure, at (240) 386-4821; or
  • Patricia Albrecht, Assistant General Counsel, Office of General Counsel, at (202) 728-8026.