Regulatory Notice 10-01

Proposed Consolidated FINRA Rules Governing FINRA’s Membership Application Proceedings; Comment Period Expired: March 5, 2010

Executive Summary

As part of the process of developing a new, consolidated rulebook (the Consolidated FINRA Rulebook), FINRA is requesting comment on proposals relating to FINRA's membership rules. These rules, which were adopted in August 1997, provide a means for FINRA, through its Membership Application Process (MAP), to know and assess the proposed business activities of its potential and current member firms. The proposed amendments revise certain provisions of the existing membership rules to streamline the standards of review for new and continuing membership applications, clarify certain administrative aspects of the MAP process, update or eliminate outdated terminology and require certain additional information (including certain affiliate information) about the applicant and incorporate certain provisions from the Incorporated NYSE membership rules.

 

The text of the proposed rules is set forth in Attachment A on our Web site at www.finra.org/notices/10-01.

 

Questions regarding this Notice should be directed to:

 

  • Steve Kasprzak, Associate Director & Principal Counsel, Sales Practice Policy, Member Regulation, at (646) 315-8505; or
  • Ann-Marie Mason, Counsel, Sales Practice Policy, Member Regulation, at (202) 728-8231.
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The views, expressions, findings and opinions expressed in the comments on this Web page are solely those of the author(s) and FINRA accepts no responsibility for the content of the comments.


Comments By Date Received
NPB Financial Group, LLC (PDF 573 KB) 3/3/2010
Carter Ledyard & Milburn LLP (PDF 573 KB) 3/4/2010
Cornell Law School (PDF 879 KB) 3/4/2010
Financial Services Institute (PDF 71 KB) 3/5/2010
ACI (PDF 85 KB) 3/5/2010
Sutherland Asbill & Brennan LLP (PDF 104 KB) 3/5/2010
IMS (PDF 33 KB) 3/5/2010
Lehman & Eilen LLP (PDF 685 KB) 3/5/2010
SIFMA (PDF 65 KB) 3/10/2010