Regulatory Notice 11-02

SEC Approves Consolidated FINRA Rules Governing Know-Your-Customer and Suitability Obligations


Effective Date: October 7, 2011

Executive Summary

The SEC approved FINRA’s proposal to adopt rules governing know-your-customer and suitability obligations for the consolidated FINRA rulebook. The new rules are based in part on and replace provisions in the NASD and NYSE rules.


The text of the new rules is set forth in Attachment A. The rules take effect on October 7, 2011.


Questions regarding this Notice should be directed to James S. Wrona, Associate Vice President and Associate General Counsel, Office of General Counsel, at (202) 728-8270.


The effective date has been delayed to July 9, 2012. See the rule filing.