Regulatory Notice 13-07

FINRA Requests Comment on Proposed FINRA Rules Governing Markups, Commissions and Fees


Comment Period Expired: April 1, 2013

Executive Summary

As part of the process to develop a new, consolidated rulebook (the Consolidated FINRA Rulebook), FINRA is requesting comment on proposed FINRA rules governing markups, markdowns, commissions and fees. FINRA initially sought comment on the proposed rules in Regulatory Notice 11-08. In response to the comments received, FINRA is proposing several changes to the proposed rules. These changes include, among other things, amendments to: (1) retain the 5% markup policy in NASD IM-2440-1 (Mark-Up Policy); (2) revise certain of the relevant factors used to determine the reasonableness of markups and commissions; (3) eliminate the requirement to provide commission schedules for equity securities transactions to retail customers; and (4) extend the proposed markup rules to transactions in certain government securities. This Notice requests comment on the revised proposal.


The text of the proposed rules can be found at


Questions regarding this Notice should be directed to:

  • Sharon Zackula, Associate Vice President & Associate General Counsel, Office of General Counsel (OGC), at (202) 728-8985; and
  • Erika Lazar, Assistant General Counsel, OGC, at (202) 728-8013.
View Full Notice PDF 183 KB

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
Roberto A. Eder Sr. J.D. (PDF 12 KB) 3/1/2013
SIFMA (PDF 83 KB) 3/15/2013
PIABA (PDF 320 KB) 3/26/2013
Cornell Securities Law Clinic (PDF 150 KB) 3/28/2013
Financial Services Institute (PDF 117 KB) 4/1/2013
First Asset Financial Inc. (PDF 22 KB) 4/1/2013
Bond Dealers of America (PDF 237 KB) 4/2/2013
Heritage Bank of Nevada (PDF 437 KB) 4/18/2013