Proposed Rule Change to Modernize and Simplify NASD Rule 2720

FINRA (f/k/a National Association of Securities Dealers, Inc. ("NASD")) is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to modernize and simplify NASD Rule 2720 (Distributions of Securities of Members and Affiliates - Conflicts of Interest), which governs public offerings of securities in which a member with a conflict of interest participates.