Regulatory Notice 13-07

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

Comment Period Expired: April 1, 2013

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.

Related Documents: 

DateTitleFormat - Size
Attachment to Regulatory Notice 13-07PDF - 55.53 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: 
DateCommenterFormat - Size
3/1/2013Roberto A. Eder Sr. J.D.PDF - 11.36 KB
3/15/2013SIFMAPDF - 83.47 KB
3/26/2013PIABAPDF - 320.23 KB
3/28/2013Cornell Securities Law ClinicPDF - 150.14 KB
4/1/2013First Asset Financial Inc.PDF - 22.05 KB
4/1/2013Financial Services InstitutePDF - 117.43 KB
4/2/2013Bond Dealers of AmericaPDF - 236.88 KB
4/18/2013Heritage Bank of NevadaPDF - 436.52 KB