Rules and Guidance

As part of its mandate to protect investors and promote market integrity, FINRA enacts rules and publishes guidance in its role as regulator of securities firms and brokers. FINRA involves the securities industry, the Securities and Exchange Commission (SEC) and other regulators, as well as investors, in its rulemaking deliberations.

FINRA is establishing a consolidated FINRA rulebook that will consist solely of FINRA Rules. Until the completion of the rulebook consolidation process, the FINRA rulebook includes NASD Rules and Incorporated NYSE Rules (together referred to as the "Transitional Rulebook"), in addition to the new consolidated FINRA Rules. As the new FINRA Rules are approved and become effective, the rules in the Transitional Rulebook that address the same subject matter of regulation will be eliminated. When the consolidated rulebook is completed, the Transitional Rulebook will have been eliminated in its entirety.

While the NASD Rules generally apply to all FINRA members, the Incorporated NYSE Rules apply only to those members of FINRA that are also members of NYSE. FINRA Rules apply to all members, unless such rules have a more limited application by their terms.

All FINRA members are subject to the FINRA By-Laws and Schedules to the By-Laws.

Recent Updates