Regulatory Notice 08-17
Reporting of Customer Complaints Relating to Auction Rate Securities
FINRA has added three new product categories for use by member firms in reporting customer complaints relating to auction rate securities. NASD Rule 3070(c) and incorporated NYSE Rule 351(d) require all members and member organizations to report, on a quarterly basis, statistical information regarding customer complaints. This information is required to be filed by the fifteenth calendar day of the month following the end of the quarter.
Member firms are required to submit quarterly statistical reports under NASD Rule 3070(c) and incorporated NYSE Rule 351(d) using the new product categories beginning with second quarter reports that are due to FINRA by July 15, 2008. FINRA member firms may voluntarily use the three new product categories when reporting customer complaints for the first quarter of 2008.
Questions regarding this Notice may be directed to Stephen Kasprzak, Director & Special Counsel, Sales Practice Policy, at (646) 315-8505; or Gregory Taylor, Principal Rule Counsel, Sales Practice Policy, at (646) 315-8599.