Regulatory Notice 15-19

FINRA Requests Comment on a Proposed Rule to Require Delivery of an Educational Communication to Customers of a Transferring Representative

Comment Period Expires: July 13, 2015

Executive Summary

FINRA seeks comment on a proposed rule that would require a member firm that hires or associates with a registered representative (recruiting firm) to provide an educational communication to former retail customers who the member, directly or through the transferring representative, attempts to induce to transfer assets to the recruiting firm or who choose to transfer assets to the recruiting firm. The educational communication would highlight the potential implications of transferring assets to the recruiting firm and suggest questions a customer may want to ask to make an informed decision. The recruiting firm would be required to provide the educational communication at or shortly after the time of first contact with a former retail customer regarding the transfer of assets to the recruiting firm.

The proposed rule text is available as Attachment A. The proposed educational communication is available as Attachment B.

Questions regarding this Notice should be directed to:

  • Philip Shaikun, Vice President and Associate General Counsel, Office of General Counsel (OGC), at (202) 728-8451; or
  • Jeanette Wingler, Assistant General Counsel, OGC, at (202) 728-8013.
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
5/31/2015CLM Ventura, LLCPDF - 83 KB
7/2/2015NAIFAPDF - 32.35 KB
7/6/2015Hanson McClain SecuritiesPDF - 159.67 KB
7/8/2015Nick CochranPDF - 39.06 KB
7/8/2015Buckman, Buckman & ReidPDF - 43.16 KB
7/10/2015Janney Montgomery Scott LLCPDF - 1.92 MB
7/13/2015SIFMAPDF - 338.99 KB
7/13/2015Lax & Neville LLPPDF - 249.8 KB
7/13/2015NASAAPDF - 169.84 KB
7/13/2015Financial Services Institute (FSI)PDF - 127.49 KB
7/13/2015Wells Fargo Advisors, LLCPDF - 77.94 KB
7/13/2015Public Investors Arbitration Bar Association (PIABA)PDF - 242.54 KB
7/13/2015Ameriprise Financial Services, Inc.PDF - 850.94 KB
7/14/2015Raymond James & Associates, Inc.PDF - 86.77 KB
7/13/2015Raymond James Financial Services, Inc.PDF - 103.17 KB
7/13/2015LPL Financial LLC Comment on Regulatory Notice 15-19PDF - 3.63 MB
7/13/2015Lincoln Financial NetworkPDF - 126 KB
7/13/2015Charles Schwab & Co., Inc.PDF - 154.52 KB
7/13/2015Commonwealth Financial NetworkPDF - 56.3 KB
7/13/2015Financial Services RoundtablePDF - 37.54 KB
7/13/2015The Leaders Group, Inc.PDF - 21.68 KB
7/13/2015Sutherland Asbill & Brennan LLPPDF - 418.21 KB
7/13/2015Cambridge Investment ResearchPDF - 62.12 KB
7/13/2015Steiner & LiboPDF - 33.51 KB
7/14/2015Brent BurnsPDF - 199.77 KB
7/17/2015Edward JonesPDF - 142.39 KB
7/24/2015HD Vest Financial ServicePDF - 677.53 KB