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George Smaragdis (202) 728-8988
Nancy Condon (202) 728-8379


FINRA Launches Retrospective Rule Review

First Round Addresses Rules on Communications With the Public and Gifts and Gratuities

WASHINGTON — The Financial Industry Regulatory Authority (FINRA) issued two new Regulatory Notices as part of an initiative to conduct retrospective rule reviews on an ongoing basis. Regulatory Notice 14-14 requests comment on the effectiveness and efficiency of FINRA's communications with the public rules, while Regulatory Notice 14-15 requests comment on gifts, gratuities and non-cash compensation rules. FINRA's retrospective rule reviews are designed to ensure that FINRA's rules remain relevant and appropriately designed to achieve their objectives.

"FINRA believes it is important to look back at its significant rulemakings to determine whether those rules and rule sets are meeting their intended investor-protection objectives by reasonably efficient means," said Robert Colby, FINRA's Chief Legal Officer. "By thoroughly assessing the impact of existing rules, FINRA will be able to ensure that its rules remain pertinent to current industry and market conditions and carefully tailored to protect the interests of the investing public."

The review process will consist of two phases: (1) findings and (2) action. During the findings phase, FINRA will assess the efficacy and efficiency of the rule or rule set as currently implemented. The action phase will follow. If the findings report recommends modification of rules, FINRA will separately engage in its usual rulemaking process. FINRA will prioritize rules for review, taking into consideration a series of factors, including observations from FINRA operating departments and feedback from advisory committees.

Regulatory Notices 14-14 and 14-15 identify the specific rules FINRA has identified for review and solicit comment on a series of questions regarding the effectiveness of these rules. FINRA requests that comments be submitted by May 8, 2014.

FINRA, the Financial Industry Regulatory Authority, is the largest independent regulator for all securities firms doing business in the United States. FINRA is dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services. FINRA touches virtually every aspect of the securities business – from registering and educating all industry participants to examining securities firms, writing rules, enforcing those rules and the federal securities laws, informing and educating the investing public, providing trade reporting and other industry utilities, and administering the largest dispute resolution forum for investors and firms. For more information, please visit