Rule 407. Transactions—Employees of Members, Member Organizations and the Exchange
This rule is no longer applicable. Incorporated NYSE Rule 407 has been superseded by FINRA Rule 3210. Please consult the appropriate FINRA Rule.
In connection with accounts or transactions of members and employees associated with another member or member organization, duplicate confirmations and account statements shall be sent promptly to the employer.
Persons having accounts or transactions referred to above shall arrange for duplicate confirmations and statements (or their equivalents) relating to the foregoing to be sent to another person designated by the member or member organization under Rule 342(b)(1) to review such accounts and transactions. All such accounts and transactions periodically shall be reviewed by the member or member organization employer (see also Rule 342.21).
The Exchange may, upon written request, and where good cause is shown, waive any requirements of this Rule.
Amendment. June 16, 1960, effective July 1, 1960; July 16, 1970; May 11, 1979; May 27, 1992; August 13, 2002 (01-44) Amended by SR-FINRA-2008-036 eff. Nov. 11, 2008. Amended by SR-FINRA-2008-027 eff. Dec. 15, 2008. Selected Notice: 08-57, 08-64. |
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Members and member organizations must develop and maintain written procedures for reviewing these accounts and transactions and shall assure that their associated persons are not improperly recommending or marketing these securities or products to others through members or member organizations.
Amendment. May 27, 1992; October 27, 2000; August 13, 2002 (01-44). Amended by SR-FINRA-2008-036 eff. Nov. 11, 2008. Amended by SR-FINRA-2008-027 eff. Dec. 15, 2008. Selected Notice: 08-57, 08-64. |