FINRA Delays Implementation of New Suitability Rules Until July 2012

more+
less-

On April 7, 2011, FINRA filed a proposed rule change to delay implementation of its new suitability rule (Rule 2090, replacing NASD Rule 2310) and new “Know Your Customer” rule (Rule 2111, replacing NYSE Rule 405). These new rules have already been approved, but FINRA now proposes that they will take effect on July 9, 2012, rather than October 7, 2011, as originally announced. According to FINRA, “numerous firms” had requested additional time to implement the changes and train their representatives on the modified requirements.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Published In: Administrative Agency Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Sutherland Asbill & Brennan LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »