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.
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