Update on FINRA’s Proposed Rule on Third-Party Outsourcing

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Earlier this week, I had a conversation with Grace Vogel, Executive Vice President at FINRA (Financial Industry Regulatory Authority), about FINRA’s Proposed Rule 3190. The Proposed Rule addresses the regulation of third-party service providers and would require, among other things, heightened supervisory requirements for clearing and carrying firms.

Now that the comment period has ended, Ms. Vogel told me that FINRA has finished reviewing the comments and is preparing its response for submission to the SEC, at which time industry will have another opportunity to comment on the proposed rule.

Please see full article below for more information.

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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.

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