SEC Approves FINRA Rules Governing Guarantees, Carrying Agreements, Security Counts and Supervision of General Ledger Accounts


The Securities and Exchange Commission has approved new Financial Industry Regulatory Authority rules governing guarantees, carrying agreements, security counts and supervision of general ledger accounts for the consolidated FINRA Rulebook on an accelerated basis. According to SEC Release No. 34-63999, the proposed rules are intended to, in combination with other consolidated financial responsibility rules approved by the SEC, enhance FINRA's authority to effectively execute its financial and operational surveillance and examination programs. Consistent with the approach that FINRA has discussed in previous releases and notices, many of the requirements set forth in the proposed rules are substantially the same as requirements found in current rules and, where appropriate, are intended to apply only to carrying or clearing firms, or to firms that engage in certain specified activities. FINRA will announce the implementation date of the proposed rule changes in a regulatory notice to be published no later than 90 days following SEC approval.

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