FINRA Considering Eliminating Sub-Vendor Requirements In Proposed Rule 3190


At FINRA's recently held Annual Conference, Grace Vogel, FINRA Executive Vice President, was asked about the status of Proposed Rule 3190 regarding the regulation of third-party service providers, including, without limitation, heightened supervisory requirements for clearing and carrying firms. She responded that FINRA had received a wide array of detailed comment letters from interested parties, all of which are published on FINRA's website. The comment period ended May 13, 2011. (We provided a summary of the proposed rule in our April 2011 Outsourcing Alert.)

In an exclusive interview this week with Loeb & Loeb's Stephen Cohen, Ms. Vogel confirmed that FINRA has now completed its review of the comments and is currently preparing its response for submission to the SEC at which time the industry will again have an opportunity to comment on the proposed rule once it is published.

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