Corporate & Financial Weekly Digest, Featuring Articles on the Nasdaq Rule, Swaps, Brexit, and UK Securitization Regulations


FINRA Proposes Rule Change Relating to Rule 4512 (Customer Account Information)

On November 28, the Financial Industry Regulatory Authority filed a proposed change to Rule 4512(a)(3) (Customer Account Information) with the Securities and Exchange Commission. FINRA Rule 4512(a)(3) currently requires member firms to obtain the “wet” signature of each named, natural person authorized to exercise discretion in an account. Members have stated that the requirement to obtain a “wet” signature raises operational costs without providing meaningful investor protections and that the requirement puts members at a competitive disadvantage to investment advisers (who are allowed to obtain electronic signatures).

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Written by:

Katten Muchin Rosenman LLP

Katten Muchin Rosenman LLP on:

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