On September 16, the Financial Industry Regulatory Authority, Inc. requested comments on a revised proposal to adopt consolidated FINRA Rule 2231 regarding Customer Account Statements. The proposed rule consolidates current NASD Rule 2340 and Incorporated NYSE Rule 409. In April 2009, FINRA initially proposed Rule 2231 with significant changes to the current rules, such as changing the requirement to send account statements from quarterly to monthly and allowing the direct transmission, upon the customer’s written consent, of customer account statements and other documents to third parties. The revised proposal (1) retains the quarterly account statements provision and (2) allows customers to instruct that their account statements and other documents be sent directly by the FINRA member firm to third parties, as long as duplicates are sent directly to the customer and the customer provides written consent. The proposed rule also adds certain additional obligations on member firms including, inter alia, certain disclosure requirements to the account statements, including the identity of the introducing and clearing firm (if different), disclosures if the account statement includes assets that are not on the member firm’s books and records, and requirements for when a member firm sends summary statements that consolidate assets held in different accounts. The proposed rule also allows member firms to use electronic media to fulfill their delivery obligations, provided that such use complies with the relevant Securities and Exchange Commission standards.