SIFMA provides comments to the Securities and Exchange Commission (SEC) on proposed consolidated Financial Industry Regulatory Authority (FINRA) rules governing supervision (the Proposal). Specifically, among other things, FINRA is proposing to adopt new FINRA Rules 3110 (Supervision) and 3120 (Supervisory Control System) to replace NASD Rules 3010 and 3012, respectively. SIFMA agrees with much of the Proposal, and appreciates the changes that FINRA has made since its 2011 proposal. SIFMA also offers several recommendations intended to further improve the Proposal.