Proposed Consolidated FINRA Rules Governing Financial Responsibility

The Capital Committee of SIFMA provides comments to the Financial Industry Regulatory Authority (FINRA) on proposed consolidated FINRA rules governing financial responsibility, FINRA Regulatory Notice 08-23.  The proposal is based in major part on existing NASD and NYSE rules.  Generally, the SIFMA’s Capital Committee believes that the proposed rules of the Notice represent a successful effort to develop a new consolidated set of financial responsibility rules from the NASD and NYSE predecessor rules, but also believes that a number of clarifications and corrections of these rules is warranted.