*Letters

Proposed Consolidated Rules Governing Books and Records Requirements

Published on:
June 11, 2008

SIFMA provides comments to Financial Industry Regulatory Authority (FINRA) on proposed consolidated rules governing books and records requirements, FINRA Regulatory Notice 08-25.  SIFMA supports removing duplicative and obsolete rules, but takes issue with several parts of the proposal. SIFMA warns FINRA to use caution when considering imposing additional record-keeping requirements; to keep the current 3-year retention period for customer complaints; and to adopt principles-based regulations whenever possible.

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