*Letters

FINRA Background Check Proposal

Published on:
October 24, 2014

SIFMA provided comments to the Securities and Exchange Commission (SEC) regarding the Financial Industry Regulatory Authority’s (FINRA) proposal to adopt FINRA Rule 3110(e) into the Consolidated Rulebook.

SIFMA believes the change will augment the obligations firms currently have under NASD Rule 3010(e) and Incorporated NYSE Rule 345.11 by adding a requirement to adopt reasonably designed procedures to verify the accuracy and completeness of the information contained in an applicant’s Form U4 (Uniform Application for Securities Industry Registration or Transfer) no later than 30 calendar days after the filing of the Form U4.

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