SIFMA provides comments to the Financial Industry Regulatory Authority (FINRA) on best execution, Regulatory Notice 08-80. In connection with its ongoing effort to develop a consolidated rule book, FINRA is proposing to adopt a new best execution rule, Rule 5310, and related Supplementary Material that together would replace current NASD Rule 2320, and to amend the rule in several respects. FINRA requests comments on four primary amendments, which would: 1) address best execution of orders for foreign securities with no U.S. market; 2) replace the current “Three-Quote Rule” with a more flexible standard; 3) codify well-known and understood Securities and Exchange Commission (SEC) and FINRA guidance concerning the “regular and rigorous review of execution quality;” and 4) address best execution of orders in circumstances where customers direct the routing of such orders to particular markets. As currently drafted, these proposed amendments are not limited in scope to the best execution of orders for equity securities.