FINRA’s On The Move

October 29, 2010

I won’t attempt to read too carefully between the lines, but it seems obvious that FINRA is looking forward to some significant changes in the regulatory environment as it has requested “Comment on Concept Proposal to Require a Disclosure Statement for Retail Investors at or Before Commencing a Business Relationship.” ( http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p122361.pdf )

According to the FINRA Executive summary, “FINRA requests comment on a concept proposal to require member firms, at or prior to commencing a business relationship with a retail customer, to provide a written statement to the customer describing the types of accounts and services it provides, as well as conflicts associated with such services and any limitations on the duties the firm otherwise owes to retail customers.” The comment period is over December 27,2010.

Harold

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