FINRA Proposes Amendments To Rules On Customer Statements

FINRA proposed amendments to harmonize FINRA Rule 2231 ("Customer Account Statements") with Temporary Dual FINRA-NYSE Rule 409T ("Statements of Accounts to Customers") and Temporary Dual FINRA-NYSE Rule Interpretation  409T. The proposal would add new supplementary materials to FINRA Rule 2231 and incorporate "without substantive change" existing provisions of Temporary Dual FINRA-NYSE Rule Interpretation 409T.

FINRA proposed to add to Rule 2231:

• Supplementary Material .01, which would remind firms of their obligations under FINRA Rule 4311 ("Carrying Agreements");
• Supplementary Material .02, which would address the transmission of customer account statements to a third party;