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ARTICLE · 18 OCTOBER 2019

FINRA Updates Rule 2232 FAQs

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FINRA recently updated its frequently asked questions about Rule 2232, which requires that FINRA members disclose in their confirms to retail customers their markups

United StatesFinance and Banking
Bradley Berman
Bradley Berman
Michael D. Russo
Michael D. Russo
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Anna T. Pinedo
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FINRA recently updated its frequently asked questions about Rule 2232, which requires that FINRA members disclose in their confirms to retail customers their markups in corporate and agency debt securities if the dealer also executes one or more offsetting principal transaction on the same trading day as the customer transaction in an aggregate trading size that meets or exceeds the customer's trade. Structured notes transactions are subject to Rule 2232.1

Two of the FAQs (FAQ 4.3 and 4.4) focus on the security-specific URL that must be disclosed in a confirmation for retail trades, whether or not markup disclosure is required. FINRA provided a template for the information to be included in the URL at: http://bit.ly/2ofYfEU. The required information includes, among other items, the name of the issuer, credit rating, coupon, whether the bond is callable, most recent price, yield to worst, CUSIP, TRACE symbol and bond type, as applicable. The URL also has explanations

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