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ARTICLE · 13 JANUARY 2012

SEC Requests Comments On FINRA’s Second Amendment To Proposed Rules Regarding Communications With The Public

Drinker Biddle & Reath LLP
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The Securities and Exchange Commission (SEC) recently issued Release No. 34-66049, which seeks comments on the Financial Industry Regulatory Authority’s (FINRA) second amendment (the Second Amendment) to proposed FINRA Rule 2210 (the Rule), which was issued in July 2011, regarding FINRA member firms’ communications with the public.

United StatesFinance and Banking
Drinker Biddle'S Investment Management Group
Drinker Biddle'S Investment Management Group

The Securities and Exchange Commission (SEC) recently issued Release No. 34-66049, which seeks comments on the Financial Industry Regulatory Authority's (FINRA) second amendment (the Second Amendment) to proposed FINRA Rule 2210 (the Rule), which was issued in July 2011, regarding FINRA member firms' communications with the public. The Second Amendment signals FINRA's retreat on certain aspects of the Rule that commenters argued would add unnecessary compliance burdens for broker-dealers.

The first amendment (the First Amendment) was published in November 2011, requesting comments and beginning proceedings to determine whether to approve or disapprove the proposed rule change. The Second Amendment was accompanied by a rebuttal letter from FINRA responding to comments received on the First Amendment. The SEC requests that comments on both the First Amendment and the Second Amendment be submitted by Jan. 18, 2012.

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