SEC Seeks Comment On FINRA Modified Proposal To Amend Customer Account Rules

The SEC is seeking comment on a FINRA-proposed modification to its previously proposed rule to amend FINRA Rule 2231 ("Customer Account Statements"). The amendments to the rule would, among other things, "add new supplementary materials, incorporate specified provisions from dual FINRA-NYSE temporary rules," and make other nonsubstantive and technical changes.

In its Order Instituting Proceedings To Determine Whether To Approve or Disapprove the Proposed Rule Change To Amend FINRA Rule 2231, the SEC is soliciting comments on the proposed rule change, as modified by FINRA's Amendment No. 1. Amendment No. 1 would change the term from ''clearing firm'' to ''carrying firm'' in the following places: (i) proposed Rule 2231(a), (ii) proposed Rule 2231.05(a) and (b), (iii) proposed Rule 2231.07 and (iv) proposed Rule 2231.08(d). FINRA stated that this change would provide consistency, given that the supplementary materials are derived from the NYSE provisions, which use