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ARTICLE · 10 JULY 2013

Will the Third Time Be The Charm For FINRA's New Supervision Rules?

Reed Smith
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After two unsuccessful attempts to implement consolidated supervisory rules, the Financial Industry Regulatory Authority, Inc., on June 21, 2013, filed with the Securities and Exchange Commission a long-anticipated notice of proposed Rules 3110 and 3120.

United StatesFinance and Banking
Daniel Herbst
Daniel Herbst
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After two unsuccessful attempts to implement consolidated supervisory rules, the Financial Industry Regulatory Authority, Inc. (FINRA), on June 21, 2013, filed with the Securities and Exchange Commission (SEC) a long-anticipated notice of proposed Rules 3110 (Supervision) and 3120 (Supervisory Control System). The proposed rules would replace and consolidate several pre-existing supervisory rules, and would significantly impact the scope of a supervisor's duties.

FINRA's two prior attempts at supervisory rules crashed and burned. In 2008, FINRA first published proposed supervision rules and requested comment. After generally negative comments from the industry, FINRA declined to implement the proposed rules. In 2011, FINRA again proposed consolidated rules that sought to address the comments made in the 2008 filing. Amid a flurry of comments criticizing the proposed expansion of supervisory scope and regulatory authority to include "non-securities activities," FINRA

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