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April 16, 2015 at 10:17 AM
The Financial Industry Regulatory Authority’s board approved proposed changes Thursday to FINRA’s Communications With the Public Rules, as well as amendments to the Trading Activity Fee for firms with no customers that are engaged solely in proprietary trading activity for their own accounts.
The changes to FINRA’s communications rules, approved by FINRA’s Board, are the first changes FINRA has approved under its retrospective review initiative, which was launched in April 2014.
FINRA said that it plans to issue a regulatory notice in the coming months on proposed changes to its communications Rules 2210, 2213 and 2214.
The notice will request comment on eliminating certain filing requirements that present a low level of risk to investors, such as the filing requirements for generic investment company material and investment company shareholder reports. The proposals would make other changes to better align the requirements to the relative risks presented by specific types of sales material.
“The proposed changes to FINRA’s Communications With the Public Rules will help ensure that these rules are meeting their intended investor-protection objectives by reasonably efficient means,” FINRA Chairman and CEO Richard Ketchum said.
The board authorized FINRA to file with the Securities and Exchange Commission a proposed amendment to Rule 0150 (Application of Rules to Exempted Securities Except Municipal Securities) to extend the rule governing markups and markdowns to transactions in U.S. Treasury securities.
Also, the board authorized FINRA to file with the SEC a proposal to charge a $115 fee for the new Municipal Advisor Representative Examination (the Series 50 exam), which is sponsored by the Municipal Securities Rulemaking Board.
