Guidance

January 2008

FINRA is conducting a review of the policies, procedures and controls with respect to information barriers. To facilitate this review, FINRA requests a copy of the following information and/or documentation:  

NASD Rule 3060 - Influencing or Rewarding Employees of Others

Financial Reporting Relief

Continuing Education

Personnel Background Investigations

Regulatory Relief

PLEASE NOTE: The FINRA rulebook currently consists of both NASD Rules and certain NYSE Rules that FINRA has incorporated, including the NYSE rules referenced in this Notice. The incorporated NYSE Rules apply solely to members of FINRA that are also members of NYSE on or after July 30, 2007, referred to as "Dual Members." Dual Members also must comply with NASD Rules. Until the adoption of a consolidated rulebook, FINRA's Regulatory Notices will address both NASD and the incorporated NYSE Rules.

With the aging of the baby boom generation, a growing number of our nation’s investors are at or near retirement age. Indeed, data presented at the first “Seniors Summit” held by the Securities and Exchange Commission (SEC) in July 2006 indicated that 75% of the nation’s consumer financial assets, valued at $16 trillion, are held by households headed by someone who is 50 or older. Within the next 20 years, 75 million people will have celebrated their 60th birthday.

Extension of Regulatory Relief

June 13, 2007

On July 9, 2007, the Regulation NMS Pilot Stock Phase is scheduled to begin. In this regard, as described in NASD Notice to Member (NTM) 07-23, NASD has adopted new transaction reporting modifiers that member firms are required to use when reporting to NASD facilities (each of NASD's Trade Reporting Facilities (TRFs) and the Alternative Display Facility (ADF)), whether a transaction qualifies for an exception or an exemption to SEC Rule 611.