April 2008 Supplement to the Options Disclosure Document
FINRA's process for generating andmailing certain invoices related to charges for usage of the ORF and the OTCBB will change on April 1, 2008.
Following the consolidation of NASD and NYSE Regulation into FINRA, FINRA established a process to develop a new consolidated rulebook, which is outlined in this Notice. The new FINRA Rules will apply to all FINRA members and will be proposed in phases to the SEC. As rules approved by the SEC become effective, they will replace the existing NASD Rules and incorporated New York Stock Exchange (
Mid-Year Rate Adjustment for Fees Paid under Section 31 of the Exchange Act; Effective Date: April 1, 2008
FINRA Secures Relief for Member Firms for Certain Record Retention Requirements; Effective Date: February 19, 2008
The SEC’s regular appropriation has been enacted and, effective January 25, 2008, the Section 31 rate applicable to securities transactions will decrease from $15.30 per million to $11.00 per million dollars.
FINRA is providing the following schedule to assist member firms and reduce the number of Federal Reserve Board Regulation T 220.8 and SEC Rule 15c3-3(m) and (n)margin extensions denied around holidays. "Regular way" transactions made on the business days noted below will be subject to the following schedule.
Member firms are reminded of their obligation to file, and the due dates for, FOCUS reports, Schedule I filings, Annual Audits, Customer Complaints and Short Interest reports. The schedules in this Notice outline the due dates for year-end 2007 reports and for 2008 reports.
In November 2007, the Securities Industry/Regulatory Council on Continuing Education (the Council) released the semi-annual Firm Element Advisory. The Council suggests that firms consult this guide in developing their Firm Element needs analysis.
FINRA’s training resource library includes a range of online offerings that address many of the topics that the Council has outlined in the Firm
Since October 1, 2007, the SEC has been operating under a continuing resolution for fiscal year 2008. As such, the Section 31 fee will remain at $15.30 per million until further notice.
