Filed Under:Your Practice, Regulatory

FINRA launches retrospective review of rules

The Financial Industry Regulatory Authority launched Tuesday its “retrospective review initiative” by requesting comments on the effectiveness and efficiency of some of its rules.

The comment period on Regulatory Notice 14-14 on communications with the public, and Regulatory Notice 14-15 regarding the gifts, gratuities and noncash compensation rules, expires May 8.

“FINRA believes it is important to look back at its significant rulemakings to determine whether those rules and rule sets are meeting their intended investor protection objectives by reasonably efficient means,” said Robert Colby, FINRA’s chief legal officer, in a statement. “By thoroughly assessing the impact of existing rules, FINRA will be able to ensure that its rules remain pertinent to current industry and market conditions and carefully tailored to protect the interests of the investing public.”

The review process, which will be conducted on an ongoing basis, will consist of two phases: findings and action. During the findings phase, FINRA says that it will assess the “efficacy and efficiency of the rule or rule set as currently implemented.”

The action phase will follow. “If the findings report recommends modification of rules, FINRA will separately engage in its usual rulemaking process.” FINRA says that it “will prioritize rules for review, taking into consideration a series of factors, including observations from FINRA operating departments and feedback from advisory committees.”

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Originally published on ThinkAdvisor. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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