FINRA to propose revised version of membership rules

02/21/2013 | InvestmentNews (free registration)

The Financial Industry Regulatory Authority is preparing for a second effort to make major revisions to its membership rules. FINRA chief executive Richard Ketchum says the latest version of the proposal takes into account comments made on the previous draft, which encountered strong opposition from the brokerage industry. FSI had previously submitted a letter to FINRA calling for an overhaul that would eliminate many of the rule's requirements. "We are hopeful that FINRA has addressed the issues we raised in our original comment letter," FSI general counsel David Bellaire said in a statement.

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