FINRA Files Amendment and SEC Approves Proposed Rule Change Relating to Protecting Personal Confidential Information in Documents Filed with FINRA Dispute Resolution (Fed. Reg.)

FINRA filed an amendment ("Amendment No. 1") to its proposed rule change to the FINRA Code of Arbitration Procedure for Customer Disputes and the Code of Arbitration Procedure for Industry Disputes. The SEC approved the rule change, as modified by Amendment No. 1, on an accelerated basis and is soliciting comments on the Amendment.

The proposed rule provides that any document which a party files with FINRA and which contains an individual's social security number, taxpayer identification number or financial account number must be redacted to include only the last four digits of any of these numbers. In response to comments on the original proposal, FINRA explained why the 30-day cure period to correct claim deficiencies is appropriate, clarifying that the triggering event for the deadline to submit compliant documents is 30 days "from the time a party receives notice" of noncompliance from the Director of FINRA.

The SEC approved the proposed rule change, as modified by Amendment No. 1, on an accelerated basis. Comments are due by June 24, 2014.

See: 79 FR 32003. Related news: FINRA Proposes to Protect Personal Confidential Information in Documents Filed with FINRA Dispute Resolution (February 13, 2014).