The SEC's "Notice of Designation of a Longer Period for Commission Action" was published in the Federal Register. The notice concerns FINRA's proposal to adopt Rule 2241 regarding research analysts and reports. The proposal would incorporate, with modifications, NASD Rule 2711 ("Research Analysts and Research Reports") into the FINRA Rulebook as new FINRA Rule 2241, and would amend NASD Rule 1050 ("Registration of Research Analysts") to create an exception from the research analyst qualification requirement. Previously, the SEC issued an order to determine whether to approve or disapprove

The SEC's "Notice of Designation of a Longer Period for Commission Action on Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change to Adopt FINRA Rule 2242" was published in the Federal Register. Rule 2242 would address conflicts of interest involving the publication and distribution of debt research reports. According to FINRA's proposal, the rule would adopt a tiered approach in order to provide retail debt research recipients with "extensive protections" that are similar to those provided to recipients of equity research under current and proposed FINRA rules. It

FINRA issued a regulatory notice requesting comments on a concept proposal to restructure the current representative-level qualification examination program. The new format would require a potential representative-level registrant to take general and appropriate specialized knowledge exams to reflect their particular registered role. The content of the general knowledge examination, which would be called the Securities Industry Essentials Examination ("SIE"), would include (i) basic product knowledge, (ii) the structure and functions of the securities industry markets and regulatory agencies

FINRA issued a regulatory notice requesting comments on a proposed rule that would require an educational communication be provided to customers of a transferring representative. The education communication highlights key considerations in transferring assets to the recruiting firm including the direct and indirect impacts of such a transfer on those assets. The proposed rule would require a member firm that hired or associated with a registered representative to provide such an education communication to former retail customers whom the member firm, directly or through the transferring

FINRA issued a regulatory notice regarding the SEC's recent approval of amendments to the definitions of "non-public arbitrator" and "public arbitrator" in the FINRA Customer and Industry Codes of Arbitration Procedure. According to FINRA, the amended definitions provide that persons who worked in the financial industry for any duration during their careers will be classified always as non-public arbitrators, but that persons who represent investors or the financial industry as a significant part of their business will be classified as non-public and may become public arbitrators after a