FINRA Proposes Rule Changes Regarding Accounts of Employees and Families (Fed. Reg.)

FINRA's proposed rule change to adopt Rule 3210 (Accounts at Other Broker-Dealers and Financial Institutions) into the consolidated FINRA rulebook was published in the Federal Register. FINRA's proposals to delete NASD Rule 3050 (Transactions for or by Associated Persons), delete incorporated NYSE Rules 407 (Transactions - Employees of Members, Member Organizations and the Exchange) and 407A (Disclosure of All Member Accounts) and to delete related Incorporated NYSE Rule Interpretations 407/01 and 407/02 (Transactions - Employees of Member Organizations and the Exchange) from the consolidated FINRA rulebook were published in the Federal Register.

The proposed rule (as well as the various rules that it replaces) deals with the obligations that a member firm has to supervise the accounts of its associated persons, wherever those accounts may be held.

See: 80 FR 48941: FINRA Proposed Rule Changes Regarding Accounts of Employees and Families.Related news: FINRA Proposes Rule Changes Regarding Accounts of Employees and Families (with Lofchie Comment) (August 7, 2015).