Exam Alert: SEC approves FINRA financial responsibility and operational rules

The SEC has approved new consolidated FINRA rules governing financial responsibility and operational requirements of members. The rules take effect Continue reading

The SEC has approved new consolidated FINRA rules governing financial responsibility and operational requirements of members.  The rules take effect August 1, 2011, and are based in part on existing NYSE and NASD rules, though there are new provisions as well.  The new rules address guarantees, flow through benefits, carrying agreements, security counts, assignment of responsibility for general ledger accounts, and identification of suspense accounts.  Relevant to the Series 7 and to the Series 24 exams. Details may be found here.

Source: FINRA Regulatory Notice 11-26