On November 15th, the SEC provided notice of the Financial Industry Regulatory Authority's proposal to adopt FINRA Rule 1113 (restrictions pertaining to new member applications) and to amend FINRA Rule 9520 Series (eligibility proceedings). The proposed rule would require rejection of an application for FINRA membership where the applicant or an associated person is subject to a statutory disqualification and would preclude members from sponsoring a disqualified persons that is directly or indirectly a beneficial owner of more than five percent of the sponsoring member. Comments should be submitted within 21 days after publication in the Federal register, which is expected during the week of November 22. SEC Release No. 34-63316.