The Financial Industry Regulatory Authority, Inc. (FINRA) has issued Regulatory Notice 08-64 to advise members of Securities and Exchange Commission approval of amendments to certain Incorporated New York Stock Exchange Rules. The amendments reduce regulatory disparities between National Association of Securities Dealers and Incorporated NYSE Rules in the Transitional Rulebook and relieve dual members of conflicting or unnecessary regulatory burdens in the interim period before the Consolidated FINRA Rulebook is completed. In addition to deleting certain rules that are outdated and no longer necessary, material amendments include:

  • changing the track record requirement for supervisory personnel; 
  • eliminating certain prescribed training periods;
  • eliminating specific registration and qualification requirements as they pertain to registered representatives, securities traders and their direct supervisors;
  • deleting the requirement that member firms give prompt written notice of control relationships to the NYSE;
  • repositioning requirements pertaining to “private securities transactions”;
  • eliminating the requirement that supervisors devote their entire time during business hours to their member organization;
  • limiting the definition of the term “customer complaint”; and
  • revising the proportional contribution requirement for joint accounts with immediate family members.