The Financial Industry Regulatory Authority (FINRA) requested comment on December 16 on a proposed new best execution rule for the FINRA rulebook. The proposed rule would be based largely on the current NASD Rule 2320. The notice described four key amendments: (i) the new FINRA rule would provide that a member firm has met its best execution obligations regarding orders for foreign securities with no U.S. market if certain conditions are met; (ii) the existing provisions in NASD Rule 2320(g) would be replaced with new Supplementary Material addressing a member firm’s best execution obligations when handling orders for securities with limited quotation information; (iii) the new FINRA rule would codify a member firm’s obligation to regularly and rigorously review execution quality; and (iv) new Supplementary Material would be adopted within the proposed rule that would address a member firm’s obligations when handling an order that the customer has instructed the member firm to route to a particular market for execution. Comments on the proposal are due by January 29, 2009.