On January 15th, the Financial Industry Regulatory Authority announced that the SEC has approved FINRA's proposed new rules governing clearly erroneous transactions. The new FINRA Rule 11890 Series replaces NASD Rule 11890, IM-11890-1 and IM-11890-2, and is part of a market-wide effort by multiple self-regulatory organizations to provide transparency and finality with respect to clearly erroneous executions. The new FINRA rules include: (1) a general rule defining the term "clearly erroneous" (Rule 11891), with accompanying supplementary material; (2) a rule governing clearly erroneous determinations for transactions in exchange listed securities (Rule 11892), with accompanying supplementary material; (3) a rule governing clearly erroneous determinations for transactions in OTC Equity Securities (Rule 11893), with accompanying supplementary material; and (4) a rule governing the review by the FINRA staff's Uniform Practice Code Committee that a transaction was clearly erroneous (Rule 11894). The new rules are effective February 15th. Regulatory Notice 10-04.