On January 31st, the Financial Industry Regulatory Authority ("FINRA") requested comment on proposed FINRA rules governing markups, markdowns, commissions, and fees. FINRA initially sought comment on the proposed rules in FINRA Regulatory Notice 11-08. In response to the comments received, FINRA is proposing several changes to the rules as originally proposed. These changes include amendments to: (1) retain the five percent markup policy in NASD IM-2440-1 (Mark-Up Policy); (2) revise certain of the relevant factors used to determine the reasonableness of markups and commissions; (3) eliminate the requirement to provide commission schedules for equity securities transactions to retail customers; and (4) extend the proposed markup rules to transactions in certain government securities. Comments on the revised proposal should be submitted on or before April 1, 2013. FINRA Regulatory Notice 13-07.