On October 5th, the SEC granted accelerated approval to the Financial Industry Regulatory Authority's proposed Rule 4160 (Verification of Assets). The proposed rule provides that a member, when notified by FINRA, may not continue to custody or retain record ownership of assets at a non-member financial institution, which, upon FINRA staff's request, fails promptly to provide FINRA with written verification of assets maintained by the member at such financial institution. The rule change also adds a supplementary material section to the new rule. SEC Release No. 34-63044.