On May 27th, FINRA announced that the SEC has approved FINRA's proposed adoption of a set of financial responsibility and related operational rules for the consolidated rulebook. FINRA Rules 4150, 4311, 4522, and 4523 are new consolidated rules governing financial responsibility, as well as certain operational and contractual requirements of members. The new rules are based in part on, and replace, provisions in the NYSE and NASD Rules. The new rules are effective August 1, 2011. FINRA Regulatory Notice 11-26.