Proposed FINRA Rule 2232
For some time now, FINRA has been performing an “extreme makeover” of its rulebook. This is due, in part, to the merger of the NYSE’s and NASD’s regulatory arms a couple of years ago. Now before the SEC is proposed FINRA Rule 2232, which, if adopted, would govern the information found in transaction confirmations. Transaction confirmations are, of course, the notices that brokerage firms send to their clients when certain transactions occur in their accounts. From where I sit, I expect that this proposal will be adopted with few, if any, revisions. Equally as important, this proposal serves as a useful reminder that investors should review their transaction confirmation and bring any questions or concerns to their financial advisor’s attention. (October 23, 2009)