The Securities and Exchange Commission (the “SEC”) recently approved proposed rule changes by the Financial Industry Regulatory Authority, Inc. (“FINRA”) that would revise certain filing requirements of FINRA Rules 2210 (Communications with the Public), 2213 (Requirements for the Use of Bond Mutual Fund Volatility Ratings) and 2214 (Requirements for the Use of Investment Analysis Tools). The rule changes were approved with relatively minor changes to those originally filed with the SEC. Once effective, the rule amendments will, among other things, reduce the amount and types of retail communications required to be filed with FINRA. In addition, the rule amendments will change certain pre-use filing requirements to post-use filings requirements. A copy of the FINRA Regulatory Notice announcing the SEC’s approval of the rule amendments is available here. For more information, please see our June 2, 2016 Client Alert available here.
The effective date of the rule changes is January 9, 2017. Firms should review their current policies and procedures in light of the new rules and evaluate what changes may be necessary.