In October and November, the SEC approved 4 new FINRA Rules;  one was FINRA Rule 2232, Customer Confirmations, that becomes effective ... 6/17/11.  For questions, call Adam Arkel, FINRA's Office of General Counsel, (202)728-6961.  For further details, click onto:   [RegNote 10-62, December]

The SEC approved the new rule for FINRA's consolidated rulebook on 10/21;  it also approved deletion of NASD Rules 2230 and IM-2110-6, and Incorporated NYSE Rule 409(f). 

New FINRA Rule 2232 streamlines and combines basic customer confirmation requirements in the NASD and Incorporated NYSE Rules, as follows: 

• 2232(a) provides that a member must, at or before the completion of any transaction in any security effected for or with an account of a customer, give or send to such customer written notification (“confirmation”) in conformity with requirements of SEA Rule 10b-10.

• 2232(b) provides that such confirmation must further disclose:
  • re: any NMS stock, or any security subject to the reporting requirements of FINRA Rule 6600 Series, other than DPP's, the transaction's settlement date;  and,
    
  • re: a callable equity security, that (i) the security is a callable equity security; and (ii) a customer may contact the member for more information concerning the security.