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FINRA Board to Consider Five Rule Changes
When the FINRA Board of Governors meets Thursday, 7/14, it will address industry arbitrations involving collective actions and other rule changes. After the meeting, FINRA member firms will be notified about the Board's actions. Here's what the Board will consider:
1. Arbitration Claims Involving Collective Actions. Amending Rule 13204 of the Code of Arbitration Procedure for Industry Disputes to add collective action claims so that such claims based on the Fair Labor Standards Act or the Age Discrimination in Employment Act may not be arbitrated under the Industry Code.
2. DPP/REIT Account Values. Amending the rule re: customer account statements to revise the manner in which broker-dealers report estimated values of Direct Participation Programs (DPPs) and Real Estate Investment Trusts (REITs) on customer account statements.
4. Representing Customer Interest. Amending FINRA Rule 5210 to require a firm to have a customer order in hand before labeling a quotation or indication of interest ("IOI") in any way that indicates the quotation or IOI represents interest the firm is displaying as agent on behalf of a customer. Under the proposed amendment, a firm could not continue to display such a quotation or IOI as representing a customer order once the customer order was executed or cancelled. The Board will also consider changes to modernize the application of the rule, broaden the rule text to include IOIs and conform application of the rule text to the restrictions in the rule's supplementary material.
5. Whistleblower Claims Under the Sarbanes-Oxley Act of 2002. Amending the Code of Arbitration Procedure for Industry Disputes to provide that a whistleblower claim arising under Sarb-Ox is not required to be arbitrated under the FINRA rules. As proposed, such a claim may be arbitrated only if the parties agree to arbitrate it after the dispute arises. The proposal includes a conforming amendment relating to required disclosures about arbitration procedures provided to associated persons signing or acknowledging a Form U4.
For further details, go to: [FINRA Board July Meeting, 7/6/11]
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