Later this year, eight new FINRA rules governing the preparation and preservation of broker-dealer books and records go into effect.  In advance the 12/5/11 start date, FINRA offers its members a two-part podcast that explains the new rules and highlights key requirements. 

Part One was available on Monday, 8/15, while Part Two will likely be released next week.  The 8 new rules are based in large part on NASD and NYSE rules, and NYSE Interpretations.  They are:

4510. Books and Records Requirements

1. 4511. General Requirements
2. 4512. Customer Account Information
3. 4513. Records of Written Customer Complaints
4. 4514. Authorization Records for Negotiable Instruments Drawn From a Customer's Account
5. 4515. Approval and Documentation of Changes in Account Name or Designation

4520. Financial Records and Reporting Requirements

1. 4521. Notifications, Questionnaires and Reports
2. 4522. Periodic Security Counts, Verifications and Comparisons
3. 4523. Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts

Specific Comments.

FINRA Rule 4511, General Recordkeeping Requirements, clarifies a 6-year retention requirement for those FINRA books and records for which there's no specified or stipulated timefram.  For customer account documentation, the 6-year period begins after the date an account is closed.  Otherwise, the 6-year period runs from the date the record is created. 

FINRA Rule 2268, Requirements When Using Predispute Arbitration Agreements for Customer Accounts, it's required that all predispute arbitration agreements contain highlighted disclosures.

FINRA Rule 7440, Recording of Order Information, and in particular Section (A)(4), Maintaining and Preserving Records, requires that "Each Reporting Member shall maintain and preserve records of the information required to be recorded under this Rule for the period of time and accessibility specified in SEA Rule 17a-4(b).  These rules address OATS records requirements of reporting members - i.e., those firms that originate or receive customer orders.

FINRA Rule 5340, Pre-Time Stamping, prohibits pre-timing of order tickets for block positions - based on a NYSE Rule Interpretation.

That's pretty much all that was covered in the 4 minute podcast.  For further details, go to:   [FINRA Books and Records - Part One Podcast, 8/15/11]