NYSE Regulation has a problem with the way certain NYSE and Amex members organizations are handling associated persons who require dual registrations.  Those persons who are registered with FINRA in a category of registration recognized by the NYSE and NYSE Amex, must nonetheless also register these persons with NYSE and NYSE Amex.  That is not happening.

Background.   Under NYSE and NYSE Amex Equities Rule 2.10, all NYSE member organizations are deemed approved as an NYSE Amex member organization and all NYSE Amex equities member organizations are deemed approved as an NYSE member organization.  In addition, as of 12/1/08, for NYSE Amex equities member organizations and 9/15/08 for NYSE member organizations, NASD Rule 1031 governing registrations is applicable to all NYSE and NYSE Amex equities member organizations.

A recent review of Form U4 data has revealed that certain Exchange member organizations have registered their associated persons with FINRA, for example, as a general securities representative (Series 7 exam), without a corresponding registration with NYSE and/or NYSE Amex.  Similarly, in certain instances, NYSE member organizations have registered their associated persons with NYSE, but without a corresponding registration with NYSE Amex, and NYSE Amex member organizations have registered their associated persons with NYSE Amex, but without a corresponding registration with NYSE.

Accordingly, member organizations should review their associated persons’ registrations and submit applications for NYSE and/or NYSE Amex registration in those instances where registration was not obtained for NYSE and/or NYSE Amex.  Questions should be directed to:  Ed Russell at FINRA - 646.315-9672;  Client Relationship Services, NYSE Euronext - crs@nyx.com. 212.656-2085.  

For further details, go to:   [NYSE IM 11-14, 6/6/11]