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Rules & Regulations

FINRA Board of Governors Meeting (May 9-10)

May 17, 2018

The FINRA Board of Governors held its 2nd of five planned meetings for 2018. According to FINRA President and CEO Robert Cook, the Board, among other things: (i) approved 2 new rule proposals; (ii) previewed a draft of FINRA’s 2017 Annual Financial Report (to be published in June); and, (iii) conducted it annual review of the membership of FINRA’s advisory committees.


RULE PROPOSAL: Discovery of Insurance Information in Arbitration.    FINRA would amend the Discovery Guide’s Firm/Associated Persons Document Production List to require firms and associated persons, upon request, to produce documents concerning 3rd-party insurance coverage. The proposal seeks to address firms’ concerns about prejudice by limiting the circumstances under which insurance coverage information could be presented to arbitrators. [comments to be requested in a Regulatory Notice]


RULE PROPOSAL: TRACE Dissemination of Agency Debt Securities.    FINRA would amend Trade Reporting and Compliance Engine (TRACE) rules to expand the definition of “Agency Debt Security” to address a new issuance structure by government-sponsored enterprises (“GSE”) and modify dissemination protocols to apply the $5 million volume dissemination cap to all Agency Debt Securities.