On June 23, 2011, the SEC issued Release No. 34-64736 concerning FINRA's rule filing to adopt FINRA Rule 3110 (Supervision) and FINRA Rule 3120 (Supervisory Controls) and certain related rules. These rule changes are intended to consolidate existing NASD and NYSE rules and guidance relating to supervision and supervisory controls of member firms into FINRA rules. Although many of the consolidated provisions are identical or nearly identical to those in the original rules, there are some substantive changes, including new guidance in Supplementary Material appended to the end of Rule 3110. A table prepared by Goodwin Procter showing the origins of the consolidated rule provisions and discussing substantive changes is available here.
Goodwin Procter LLP is one of the nation's leading law firms, with a team of 700 attorneys and offices in Boston, Los Angeles, New York, San Diego, San Francisco and Washington, D.C. The firm combines in-depth legal knowledge with practical business experience to deliver innovative solutions to complex legal problems. We provide litigation, corporate law and real estate services to clients ranging from start-up companies to Fortune 500 multinationals, with a focus on matters involving private equity, technology companies, real estate capital markets, financial services, intellectual property and products liability.
This article, which may be considered advertising under the ethical rules of certain jurisdictions, is provided with the understanding that it does not constitute the rendering of legal advice or other professional advice by Goodwin Procter LLP or its attorneys. © 2011 Goodwin Procter LLP. All rights reserved.