On September 25, 2014, the U.S. Securities and Exchange Commission (the “SEC”) solicited public comment on proposed FINRA rule changes (the “proposal”) that would substantively amend existing NASD and NYSE rules regarding payments to unregistered persons.1 Notably, the proposal would preserve important existing NASD and NYSE exemptions for payments to non-U.S. finders.
History of the Proposal: Regulatory Notice 09-69 -
In Regulatory Notice 09-69,2 FINRA, as part of its rulebook consolidation process, proposed to replace the handful of NASD and NYSE rules and interpretations governing payments to unregistered persons3 with a single rule, which was intended to provide more streamlined regulation, leveraging the broker-dealer registration requirement of Section 15(a) of the U.S. Securities Exchange Act of 1934 (the “Exchange Act”) and related SEC guidance.
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