FINRA Pulls Proposal To Eliminate 5% Rule As A Result Of Commentary Hot

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Attorneys in the industry say that 5% is too much and the threshold should be more like 2% or 3%.
 
The Rule would be a component of Rule 2121 governing markups and markdowns and is part of FINRA’s continuing rule consolidation process.
 
FINRA is also trying to eliminate a proceeds rule that guides markups on round-trip transactions as well as a rule that mandates firms provide equity commission-rate schedules to clients.
 
The comment period ends April 1.

 

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