On December 10, FINRA issued Regulatory Notice 12-55, which provides regulatory guidance in the form of a FAQ regarding customer suitability issues under FINRA Rule 2111. The amendments to the FAQ address the scope of the terms “customer” and “investment strategy.” FINRA Notice.
FINRA Rule 2111
FINRA Proposed Rule on Delaying Know Your Customer and Suitability Rules
On April 7, FINRA filed with the SEC a proposed rule to delay the implementation date for FINRA Rule 2090 (Know Your Customer) and FINRA Rule 2111 (Suitability) until July 9, 2012. Comments on the proposed rule must be submitted by May 4. FINRA Notice.