Alert July 24, 2012

FINRA Delays Effectiveness of Rule Amendments Requiring Use of New Standardized Electronic Continuing Membership Application Form

FINRA filed a rule proposal with the SEC delaying the effectiveness of amendments to NASD Rule 1012 and NASD Rule 1017 (the “Amendments”) adopting a new standardized electronic Form CMA until August 27, 2012.  The Amendments, which were previously scheduled to become effective on July 23, 2012, were approved by the SEC on May 31, 2012.  The contents of the Amendments were discussed in the March 20, 2012 Financial Services Alert.  FINRA stated that it intends to permit voluntary use of electronic Form CMA between July 23 and August 27.