SEC Grants Accelerated Approval of New FINRA Suitability Rule

The SEC granted approval, on an accelerated basis, to FINRA's proposed rule change to adopt FINRA Rule 2090 (Know Your Customer) and FINRA Rule 2111 (Suitability) in the consolidated FINRA rulebook.  FINRA originally filed with the SEC the proposed rule change on July 30, 2010.  The Commission published the proposed rule change in the Federal Register, and 22 comments were filed in response.  On September 21, 2010, FINRA responded to the comments and filed Amendment No. 1 to the proposed rule change.  The amendment relates to the deletion of NYSE Rule 405(1) through (3), NYSE Supplementary Material 405.10 through .30, and NYSE Rule Interpretations 405/01 through /04 from the current FINRA rulebook.