December 13, 2012
FINRA Issues Guidance on Suitability Rule's Definition of "Customer" and "Investment Strategy"FINRA issued further Guidance on FINRA's Suitability Rule (Regulatory Notice 12-55). Its revised Rule 2111became effective in July 2012, and FINRA previously issued Regulatory Notice 12-25 to address frequently asked questions. This most recent Notice addresses two issues: the scope of the terms "customer" and "investment strategy." FINRA has also created a suitability web page to consolidate information about the Rule.
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