Report From FINRA Board of Governors Meeting – December 2023

The Financial Industry Regulatory Authority (FINRA) has published a news release to briefly inform of the results of its latest Board of Governors meeting. While most information appears to be rather non-relevant, there are two decisions of the Board we would like to make aware of simply to stay up-to-date. Specifically, the Board will submit to the Securities and Exchange Commission (SEC) for approval proposed amendments to FINRA rules concerning the following – as quoted:
(1) Applicability of Document Production Lists in Simplified Customer Arbitrations: – The Board approved proposed amendments to the Code of Arbitration Procedure for Customer Disputes to clarify that Document Production Lists apply in simplified customer arbitrations in which the customer requests a regular hearing, and to give customers the option to request for Document Production Lists to apply in the remaining types of simplified arbitrations.
(2) Centralized Hosting of SEC Rule 605 Reports: – The Board approved proposed rule amendments to require members to submit Regulation NMS Rule 605 execution quality reports to FINRA for central publication on the FINRA website.