FINRA Proposes Revisions to Certain NASD Rules to Provide Greater Flexibility in Maintaining Registrations of Associated Persons

September 01, 2007

On August 8, 2007, Financial Industry Regulatory Authority (“FINRA”), formerly known as the National Association of Securities Dealers, Inc. (“NASD”), filed with the Securities and Exchange Commission (“SEC”) a proposal to amend NASD Rules 1021 and 1031 (“Proposed Amendment” and “NASD Rules”).1 The Proposed Amendment would permit FINRA member firms to maintain the registration of any person whose association with a member firm is for bona fide business purposes.

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