1 The effect of the changes would be to increase the involvement of FINRA staff in reviewing changes to broker-dealer operations that are now regarded as routine. The proposals could also have a significant effect on the timing of change in control transactions. 2
The Consolidated MAP Rules are intended to consolidate, revise, update, streamline and replace current NASD and NYSE rules and related interpretive material. In addition, they include substantive changes that will increase the requirements on FINRA members and applicants for membership to provide certain information to FINRA, and on FINRA members to provide notification of changes in their ownership, control or operations. This Briefing discusses the more significant changes to CMAs and the new notice requirements in proposed FINRA Rule 1170 (Notice of Certain Member Changes and Continuous Access to Affiliate Information) (“Proposed Rule 1170″). The changes to the NMAs are less extensive and generally codify FINRA’s existing practices in connection with its processing of applications for FINRA membership.
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