FINRA Rules

Bill Sjostrom —  15 May 2008

As you may be aware, in July 2007, the NASD and the member regulation, enforcement and arbitration functions of the New York Stock Exchange were consolidated into the Financial Industry Regulatory Authority (FINRA). Technically, NYSE Regulation functions and employees were transferred to the NASD, and the NASD changed its name to FINRA.

Ever since, I’ve been unsure as to how to cite former NASD/NYSE rules. Are they now all called FINRA rules? I finally took the time to figure it out this morning (notwithstanding the two black eyes I now have (see here)). According to the FINRA website:

The FINRA rulebook currently consists of both NASD Rules and certain NYSE Rules that FINRA has incorporated (Incorporated NYSE Rules). FINRA is in the process of consolidating the NASD and Incorporated NYSE rules into a single set of FINRA rules.

I interpret this to mean that it is still correct to cite to the NASD and NYSE rules until the single set of FINRA rules are published.