4688 Federal Register / Vol. 87, No. 19 / Friday, January 28, 2022 / Notices 

13See note 8 above. 

14 15 U.S.C. 78s(b)(3)(A)(ii). 

15 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 93928 

(January 7, 2022) (SR–FINRA–2021–034). 

the Regulatory Element of the 

Continuing Education Requirements 

pursuant to Exchange General 4, Section 

1240. Likewise, with respect to the $100 

MQP Fee, the Exchange does not believe 

that this proposal creates an 

unnecessary or inappropriate intramarket burden on competition because 

the fee will be assessed by FINRA to all 

individuals electing to participate in the 

continuing education program under 

FINRA Rule 1240(c) for each year that 

such individual is participating in the 

program. Finally, eliminating the 

outdated $100 fee for continuing 

education does not create an 

unnecessary or inappropriate intramarket burden on competition as test 

center delivery of the Regulatory 

Element was phased out and the 

continuing education programs are no 

longer offered at testing centers.13

Further, the proposal does not impose 

an undue burden on competition 

because the Exchange will not be 

collecting or retaining these fees, 

therefore, the Exchange will not be in a 

position to apply them in an inequitable 

or unfairly discriminatory manner. 

Technical Amendment 

The Exchange’s proposal to make a 

technical amendment within the FINRA 

Web CRD Fees does not impose an 

undue burden on competition as it is a 

non-substantive amendment. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act.14

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) otherwise in 

furtherance of the purposes of the Act. 

If the Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

ISE–2022–01 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–ISE–2022–01. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. 

All submissions should refer to File 

Number SR–ISE–2022–01 and should be 

submitted on or before February 18, 

2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–01704 Filed 1–27–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94036; File No. SR– 

NASDAQ–2022–003] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend 

References to FINRA Continuing 

Education Fees 

January 24, 2022. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on January 

12, 2022, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) the proposed 

rule change as described in Items I, II, 

and III, below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Nasdaq’s Pricing Schedule at Equity 7, 

Section 30, Regulatory, Registration and 

Processing Fees, to reflect adjustments 

to FINRA Continuing Education Fees. 

The Exchange also proposes technical 

amendments to The Nasdaq Stock 

Market LLC’s (‘‘NOM’’) Options 7, 

Section 1, General Provisions. 

While the changes proposed herein 

are effective upon filing, the Exchange 

has designated the new Maintaining 

Qualifications Program (‘‘MQP’’) Fee, 

elimination of the $100 Continuing 

Education Session Fee, and technical 

amendments to become operative on 

January 31, 2022. Additionally, the 

Exchange designates an $18 Continuing 

Education Regulatory Element Session 

Fee to become operative on January 1, 

2023.3

The text of the proposed rule change 

is available on the Exchange’s website at 


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Federal Register / Vol. 87, No. 19 / Friday, January 28, 2022 / Notices 4689 

4FINRA operates Web CRD, the central licensing 

and registration system for the U.S. securities 

industry. FINRA uses Web CRD to maintain the 

qualification, employment and disciplinary 

histories of registered associated persons of brokerdealers. 

5See note 3 above. On September 21, 2021, the 

SEC approved amendments to FINRA Rules 1210 

(Registration Requirements) and 1240 (Continuing 

Education Requirements) to, among other things, 

require registered persons to complete the 

Regulatory Element of CE annually by December 31 

of each year, rather than every three years, and to 

complete Regulatory Element content for each 

representative or principal registration category that 

they hold. See Securities Exchange Act Release No. 

93097 (September 21, 2021), 86 FR 53358 

(September 27, 2021) (Order Approving File No. 

SR–FINRA–2021–015). The Regulatory Element is 

administered by FINRA and focuses on regulatory 

requirements and industry standards. The proposed 

rule change also included amendments to the Firm 

Element training, which is provided by each firm 

annually to its registered persons and focuses on 

securities products, services and strategies the firm 

offers, firm policies and industry trends. 

6FINRA notes that the proposed $18 annual fee 

is comparable to the current $55 fee over a threeyear period. Moreover, the proposed fee for the 

annual Regulatory Element would be the same for 

all registered persons, regardless of the amount of 

annual content that they would be required to 

complete (that is, an individual who holds multiple 

registrations would be subject to the same proposed 

$18 annual fee as an individual who holds a single 

registration). See note 3 above. 

7The Exchange would file to remove the rule text 

concerning the $55 fee once the $18 fee becomes 

operative. 

8See Securities Exchange Act Release No. 75581 

(July 31, 2015), 80 FR 47018 (August 6, 2015) (SR– 

FINRA–2015–015) (Order Approving a Proposed 

Rule Change to Provide a Web-based Delivery 

Method for Completing the Regulatory Element of 

the Continuing Education Requirements). FINRA 

phased out the test center delivery as of July 1, 

2016. See FINRA Information Notice dated May 16, 

2016 (https://www.finra.org/rules-guidance/notices/ 

information-notice-051616). 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, at the principal 

office of the Exchange, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

This proposal amends Nasdaq’s 

Pricing Schedule at Equity 7, Section 

30, Regulatory, Registration and 

Processing Fees, to reflect adjustments 

to FINRA Continuing Education Fees.4

The FINRA fees are collected and 

retained by FINRA via Web CRD for the 

registration of employees of Nasdaq 

members that are not FINRA members 

(‘‘Non-FINRA members’’). The Exchange 

is merely listing these fees on its Pricing 

Schedule. The Exchange does not 

collect or retain these fees. 

Today, Nasdaq Equity 7, Section 30, 

provides a list of FINRA Web CRD Fees, 

Fingerprint Processing Fees, and 

Continuing Education Fees. The 

Exchange proposes to amend the 

Continuing Education Fees within 

Equity 7, Section 30 on behalf of the 

Exchange. The fees listed within Equity 

7, Section 30 reflect fees set by FINRA. 

Specifically, the Exchange proposes to 

decrease the $55 Continuing Education 

Web-based Fee to $18. This amendment 

is made in accordance with a recent 

FINRA rule change to adjust to its fees.5

FINRA currently charges a fee of $55 to 

each individual who completes the 

Regulatory Element of the Continuing 

Education Requirements pursuant to 

Exchange General 4, Section 1240. In 

conjunction with the amendments to 

transition to an annual Regulatory 

Element requirement, FINRA amended 

the Continuing Education Regulatory 

Element Session Fee from $55 to $18.6

FINRA indicated in the Continuing 

Education Fee Filing that it would begin 

assessing the $18 Continuing Education 

Regulatory Element Session Fee as of 

January 1, 2023 to coincide with the 

effective date of the transition to an 

annual Regulatory Element 

requirement.7

The Exchange proposes to eliminate 

the $100.00 continuing education fee for 

each individual who is required to 

complete the S101 or S201. This fee 

applied to continuing education 

programs administered at test centers. In 

2015, FINRA filed to end test center 

delivery of the Regulatory Element.8

Effective October 1, 2015, Web-based 

delivery has been available for the 

Regulatory Element. The revised fee of 

$18 is a Web-based delivery. The 

Exchange proposes to remove the 

outdated continuing education fee of 

$100 from its Pricing Schedule related 

to test center delivery. 

The Exchange also proposes to adopt 

a new Maintaining Qualifications 

Program (‘‘MQP’’) Fee of $100 fee for 

each individual electing to participate 

in the continuing education program, 

following the termination of a 

registration category, under FINRA Rule 

1240(c) for each year that such 

individual is participating in the 

program. Individuals who elect to 

participate in the MQP within two years 

from the termination of a registration 

would also be assessed any accrued 

annual fee. The proposed annual fee 

would be assessed at the time an eligible 

individual elects to participate in the 

continuing education program under 

FINRA Rule 1240(c) and thereafter 

annually each year that the individual 

continues in the program. This fee is 

paid directly to FINRA. FINRA 

indicated in the Continuing Education 

Fee Filing that it would begin assessing 

the $100 MQP fee as of January 31, 

2022. 

With respect to the rule text, the 

current $55 Continuing Education Fee is 

being reworded to reflect the 

elimination of the $100 fee and renamed 

the ‘‘Continuing Education Regulatory 

Element Session Fee.’’ The $55 will 

remain in effect until January 1, 2023 so 

it is being retained in the Pricing 

Scheduled with a note that ‘‘This fee 

will be amended on January 1, 2023 as 

noted below.’’ 

The FINRA Fees are user-based and 

there is no distinction in the cost 

incurred by FINRA if the user is a 

FINRA member or a Non-FINRA 

member. Accordingly, the proposed fees 

mirror those currently assessed by 

FINRA. 

Technical Amendment 

The Exchange also proposes to make 

technical amendments to NOM Options 

7, Section 1, General Provisions. The 

Exchange proposes to re-letter the entire 

section in order to easily cite to the 

various sections. Proposed ‘‘(a)’’ 

contains references that the Exchange 

proposes to alphabetize, without change 

to the rule text. 

The Exchange proposes to add a new 

‘‘b’’ and header, ‘‘For Purposes of 

Common Ownership Aggregation of 

Activity of Affiliated Members and 

Member Organizations’’ to more clearly 

delineate the rule text associated with 

aggregation of the activity of affiliates. 

The Exchange would also re-letter and 

re-number that section. 

A ‘‘c’’ is proposed to be added to the 

adding and removing liquidity 

paragraph. 

A ‘‘d’’ is proposed to be added before 

the section discussing the determination 

of tier calculations any day that the 

market is not open for the entire trading 

day. 

Finally, an ‘‘e’’ is proposed before the 

Collection of Exchange Fees and Other 

Claims section. 


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4690 Federal Register / Vol. 87, No. 19 / Friday, January 28, 2022 / Notices 

9 15 U.S.C. 78f(b). 

10 15 U.S.C. 78f(b)(4) and (5). 

11See note 3 above. 

12See note 8 above. 13See note 8 above. 14 15 U.S.C. 78s(b)(3)(A)(ii). 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,9 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 

of the Act,10 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees and other charges 

among members and issuers and other 

persons using any facility, and is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The Exchange believes it is reasonable 

to decrease the $55 Continuing 

Education Regulatory Element Session 

Fee for all Registrations to $18 in 

accordance with an adjustment to 

FINRA’s fees.11 The Exchange’s rule text 

will reflect the current rates for 

continuing education that will be 

assessed by FINRA as of January 1, 

2023. The proposed fee is identical to a 

fee adopted by FINRA related to its 

continuing education. The costs are 

borne by FINRA when a Non-FINRA 

member engages in continuing 

education. 

The Exchange believes eliminating 

the outdated $100 fee for continuing 

education is reasonable as test center 

delivery of the Regulatory Element was 

phased out in 2016 and the continuing 

education programs are no longer 

offered at testing centers.12

The Exchange believes that it is 

reasonable to adopt a new MQP Fee of 

$100 for each individual electing to 

participate in the continuing education 

program under FINRA Rule 1240(c) for 

each year that such individual is 

participating in the program. 

Individuals who elect to participate in 

the program within two years from the 

termination of a registration would also 

be assessed any accrued annual fee. The 

proposed fee is identical to a fee 

adopted by FINRA related to its 

continuing education. The costs are 

borne by FINRA when a Non-FINRA 

member engages in continuing 

education. 

Further, the proposal is also equitable 

and not unfairly discriminatory because 

the Exchange will not be collecting or 

retaining these fees, therefore, the 

Exchange will not be in a position to 

apply them in an inequitable or unfairly 

discriminatory manner. 

Technical Amendment 

The Exchange’s proposal to make 

technical amendments within NOM 

Options 7, Section 1 is reasonable, 

equitable and not unfairly 

discriminatory as the amendments are 

non-substantive. The amendments will 

bring greater clarity to the rule text. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe that this 

proposal creates an unnecessary or 

inappropriate inter-market burden on 

competition as FINRA’s fees apply to all 

market participants. Specifically, the 

Exchange does not believe that this 

proposal creates an unnecessary or 

inappropriate intra-market burden on 

competition as the decreased 

Continuing Education Regulatory 

Element Session Fee for all Registrations 

of $18 will be assessed by FINRA to all 

Members who are required to complete 

the Regulatory Element of the 

Continuing Education Requirements 

pursuant to Exchange General 4, Section 

1240. Likewise, with respect to the $100 

MQP Fee, the Exchange does not believe 

that this proposal creates an 

unnecessary or inappropriate intramarket burden on competition because 

the fee will be assessed by FINRA to all 

individuals electing to participate in the 

continuing education program under 

FINRA Rule 1240(c) for each year that 

such individual is participating in the 

program. Finally, eliminating the 

outdated $100 fee for continuing 

education does not create an 

unnecessary or inappropriate intramarket burden on competition as test 

center delivery of the Regulatory 

Element was phased out and the 

continuing education programs are no 

longer offered at testing centers.13

Further, the proposal does not impose 

an undue burden on competition 

because the Exchange will not be 

collecting or retaining these fees, 

therefore, the Exchange will not be in a 

position to apply them in an inequitable 

or unfairly discriminatory manner. 

Technical Amendment 

The Exchange’s proposal to make 

technical amendments within NOM 

Options 7, Section 1 does not impose an 

undue burden on competition as the 

amendments are non-substantive. The 

amendments will bring greater clarity to 

the rule text. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act.14

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) otherwise in 

furtherance of the purposes of the Act. 

If the Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NASDAQ–2022–003 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number R–NASDAQ–2022–003. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 19 / Friday, January 28, 2022 / Notices 4691 

15 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78mm(a)(1). 

2 15 U.S.C. 78s(b). 

3See Letter from Angela S. Dunn, Principal 

Associate General Counsel, BX, to J. Matthew 

DeLesDernier, Assistant Secretary, Commission, 

dated August 26, 2021 (‘‘Exemptive Request’’). 

4 17 CFR 240.0–12. 

5See Exemptive Request, supra note 3, at 6. 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–NASDAQ–2022–003 and 

should be submitted on or before 

February 18, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–01713 Filed 1–27–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94034] 

Order Granting Application by Nasdaq 

BX, Inc. for an Exemption Pursuant to 

Section 36(a) of the Exchange Act 

From the Rule Filing Requirements of 

Section 19(b) of the Exchange Act With 

Respect to Certain Rules Incorporated 

by Reference 

January 24, 2022. 

Nasdaq BX, Inc. (‘‘BX’’ or 

‘‘Exchange’’) has filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) an application for an 

exemption under Section 36(a)(1) of the 

Securities Exchange Act of 1934 

(‘‘Exchange Act’’) 1 from the rule filing 

requirements of Section 19(b) of the 

Exchange Act 2 with respect to certain 

rules of the Financial Industry 

Regulatory Authority, Inc. (‘‘FINRA’’) 

that the Exchange seeks to incorporate 

by reference.3 Section 36 of the 

Exchange Act, subject to certain 

limitations, authorizes the Commission 

to conditionally or unconditionally 

exempt any person, security, or 

transaction, or any class thereof, from 

any provision of the Exchange Act or 

rule thereunder, if necessary or 

appropriate in the public interest and 

consistent with the protection of 

investors. 

The Exchange has requested, pursuant 

to Rule 0–12 under the Exchange Act,4

that the Commission grant the Exchange 

an exemption from the rule filing 

requirements of Section 19(b) of the 

Exchange Act for changes to the 

Exchange’s rules that are effected solely 

by virtue of a change to a crossreferenced FINRA rule. Specifically, the 

Exchange requests that it be permitted 

to incorporate by reference changes 

made to the FINRA rules that are crossreferenced in the Exchange’s rules 

identified below, without the need for 

the Exchange to file separately similar 

proposed rule changes pursuant to 

Section 19(b) of the Exchange Act: 5

• General 9, Section 1(b) (Prohibition 

Against Trading Ahead of Customer 

Orders) cross-references FINRA Rule 

5320 (except for FINRA Rule 5320.02(b) 

and the reference to FINRA Rule 6420 

in FINRA Rule 5320). 

• General 9, Section 1(c) (Front 

Running Policy) cross-references FINRA 

Rule 5270. 

• General 9, Section 1(f) 

(Confirmation of Callable Common 

Stock) cross-references FINRA Rule 

2232. 

• General 9, Section 1(g) (Interfering 

With the Transfer of Customer Accounts 

in the Context of Employment Disputes) 

cross-references FINRA Rule 2140. 

• General 9, Section 2 (Customers’ 

Securities or Funds) cross-references 

FINRA Rule 2150. 

• General 9, Section 3 

(Communications with the Public) 

cross-references FINRA Rule 2210 

(except for FINRA Rule 2210(c)). 

• General 9, Section 5 

(Telemarketing) cross-references FINRA 

Rule 3230. 

• General 9, Section 6 (Forwarding of 

Proxy and Other Issuer-Related 

Materials) cross-references FINRA Rule 

2251. 

• General 9, Section 7 (Disclosure of 

Financial Condition, Control 

Relationship with Issuer and 

Participation or Interest in Primary or 

Secondary Distribution) cross-references 

FINRA Rules 2261, 2262, and 2269. 

• General 9, Section 8 (SIPC 

Information) cross-references FINRA 

Rule 2266. 

• General 9, Section 9 (Fairness 

Opinions) cross-references FINRA Rule 

5150. 

• General 9, Section 10(a) 

(Recommendations to Customers 

(Suitability)) cross-references FINRA 

Rule 2111 (except for the references to 

FINRA Rule 2214 in FINRA Rule 2111). 

• General 9, Section 10(c) (Know 

Your Customer) cross-references FINRA 

Rule 2090. 

• General 9, Section 12 (Customer 

Account Statements) cross-references 

FINRA Rule 2231. 

• General 9, Section 13 (Margin 

Disclosure Statement) cross-references 

FINRA Rule 2264. 

• General 9, Section 14 (Approval 

Procedures for Day-Trading Accounts) 

cross-references FINRA Rules 2130 and 

2270. 

• General 9, Section 15 (Borrowing 

From or Lending to Customers) crossreferences FINRA Rule 3240. 

• General 9, Section 16 (Charges for 

Services Performed) cross-references 

FINRA Rule 2122. 

• General 9, Section 17 (Net 

Transactions with Customers) crossreferences FINRA Rule 2124. 

• General 9, Section 19 (Discretionary 

Accounts) cross-references FINRA Rule 

3260. 

• General 9, Section 20 (Supervision) 

cross-references FINRA Rules 3110 and 

3170. 

• General 9, Section 21 (Supervisory 

Control System, Annual Certification of 

Compliance and Supervisory Processes) 

cross-references FINRA Rules 3120 and 

3130 (except for the references to MSRB 

rules in FINRA Rule 3130). 

• General 9, Section 23 (Outside 

Business Activities of an Associated 

Person) cross-references FINRA Rule 

3270. 

• General 9, Section 24 (Private 

Securities Transactions of an Associated 

Person) cross-references FINRA Rule 

3280. 

• General 9, Section 25 (Transactions 

for or by Associated Persons) crossreferences FINRA Rule 3210. 

• General 9, Section 26 (Influencing 

or Rewarding Employees of Others) 

cross-references FINRA Rule 3220. 

• General 9, Section 27 (Reporting 

Requirements) cross-references FINRA 

Rule 4530 (except for FINRA Rule 

4530(h)). 

• General 9, Section 28 (Disclosure to 

Associated Persons When Signing Form 

U4) cross-references FINRA Rule 2263 

(except for subsection (2) of FINRA Rule 

2263). 

• General 9, Section 30 (Books and 

Records) cross-references FINRA Rule 

4511. 

• General 9, Section 31 (Use of 

Information Obtained in Fiduciary 


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