The Beck Law Firm, LLC Blog: FINRA Amends Rule 2440 & IM-2440-1 Regarding Commissions

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Joel Beck, a former NASD Department of Enforcement lawyer, formed The Beck Law Firm, LLC in 2007. Joel's practices focuses on three main areas: 1) broker-dealer and registered investment adviser regulation/compliance, regulatory investigations and enforcement actions, and arbitration cases, 2) business formations and small business legal needs, and 3) basic estate planning.

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July 14, 2008

In Regulatory Notice 08-36, FINRA announced that the SEC has approved amendments to NASD Rule 2440 and interpretive memo IM-2440-1. Under these revisions, Rule 2440 and the interpretive memo now apply to all securities transactions, whether effected over-the-counter or on an exchange. Previously, Rule 2440 and its interpretive memo, which require member firms to charge fair prices and commissions to customers, only applied to OTC transactions.

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