Readying For FINRA Rule 4516

Law360, New York (November 17, 2011, 8:17 PM EST) -- On Oct. 21, 2011, the Financial Industry Regulatory Authority proposed a new rule (Rule 4516) that would require carrying and clearing member firms to, among other things, maintain and keep current certain records in a specifically designated central location.[1] The Proposed Rule is designed to promote a rapid and orderly transfer of accounts if a clearing firm fails. Comments on the proposal must be filed by Dec. 9, 2011.

Maintenance of Certain Records in a Designated Area Where They are “Immediately Available”

The proposal’s central element...
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