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FINRA Rule Proposal Requires Delivery of Monthly Customer Account Statements by Members

June 08, 2009

By The Investment Management Practice

On April 22, 2009, the Financial Industry Regulatory Authority (FINRA) filed proposed FINRA Rule 2231 with the Securities and Exchange Commission (SEC) which would require FINRA members to provide customers with account statements at least once every calendar month if there has been any account activity during that month. We are aware that the Investment Company Institute may submit a comment letter requesting that this proposed rule not apply to mutual fund underwriters with respect to their mutual fund shareholder accounts.

Practice Areas


Image: Jacqueline A. May
Jacqueline A. May
Of Counsel, Corporate Department
Image: Michael R Rosella
Michael R Rosella
Partner, Corporate Department
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Arthur L Zwickel
Partner, Corporate Department
Image: David A Hearth
David A Hearth
Partner, Corporate Department