Posts tagged Bonus Disclosure Rule.
On Friday, June 20, 2014, the Financial Industry Regulatory Authority ("FINRA") withdrew its proposed Rule 2243, which would have required disclosure and reporting of FINRA member recruiting practices. Essentially, the rule would have required disclosure of a recruiting bonus for a representative that exceeded $100,000. The initial response to the proposed rule was mixed, but FINRA submitted the rule to the Securities Exchange Commission ("SEC") for approval earlier this year. In withdrawing the proposal, FINRA cited the rigid timeline for approval under the Dodd-Frank Act ...