FINRA Proposes Amendment to Rule 1220 for Firms Exempt from

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Financial Industry Regulatory Authority, Inc. (“FINRA”) filed a proposed rule change with the Securities and Exchange Commission to amend FINRA Rule Rule 1220(a)(4) (Financial and Operations Principal and Introducing Broker-Dealer Financial and Operations Principal) to: (1) Reflect that certain firms remain exempt from the requirement to designate an individual as a Financial and Operations Principal (‘‘FINOP’’) or an Introducing Broker- Dealer Financial and Operations Principal (‘‘Introducing FINOP’’); and (2) provide that the individual designated as Principal Financial Officer and Principal Operations Officer of these exempt firms is not required to be qualified and registered as a FINOP or an Introducing FINOP.
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