FINRA Proposes New Registration Category for Investment Banking Professionals

The Financial Industry Regulatory Authority filed with the SEC a proposed rule change to create a Rule 1032(i) to add a new category for limited representative registration for investment banking professionals. Similarly, the proposal would adopt registration requirements for principals who supervise investment banking activities.

The proposed registration category would not cover individuals whose investment banking work is limited to public (municipal) finance offerings, direct participation program offerings, or private securities offerings.

The rule change will not be effective until it is published for comment and approved by the Securities and Exchange Commission.

For proposed rule text, please see here.

To submit electronic comments, use the SEC's Internet comment form or send an email that includes File Number SR-FINRA-2009-006 on the subject line.

Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F. Street, NE, Washington, DC 20549-1090.