FINRA Issues Updated Guidance On Negative Consent For Bulk Transfers And Eliminates Prereview Of Draft Customer Letters

FINRA has issued guidance on when member firms may rely on negative consent to transfer or assign customer accounts in bulk and has announced that it will discontinue its long-standing practice of reviewing draft customer letters. The elimination of FINRA staff review aims to reduce burdens on firms, promote operational efficiency, and ensure customers receive transparent and timely information about account changes.... By: Eversheds Sutherland (US) LLP