FINRA Rules
The FINRA Manual includes FINRA Rules, NASD Rules and certain NYSE Rules that FINRA has incorporated (Incorporated NYSE Rules). FINRA is in the process of consolidating the NASD and Incorporated NYSE Rules into a single set of FINRA Rules.
The Incorporated NYSE Rules apply solely to those members of FINRA that are also members of NYSE, referred to as "Dual Members." Dual Members also must comply with NASD Rules. The new consolidated rulebook will consist only of FINRA Rules and will apply to all FINRA members, unless such rules have a more limited application by their terms.
Firms that were members only of NASD as of July 30, 2007 remain subject only to NASD Rules, provided they do not become NYSE members in which case they would be subject to both NASD Rules and the Incorporated NYSE Rules. Similarly, a firm that becomes a new member of FINRA only (and not a member of NYSE) will be subject only to NASD Rules.
All FINRA members are subject to the FINRA By-Laws and Schedules to the By-Laws.
In interpreting the rule sets, FINRA will continue to apply the same interpretive materials that NASD and NYSE applied prior to closing. For example, FINRA will consider existing NASD interpretive letters and Notices to Members in applying NASD Rules and the NYSE Rule Interpretations Handbook and Information Memos in applying the Incorporated NYSE Rules.
