Outside FINRA offices in New York. (Photo: Ronald Pechtimaldjian)
The Financial Industry Regulatory Authority approved publishing for comment at its May 9 board meeting proposed amendments to require that broker-dealers and associated persons produce documents concerning third-party insurance coverage.
The Discovery of Insurance Information in Arbitration proposal to be put out for comment seeks to address broker-dealers' concerns about "prejudice by limiting the circumstances under which insurance coverage information could be presented to arbitrators."
The FINRA board also filed with the Securities and Exchange Commission proposed amendments to its Trade Reporting and Compliance Engine (TRACE) rules to expand the definition of Agency Debt Security to address a new issuance structure by government-sponsored enterprises.
