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It’s back to the drawing board!!

In a “surprise” move, FINRA has sent the controversial broker disclosure Rule 2243 back for revision. (The rule would have required brokers to tell clients about recruitment incentives they receive in excess of $100.000.)

FINRA plans to file another version of the proposal later this year, according to a statement provided by FINRA spokesman George Smaragdis.

“FINRA continues to believe that recruitment disclosures remain an important investor protection issue and plans to develop a revised proposal and file it with the commission later in the year” he wrote in an emailed statement.

The reason? Smaragdis said that the regulator needed more time to address the feedback it had received; 184 comment letters since the agency originally sent the 350 page proposal to the SEC for approval in March.

For more click here.