FINRA recently updated the New Account Application Template to reflect FINRA’s new suitability rule. The template is a voluntary model that was designed for firms to use when creating or modifying their own account applications.
Some of the significant features of the template include:
- Instructions and other information presented in plain-English,
- Highlights of key disclosures, and
- Incorporation of related investor education information.
This voluntary template can be customized, so that firms can modify the form to meet their own branding, business practices and operational requirements. Keep in mind that use of the voluntary template in whole or in part does not guarantee compliance with or create any safe harbor with respect to FINRA Rules, the federal securities laws or state laws.
Contact Evans & Kob PC for experienced regulatory and legal counsel regarding broker-dealer operations counsel, including drafting new account forms and customer agreements, or any broker-dealer and investment adviser, arbitration, regulatory or securities matter at firstname.lastname@example.org.