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FINRA Rule 3110(e).... Late disclosures

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Mar 8, 2015 5:36 am

"Further, FINRA is proposing to add proposed Supplementary Material .15 to FINRA Rule 3110 to establish a temporary program that will issue a refund to members of Late Disclosure Fees assessed for the late filing of responses to Form U4 Question 14M, subject to specified conditions."

Does anyone know the current status of this rule change proposal?

My former B/D omitted five individual compromises of mine with creditors when registering me in February of 2012.  Compromises that were the result of their condition of my employment there, i.e. Reducing outstanding personal debt beneath 5K.

I've since made the decision to go independent, but the compliance head at my new shop put a $7500 price tag on retroactively amending my U4...... Something I obviously won't balk at to get my registration transferred and business rolling, but still money I think I have a shot at getting"refunded", per the language in 3110(e).

Again, compromises with creditors, not liens and judgements.

Any insight would be tremendously appreciated.