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Understanding FINRA Regulatory Notice 15-02

On Oct. 10, 2014, the U.S. Securities and Exchange Commission (SEC) approved amendments proposed by FINRA to promote greater transparency for shareholders of certain non-traded investments. The amendments, known as FINRA Regulatory Notice 15-02, modify National Association of Securities Dealers Rule 2340 regarding customer account statements and FINRA Rule 2310 regarding direct participation programs (DPPs). The amended rules also impact the handling of customer account statements for publicly registered non-traded real estate investment trusts (REITs) and other DPPs, such as non-traded business development companies (BDCs).

Note: Throughout stages of the rule-making process, the amendments have been formerly referred to as FINRA Regulatory Notice to 12-14 or Rule Proposal 14-006. Currently, these rule amendments are being referred to as FINRA Regulatory Notice 15-02.

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Updates & Resources

  • Jan. 5, 2014
    FINRA issues Regulatory Notice 15-02, announcing the SEC approval of FINRA Rule 2310 and NASD Rule 2340. Read More
  • Oct. 14, 2014
    Memo released on Oct. 10 by the SEC containing a description of the final rule.  Read More

If you questions or would like to discuss in more detail, contact your CNL wholesaler at 855-209-5234. If you are a prospective investor, please contact your financial advisor.

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