Co-authored by Tanja Samardzija.

As previously reported in the October 21, 2011 edition of Corporate & Financial Weekly Digest, the Financial Industry Regulatory Authority (FINRA) had previously proposed to adopt NASD Rule 2320 (Best Execution and Interpositioning) and Interpretive Material 2320 (Interpretive Guidance with Respect to Best Execution Requirements) as FINRA Rule 5310 in the consolidated FINRA rulebook. On December 5, 2011, the Securities and Exchange Commission (SEC) issued an order granting approval of the proposed rule change. FINRA will announce the implementation date of the proposed rule change in a Regulatory Notice that will be published no later than 90 days following SEC approval. The implementation date will be no later than 90 days following publication of the Regulatory Notice announcing SEC approval.