On May 18, the Financial Industry Regulatory Authority (FINRA) filed a rule change with the Securities and Exchange Commission to amend the by-laws of FINRA Regulation, Inc. (FINRA Regulation)—FINRA’s regulatory subsidiary. The rule change would reorganize FINRA Regulation’s District Committees (Rule Change), converting FINRA Regulation’s District Committees into Regional Committees, which mirror the regions covered by FINRA’s districts. This change aligns with FINRA’s practice of managing FINRA Regulation’s District Committees as region-wide committees. Among other changes, the reorganization also will involve: (1) the revision of FINRA Regulation’s candidate and member voting eligibility standards to better reflect the member firms and industries in each of the regions; and (2) conforming amendments to the FINRA Regulation By-Laws and FINRA rules regarding the terminology change. Pursuant to Section 19(b)(3) of the Securities Exchange Act of 1934, as amended, and Rule 19b-4 thereunder, the rule change was effective upon filing.

The text of the Rule Change is available here.