The Board of Governors of the Financial Industry Regulatory Authority (FINRA) met on March 3 and 4, when, among other actions, it approved the publication of proposed amendments to FINRA Rule 3240 (Borrowing From or Lending to Customers) for comment. The proposed amendments aim to “strengthen the general prohibition of the rule, narrow or update some exceptions, and align the rule more closely with recently adopted FINRA Rule 3241 (Registered Person Being Named a Customer’s Beneficiary or Holding a Position of a Trust for a Customer).”

FINRA Board of Governors meeting on March 3 and 4.