FINRA to ramp up scrutiny of costs, benefits of rules

(Reuters) – The Financial Industry Regulatory Authority will more deeply scrutinize the potential costs and benefits of securities industry rules it wants to propose, a top lawyer for the Wall Street industry-funded watchdog said on Tuesday.
FINRA will take the added measures before submitting proposed rules to the U.S. Securities and Exchange Commission for approval, said Robert Colby, FINRA’s chief legal officer.
The move comes, in part, because the SEC wants FINRA to “better support” the economic aspects of proposals the SEC must review, Colby said in remarks to compliance professionals at an industry luncheon in New York. The SEC must review and approve rules proposed by securities industry self-regulatory organizations.
More on Reuters here.