Notice2025-17927
Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of Amendment No. 1 and Order Instituting Proceedings To Determine Whether To Approve Or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, To Amend FINRA Rule 3220 (Influencing or Rewarding Employees of Others)
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 17, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 178 (Wednesday, September 17, 2025)</title>
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[Federal Register Volume 90, Number 178 (Wednesday, September 17, 2025)]
[Notices]
[Pages 44855-44859]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-17927]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103958; File No. SR-FINRA-2025-003]
Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing of Amendment No. 1 and Order
Instituting Proceedings To Determine Whether To Approve Or Disapprove a
Proposed Rule Change, as Modified by Amendment No. 1, To Amend FINRA
Rule 3220 (Influencing or Rewarding Employees of Others)
September 12, 2025.
I. Introduction
On May 29, 2025, the Financial Industry Regulatory Authority, Inc.
(``FINRA'') filed with the Securities and Exchange Commission (``SEC''
or ``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to amend FINRA Rule 3220
(Influencing or Rewarding Employees of Others) (formerly NASD Rule
3060) (the ``Gifts Rule'') to, among other things, increase the gift
limit from $100 to $250 \3\ per person per year, provide FINRA
authority to grant exemptive relief from the Gifts Rule, and codify
existing guidance regarding, among other things, gifts incidental to
business entertainment, valuation of gifts, aggregation of gifts,
personal gifts, de minimis gifts and promotional or commemorative
items, donations due to federally declared major disasters, and
supervision and recordkeeping (the ``originally proposed rule
change'').\4\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Amendment No. 1 (defined below) would modify the proposed
rule change to increase the gift limit further from $250 to $300.
\4\ See Exchange Act Release No. 103226 (Jun. 11, 2025), 90 FR
25674 (Jun. 17, 2025) (File No. SR-FINRA-2025-003) (``Notice'').
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The originally proposed rule change was published for public
comment in the Federal Register on June 17, 2025.\5\ The public comment
period closed on July 8, 2025. The Commission received comment letters
in response to the Notice.\6\ On July 14, 2025, FINRA consented to an
extension of the time period in which the Commission must approve the
proposed rule change, disapprove the proposed rule change, or institute
proceedings to determine whether to approve or disapprove the proposed
rule change to September 15, 2025.\7\ On September 11, 2025, FINRA
responded to the comment letters received in response to the Notice and
filed an amendment to modify the originally proposed rule change
(``Amendment No. 1).\8\
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\5\ See Notice.
\6\ The comment letters are available at <a href="https://www.sec.gov/comments/sr-finra-2025-003/srfinra2025003.htm">https://www.sec.gov/comments/sr-finra-2025-003/srfinra2025003.htm</a>.
\7\ See letter from April Collaku, Assistant General Counsel,
Office of General Counsel, FINRA (dated, July 14, 2025), <a href="https://www.finra.org/sites/default/files/2025-07/sr-finra-2025-003-extension1.pdf">https://www.finra.org/sites/default/files/2025-07/sr-finra-2025-003-extension1.pdf</a>.
\8\ See letter from Ilana Reid, Associate General Counsel,
Office of General Counsel, FINRA (dated September 11, 2025), <a href="https://www.sec.gov/comments/sr-finra-2025-003/srfinra2025003.htm">https://www.sec.gov/comments/sr-finra-2025-003/srfinra2025003.htm</a>; see also
Amendment No. 1.
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The Commission is publishing this order pursuant to Section
19(b)(2)(B) of the Exchange Act \9\ to solicit comments on the proposed
rule change, as modified by Amendment No. 1, and to institute
proceedings to determine whether to approve or disapprove the proposed
rule change, as modified by Amendment No. 1 (hereinafter referred to as
the ``proposed rule change'' unless otherwise specified).
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\9\ 15 U.S.C. 78s(b)(2)(B).
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II. Description of the Proposed Rule Change, as Modified by Amendment
No. 1
A. Background
In general, the Gifts Rule prohibits any broker-dealer that is a
member of FINRA (``member'') or person associated with a member,
directly or indirectly, from giving anything of value in excess of $100
per year to any person where such payment is in relation to the
business of the recipient's employer.\10\ It also requires members to
maintain separate records of all payments made or gratuities given in
any amount known to the member pursuant to Exchange Act Rule 17a-4.\11\
FINRA stated that the Gifts Rule is designed to avoid improprieties,
such as conflicts of interest, that may arise when a member or
associated person makes a gift to an employee of another person, such
as an institutional customer, vendor, or counterparty with the hope of
strengthening the business relationship with them.\12\
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\10\ FINRA Rule 3220(a).
\11\ FINRA Rule 3220(c).
\12\ Notice at 25674.
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In addition, FINRA has published guidance regarding the application
of the Gifts Rule, including NASD Notice to Members 06-69,\13\
Frequently Asked Questions,\14\ and an interpretive letter.\15\
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\13\ NASD Notice to Members 06-69 (Dec. 2006) (``NTM 06-69'').
\14\ Gifts/Business Entertainment/Non-Cash Compensation FAQs,
<a href="https://www.finra.org/rules-guidance/key-topics/gifts-gratuities-and-non-cash-compensation/faqs">https://www.finra.org/rules-guidance/key-topics/gifts-gratuities-and-non-cash-compensation/faqs</a> (``FAQs'').
\15\ Letter from Gary L. Goldsholle, Vice President & Associate
General Counsel, FINRA, to Amal Aly, Managing Director & Associate
General Counsel, SIFMA, dated December 17, 2007 (``Aly Letter''),
<a href="https://www.finra.org/rules-guidance/guidance/interpretive-letters/amal-aly-sifma-reasonable-and-customary-bereavement-gifts">https://www.finra.org/rules-guidance/guidance/interpretive-letters/amal-aly-sifma-reasonable-and-customary-bereavement-gifts</a>.
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[[Page 44856]]
B. The Proposed Rule Change, as Modified by Amendment No. 1
FINRA's proposed rule change, as modified by Amendment No. 1,
would, among other things, increase the gift limit from $100 to $300
per person per year, provide FINRA exemptive authority regarding the
Gifts Rule, substantially codify FINRA's existing guidance pertaining
to the Gifts Rule, and make conforming changes to the gift limits in
FINRA's non-cash compensation rules.\16\
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\16\ See Notice at 25674. The non-cash compensation rules
prohibit members and their associated persons from directly or
indirectly accepting or making payments or offers of payments of any
non-cash compensation to any person in connection with the sale of
direct participation programs (see FINRA Rule 2310 (Direct
Participation Programs)), variable insurance contracts, (see FINRA
Rule 2320 (Variable Contracts of an Insurance Company)), investment
company securities (see FINRA Rule 2341 (Investment Company
Securities)), and the public offerings of securities (see FINRA Rule
5110 (Corporate Financing Rule--Underwriting Terms and
Arrangements)). Id. at 25678.
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1. Increasing the Gift Limit From $100 to $300
FINRA stated that the current gift limit of $100 has been in place
since 1992.\17\ FINRA's originally proposed rule change would have
amended FINRA Rule 3220(a) to increase the current gift limit to
$250.\18\ As modified by Amendment No. 1, the proposed rule change
would increase the gift limit further from $250 to $300 to account for
expected future inflation for approximately 10 years.\19\ FINRA also
stated that, if approved, it would review the gift limit periodically
to determine if additional modifications are needed to reflect changing
economic conditions.\20\
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\17\ Notice at 25675 and Rule 3220(a); see Exchange Act Release
No. 31662 (Dec. 28, 1992), 58 FR 370 (Jan. 5, 1993) (Order Approving
File No. SR-NASD-92-40) (increasing the gift limit from $50 to
$100).
\18\ See Notice at 25675.
\19\ See Amendment No. 1; see also Notice at 25675.
\20\ See Notice at 25675.
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2. Exemptive Relief
Proposed Rule 3220(d) would authorize FINRA to conditionally or
unconditionally grant an exemption from any provision of Rule 3220.
Specifically, proposed new Rule 3220(d) would state that FINRA staff
has authority to grant exemptions, pursuant to the FINRA Rule 9600
Series (Procedures for Exemption), from FINRA Rule 3220 ``for good
cause shown, after taking into account all relevant factors and
provided that such exemption is consistent with the purposes of the
Rule, the protection of investors, and the public interest.'' \21\
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\21\ Proposed Rule 3220(d).
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3. Supplementary Material Consistent With Existing FINRA Guidance and
Interpretive Positions
As noted above, FINRA staff has published guidance interpreting
issues related to the Gifts Rule, including NTM 06-69, FAQs, and the
Aly Letter. The proposed rule change would add Supplementary Material
to FINRA Rule 3220 consistent with this guidance, as well as new
material not covered by existing guidance. Each supplemental rule
section is described below.
a. Proposed Rule 3220.01 (Gifts Incidental to Business Entertainment)
Currently, there is no express exclusion from FINRA Rule 3220 for
gifts given during the course of a business entertainment event.\22\
However, FINRA has stated that gifts given during business
entertainment may fall within the exclusion for promotional items.\23\
Proposed Rule 3220.01 would add such an exclusion, stating that a gift
given during the course of a business entertainment event would be
subject to FINRA Rule 3220 unless it is consistent with the
requirements of proposed Rules 3220.04 and 3220.06. In effect, a gift
given during the course of a business entertainment event would be
subject to the $300 limit on gifts in Rule 3220(a) unless it is a
personal gift under proposed Rule 3220.04 or of de minimis value or a
promotional or commemorative item under proposed Rule 3220.06.\24\
FINRA stated that for the purpose of this limit, the cost of the
business entertainment event itself would not be included in the value
of the gift.\25\
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\22\ See Notice at 25675.
\23\ NTM 06-69.
\24\ See Notice at 25675-25676.
\25\ Id. at 25676.
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b. Proposed Rule 3220.02 (Valuation of Gifts)
Current FINRA guidance states that a member should value gifts
(other than tickets for sporting or other events) at the higher of cost
or market value exclusive of tax and delivery charges.\26\ Proposed
Rule 3220.02 would codify a modified version of this guidance, stating
that gifts (other than tickets for sporting or other events) must be
valued at cost, exclusive of tax and delivery charges.
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\26\ NTM 06-69.
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Current FINRA guidance also states that when valuing tickets for
sporting or other events, a member must use the higher of cost or face
value.\27\ Consistent with this guidance, proposed Rule 3220.02 would
require that when valuing tickets for sporting or other events a member
must use the higher of cost or face value.
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\27\ Id.
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Additionally, current FINRA guidance states that if gifts are given
to multiple recipients, members should record the names of each
recipient and calculate and record the value of the gift on a pro rata
per recipient basis for purposes of complying with the gift limit.\28\
Proposed Rule 3220.02 would substantially codify this guidance, stating
that if gifts are given to multiple recipients, members must record the
names of each recipient and calculate and record the value of the gift
on a pro rata per recipient basis for purposes of ensuring compliance
with the $300 limit in proposed Rule 3220(a).
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\28\ Id.
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c. Proposed Rule 3220.03 (Aggregation of Gifts)
Current FINRA guidance states that a member must aggregate all
gifts given by the member and its associated persons to a particular
recipient over the course of a year when assessing compliance with the
gift limit.\29\ Under the current guidance, each member also must state
in its procedures whether it is aggregating all gifts given by the
member and its associated persons on a calendar year, fiscal year, or
on a rolling basis beginning with the first gift to any particular
recipient.\30\ Consistent with this guidance, proposed Rule 3220.03
would require that members aggregate all gifts given by the member and
each associated person of the member to a particular recipient over the
course of the year for purposes of ensuring compliance with the $300
gift limit in proposed Rule 3220(a). Proposed Rule 3220.03 would also
substantially codify existing guidance and require that each member
state in its procedures whether it is aggregating all gifts given by
the member and its associated persons on a calendar year, fiscal year,
or on a rolling basis beginning with the first gift to any particular
recipient. Proposed Rule 3220.03 would also state, however, that the
aggregation requirements of proposed Rule 3220.03 would not apply to
personal gifts under proposed Rule 3220.04 or to gifts of de minimis
value
[[Page 44857]]
or promotional or commemorative items under proposed Rule 3220.06 as
they are already not subject to the gift limit.\31\
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\29\ Id.
\30\ Id.
\31\ See id.
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d. Proposed Rule 3220.04 (Personal Gifts) \32\
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\32\ As originally proposed, proposed Rule 3220.04 (Personal
Gifts) would have treated a bereavement gift (e.g., appropriate
flowers or food platter for the mourners) sent on behalf of a member
or its associated persons to acknowledge the death of an employee of
a client, or a member of such employee's immediate family as a
personal gift. As modified by Amendment No. 1, bereavement gifts
would be separately governed under proposed Rule 3220.05
(Bereavement Gifts), described more fully below.
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Current FINRA guidance states that the prohibitions in the Gifts
Rule generally do not apply to personal gifts (e.g., a wedding gift or
a congratulatory gift for the birth of a child), provided that these
gifts are not ``in relation to the business of the employer of the
recipient.'' \33\ Current FINRA guidance also provides several factors
members should consider in determining whether a gift is ``in relation
to the business of the employer of the recipient,'' including the
nature of any pre-existing personal or family relationship between the
person giving the gift and the recipient, and whether the associated
person paid for the gift.\34\ Under current FINRA guidance, FINRA
presumes that a gift for which a member bears the cost (either directly
or by reimbursing an employee) is in relation to the business of the
employer of the recipient.\35\
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\33\ NTM 06-69.
\34\ Id.
\35\ Id.
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Proposed Rule 3220.04 would codify obligations consistent with this
guidance. First, proposed Rule 3220.04 would state that gifts that are
given for infrequent life events (e.g., a wedding gift or a
congratulatory gift for the birth of a child) are not subject to the
restrictions in Rule 3220(a) or the recordkeeping requirements in Rule
3220(c), provided the gifts are customary and reasonable, personal in
nature, and not in relation to the business of the employer of the
recipient. Second, proposed Rule 3220.04 would state that in
determining whether a gift is ``personal in nature and not in relation
to the business of the employer of the recipient,'' members should
consider a number of factors, including the nature of any pre-existing
personal or family relationship between the person giving the gift and
the recipient and whether the associated person paid for the gift.
Third, proposed Rule 3220.04 would state that when a member bears the
cost of a gift, either directly or by reimbursing an associated person,
FINRA will presume the gift is not personal in nature and instead is in
relation to the business of the employer of the recipient.
e. Proposed Rule 3220.05 (Bereavement Gifts) \36\
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\36\ Amendment No. 1 added proposed Rule 3220.05 to
differentiate bereavement gifts from personal gifts, resulting in
renumbering of the supplementary materials proposed in the
originally proposed rule change. See supra note 32.
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Current FINRA guidance states that reasonable and customary
bereavement gifts (e.g., appropriate flowers or food platter for the
mourners) sent on behalf of a member or its associated persons to
acknowledge the death of an employee of a client, or a member of such
employee's immediate family are not considered to be ``in relation to
the business of the employer of the recipient.'' \37\ Consistent with
this guidance, proposed Rule 3220.05 would state that bereavement gifts
that are customary and reasonable are not considered to be in relation
to the business of the employer of the recipient and, therefore, are
not subject to the restrictions in Rule 3220(a) or the recordkeeping
requirements in Rule 3220(c).
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\37\ Aly Letter.
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f. Proposed Rule 3220.06 De minimis Gifts and Promotional or
Commemorative Items)
i. De minimis Gifts and Promotional Items
Current FINRA guidance states that Rule 3220 does not apply to
gifts of de minimis value (e.g., pens, notepads or modest desk
ornaments) or to promotional items of nominal value that display the
firm's logo (e.g., umbrellas, tote bags or shirts).\38\ Current FINRA
guidance also states that in order for a promotional item to fall
within this exclusion, its value must be ``substantially below'' the
current $100 gift limit.\39\ Consistent with this guidance and
recognizing proposed Rule 3220(a)'s increase to the gift limit,
proposed Rule 3220.06 would state that gifts of a de minimis value
(e.g., pens, notepads, or modest desk ornaments) or promotional items
of nominal value that display the member's logo (e.g., umbrellas, tote
bags, or shirts) are not subject to the restrictions in Rule 3220(a) or
the recordkeeping requirements in Rule 3220(c), provided that the value
of the gift or promotional item is substantially below the $300 limit.
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\38\ NTM 06-69.
\39\ Id.
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ii. Commemorative Items
Current FINRA guidance states that, in general, neither the
prohibition in FINRA Rule 3220(a) nor the recordkeeping requirements in
FINRA Rule 3220(c) apply to customary Lucite tombstones, plaques or
other similar solely decorative items commemorating a business
transaction, even when such items have a cost of more than $100.\40\
Consistent with this guidance, proposed Rule 3220.06(b) would state
that customary and reasonable solely decorative items commemorating a
business transaction are not subject to the restrictions in Rule
3220(a) or the recordkeeping requirements in Rule 3220(c).
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\40\ Id.
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g. Proposed Rule 3220.07 (Donations Due to Federally Declared Major
Disasters)
Current FINRA guidance states that it does not consider donations
by a member or an associated person to an employee of an institutional
customer to provide assistance to the individual in connection with a
federally declared major disaster to be ``in relation to the business
of the employer of the recipient'' for purposes of Rule 3220(a).\41\
Current FINRA guidance also states that it encourages members to
establish written procedures concerning disaster-related donations to
employees of institutional customers.\42\ Consistent with this
guidance, proposed Rule 3220.07 would state that donations by a member
or an associated person to any person, principal, proprietor, employee,
agent, or representative of another person to provide assistance to the
individual for losses sustained in a natural event that the President
has declared to be a major disaster, such as a wildfire, hurricane,
tornado, earthquake, or flood, are not considered ``in relation to the
business of the employer of the recipient'' for purposes of Rule
3220(a). Proposed Rule 3220.07 would also state that such donations are
not subject to the restrictions in Rule 3220(a) or the recordkeeping
requirements of Rule 3220(c).
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\41\ FAQs.
\42\ Id.
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h. Proposed Rule 3220.08 (Supervision and Recordkeeping)
FINRA Rule 3220(c) requires among other things, that members retain
a separate record of all payments or gratuities in any amount known to
the member for the period specified by
[[Page 44858]]
Exchange Act Rule 17a-4.\43\ Current FINRA guidance also states that
FINRA Rule 3110 (formerly NASD Rule 3010) requires a member to have a
supervisory system reasonably designed to achieve compliance with the
Gifts Rule.\44\ Current FINRA guidance further states that in order to
meet the requirements of FINRA Rules 3220(c) and 3110, members are
required to have systems and procedures reasonably designed to ensure
that gifts in relation to the business of the employer of the recipient
given by the member and its associated persons to employees of clients
of the member are: (1) reported to the member, (2) reviewed for
compliance with the Gifts Rule, including aggregation, and (3)
maintained in the member's records.\45\ Such procedures should include
provisions reasonably designed to ensure that an associated person who
is making a gift is not responsible for determining whether such gift
is personal rather than in relation to the business of the recipient's
employer.\46\ Current FINRA guidance also states that items of de
minimis value or nominal promotional or commemorative items are not
subject to the Gifts Rule's record-keeping requirements.\47\
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\43\ See NTM 06-69 (reminding members that the FINRA Gifts Rule
requires ``separate recordkeeping'' of gifts and gratuities).
\44\ Id.
\45\ Id.
\46\ Id.
\47\ Id.
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Consistent with this guidance, proposed Rule 3220.08 would state
that Rule 3110 requires a member to have a supervisory system
reasonably designed to achieve compliance with Rule 3220. Proposed Rule
3220.08 would further state that to meet these standards, members are
required to have systems and procedures reasonably designed to ensure
that payments and gratuities in relation to the business of the
employer of the recipient given by the member and its associated
persons to employees of another person are: (1) reported to the member;
(2) reviewed for compliance with Rule 3220; and (3) maintained in the
member's records. In addition, proposed Rule 3220.08 would require that
such procedures be reasonably designed to ensure that an associated
person who is giving a payment or gratuity is not responsible for
determining whether such payment or gratuity is in relation to the
business of the recipient's employer. Proposed Rule 3220.08 would
further state that members are not required to maintain records of
gifts that are excluded from the restrictions of the Gifts Rule
consistent with the requirements of proposed Rules 3220.04-3220.07.
i. Proposed FINRA Rule 3220.09 (Gifts to a Member's Associated Persons
or Individual Retail Customers)
The proposed rule change would add new proposed Rule 3220.09,
stating that Rule 3220 would not apply to gifts from a member to its
own associated persons, or to gifts from a member or an associated
person to individual retail customers.
4. Proposed Conforming Changes to the Non-Cash Compensation Rules
The proposed rule change would make conforming changes to the
respective gift limits in Rule 2310 (Direct Participation Programs),
Rule 2320 (Variable Contracts of an Insurance Company), Rule 2341
(Investment Company Securities), and Rule 5110 (Corporate Financing
Rule--Underwriting Terms and Arrangements) (collectively, the ``Non-
Cash Compensation Rules'').\48\ ``The Non-Cash Compensation Rules
prohibit members and their associated persons from directly or
indirectly accepting or making payments or offers of payments of any
non-cash compensation to any person in connection with the sale of
variable insurance contracts,\49\ investment company securities,\50\
direct participation programs,\51\ and the public offerings of
securities.''\52\ \53\ The Non-Cash Compensation Rules include
exceptions from this prohibition for gifts that do not exceed $100 per
individual per year and are not preconditioned on the achievement of a
sales target.\54\ Consistent with the proposed change to the gift limit
in Rule 3220(a), the proposed rule change would raise the dollar limits
in the Non-Cash Compensation Rules from $100 to $300.\55\
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\48\ Notice at 25678.
\49\ See Rule 2320(g)(4) (Variable Contracts of an Insurance
Company).
\50\ See Rule 2341(l)(5) (Investment Company Securities).
\51\ See Rule 2310(c) (Direct Participation Programs).
\52\ See Rule 5110(f) (Corporate Financing Rule--Underwriting
Terms and Arrangements).
\53\ Notice at 25678.
\54\ See Rules 2310(c)(2)(A); 2320(g)(4)(A); 2341(l)(5)(A); and
5110(f)(2)(A).
\55\ Notice at 25678.
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III. Proceedings To Determine Whether To Approve or Disapprove File No.
SR-FINRA-2025-003 and Grounds for Disapproval Under Consideration
The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Exchange Act to determine whether the proposed rule
change should be approved or disapproved.\56\ Institution of
proceedings is appropriate at this time in view of the legal and policy
issues raised by the proposed rule change. Institution of proceedings
does not indicate that the Commission has reached any conclusions with
respect to the proposed rule change.
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\56\ 15 U.S.C. 78s(b)(2)(B).
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Pursuant to Section 19(b)(2)(B) of the Exchange Act, the Commission
is providing notice of the grounds for disapproval under
consideration.\57\ The Commission is instituting proceedings to allow
for additional analysis and input concerning whether the proposed rule
change is consistent with the Exchange Act and the rules thereunder.
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\57\ Id.
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IV. Request for Written Comments
The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the proposed rule change, as modified by Amendment No. 1. In
particular, the Commission invites the written views of interested
persons concerning whether the proposed rule change, as modified by
Amendment No. 1, is consistent with the Exchange Act and the rules
thereunder.
Although there do not appear to be any issues relevant to approval
or disapproval that would be facilitated by an oral presentation of
views, data, and arguments, the Commission will consider, pursuant to
Rule 19b-4, any request for an opportunity to make an oral
presentation.\58\
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\58\ Section 19(b)(2) of the Exchange Act, as amended by the
Securities Acts Amendments of 1975, Public Law 94-29, 89 Stat. 97
(1975), grants the Commission flexibility to determine what type of
proceeding--either oral or notice and opportunity for written
comments--is appropriate for consideration of a particular proposal
by a self-regulatory organization. See Securities Acts Amendments of
1975, Report of the Senate Committee on Banking, Housing and Urban
Affairs to Accompany S. 249, S. Rep. No. 75, 94th Cong., 1st Sess.
30 (1975).
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Interested persons are invited to submit written data, views, and
arguments regarding whether the proposed rule change, as modified by
Amendment No. 1, should be approved or disapproved by October 8, 2025.
Any person who wishes to file a rebuttal to any other person's
submission must file that rebuttal by October 22, 2025.
Comments may be submitted by any of the following methods:
[[Page 44859]]
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#4f3d3a232a622c2022222a213b3c0f3c2a2c61282039"><span class="__cf_email__" data-cfemail="89fbfce5eca4eae6e4e4ece7fdfac9faeceaa7eee6ff">[email protected]</span></a>. Please include
file number SR-FINRA-2025-003 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-FINRA-2025-003. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of such filing will be available for inspection and
copying at the principal office of FINRA. Do not include personal
identifiable information in submissions; you should submit only
information that you wish to make available publicly. We may redact in
part or withhold entirely from publication submitted material that is
obscene or subject to copyright protection. All submissions should
refer to file number SR-FINRA-2025-003 and should be submitted on or
before October 8, 2025. If comments are received, any rebuttal comments
should be submitted on or before October 22, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\59\
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\59\ 17 CFR 200.30-3(a)(12); 17 CFR 200.30-3(a)(57).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-17927 Filed 9-16-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 17, 2025.
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