On May 14, 2009, the SEC published for comment a proposed rule change by the Financial Industry Regulatory Authority, Inc. (FINRA) to adopt NASD Rule 2340 (Customer Account Statements), with certain changes, as FINRA Rule 2231 in the Consolidated FINRA Rulebook. The proposed rule change would also delete most of NYSE 409 and its related interpretations as they are duplicative of NASD Rule 2340. However, certain provisions of NYSE Rule 409 and its interpretations would be incorporated in FINRA Rule 2231.

Among other changes, proposed FINRA Rule 2231 would increase the frequency of delivery of customer account statements by general securities members. NASD Rule 2340 required these statements to be delivered quarterly. In addition to the quarterly statements, FINRA Rule 2231(a) would require each general securities member to send monthly account statements to each customer whose account had activity since its last statement.