On December 30, 2013, FINRA filed immediately effective amendments to FINRA Rule 2251, which, among other things, requires FINRA members to transmit proxy materials to beneficial owners of securities and sets out the fees FINRA members are entitled to receive for performing this service.

FINRA has previously indicated that, in the interest of regulatory clarity and harmonization, it intends to conform its own fee provisions to those of the NYSE. To that end, the amendments conform the fee provisions of FINRA Rule 2251 to the NYSE's provisions in this area, which were amended in October 2013 (for information on the NYSE amendments, see Legal Update, SEC Approves NYSE Amendments to Proxy Fee Reimbursements). The amendments also delete provisions under FINRA Rule 2251 made obsolete by the NYSE amendments.

For more on proxy statements and the proxy process, see Practice Notes, Proxy Statements and Securities Transfers and Proxy Voting.