The Financial Industry Regulatory Authority, Wall Street's watchdog, on Tuesday launched a review of its rules to determine whether they are effective and their costs and benefits are in line with the securities industry's expectations, according to regulatory notices. FINRA embarked on the effort by issuing notices asking Wall Street to submit comments and data about current rules on advertising and marketing, as well as those for gift-giving. Among the details FINRA wants to know is whether the rules have addressed problems they were aimed at resolving and if any of them include ambiguities. FINRA's "retrospective rule review," in the planning stages since late 2012, is an effort to determine whether the current rules are achieving their investor protection goals while not imposing unnecessary cost burdens on the industry, said Robert Colby, FINRA's chief legal officer. "Rules go out of date, or sometimes they don't work as planned," he said in an interview. The process could
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