The Financial Industry Regulatory Authority plans to propose a new rule later this year that could require brokers to disclose signing bonuses to clients.

Finra withdrew a controversial proposed rule on Friday that would have required brokers to inform clients of signing bonuses of $100,000 or more that they received from their broker-dealer firm.

"The proposal generated 184 comment letters, and due to the rigid timelines imposed by Dodd-Frank by which the SEC must act on a proposal, Finra did not believe it could fully address the comments within those time frames," the authority said in a statement released today.

Finra added that it continues to believe that recruitment disclosures remain an important investor protection issue and plans to develop a revised proposal and file it with the Securities and Exchange Commission later in the year.

Finra added that former customers would benefit from knowing that financial incentives may have motivated their representative to change firms. It added that customers should also know the costs associated with transferring assets to a new firm and whether moving their assets to the recruiting firm will impact their holdings, such as the possibility some of their assets might be orphaned.

The Financial Services Institute, an advocacy organization for broker-dealers and 37,000 financial advisors, said many of its members were concerned about the rule, including its "lack of transparent cost-benefit analysis."

"Should Finra choose to re-propose the rule at a later date, we encourage them to conduct a thorough cost-benefit analysis of the rule, share the results with the industry and carefully assess the proposal’s impact on firms, financial advisors and investors," the organization said.