FINRA has not yet processed the XUII request for a name change and a 10,000 to 1 reverse split of the stock.
Although it is not factually correct to say that FINRA must "approve" requests for such corporate actions, it has the regulatory authority and discretionary power under Rule 6490 to deny processing of certain company actions for non-exchange listed companies if it determines that the request is deficient and not processing is necessary to protect investors and the public interest. FINRA can also request more information before processing such requests.
Information on Company-Related Action Requests and Rule 6490:
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