Regulatory Notice 14-26 New Payments for Market Making Certification Requirement for FINRA Form 211 Effective Date: July 7, 2014 Executive Summary FINRA is issuing this Regulatory Notice to remind firms and associated persons of the FINRA Rule 5250 (Payments for Market Making) prohibition on accepting payments for market making, which includes payments for filing a … Continue reading New Payments for Market Making Certification Requirement for FINRA Form 211→
Regulatory Notice 14-30 SEC Approves Amendments to FINRA Rule 2210 to Exclude Research Reports on Exchange-Listed Securities From Filing Requirements and Clarify the Standards Applicable to Free Writing Prospectuses Effective Date: July 11, 2014 Executive Summary The SEC has approved amendments to FINRA Rule 2210 (Communications with the Public) that: (i) exclude from Rule 2210’s … Continue reading SEC Approves Amendments to FINRA Rule 2210→
Washington, DC, July 11, 2014 - SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on the "Cybersecurity Information Sharing Act of 2014" (S. 2588), which was passed by the Senate Intelligence Committee earlier this week: "We applaud Chairman Feinstein and Vice Chairman Chambliss for their leadership on this critical … Continue reading SIFMA Statement on ‘Cybersecurity Information Sharing Act’→
Release Date: July 14, 2014 Contact: Liz Pierce, 212.313.1173, lpierce@sifma.org SIFMA Publishes Recommendations for Enhancing Fairness, Stability and Transparency in US Equity Markets New York, NY, July 14, 2014– SIFMA today published a set of recommendations on equity market structure for enhancing fairness, stability and transparency in the U.S. stock market. Innovation, regulation and competition … Continue reading SIFMA Publishes Recommendations for Enhancing Fairness, Stability and Transparency in US Equity Markets→
Release Date: July 16, 2014 Contact: Alison Hawkins (FSR), 202.589.2427, Alison.Hawkins@FSRoundtable.org Liz Pierce (SIFMA), 212.313.1173, lpierce@sifma.org Laena Fallon (FSF), 202.457.8765, laena.fallon@financialservicesforum.org Sean Oblack (TCH), 202.649.4629, sean.oblack@theclearinghouse.org John Hall (ABA), 202.663.5473, jhall@aba.com Financial Industry: Cybersecurity is a Top Priority for Protecting Customers Washington, D.C.- Responding to remarks today by Treasury Secretary Jack Lew regarding cybersecurity and the financial … Continue reading Financial Industry: Cybersecurity is a Top Priority for Protecting Customers→
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today the formation of a 13-member Arbitration Task Force to consider possible enhancements to its arbitration forum to improve the transparency, impartiality and efficiency of FINRA's securities arbitration forum for all participants. "FINRA's mission is to protect investors and support their confidence in the capital markets," … Continue reading FINRA Announces Arbitration Task Force→
The firm should complete the review of the outside brokerage accounts of all associated persons for the prior month. finra.complinet.com/en/display/display_main.html
Today, the MSRB filed a rule change with the Securities and Exchange Commission to require that dealers provide Firm Element continuing education annually on municipal securities for registered representatives and principals who regularly engage in or supervise, respectively, municipal securities activities. While the MSRB has intended, from the inception of MSRB Rule G-3, that dealers … Continue reading MSRB Files Rule Change with SEC for Continuing Education Requirements for Municipal Securities Dealers→
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) today announced that the Securities and Exchange Commission (SEC) has approved a new rule prohibiting firms and registered representatives from conditioning settlement of a customer dispute on—or otherwise compensating a customer for—the customer's agreement to consent to, or not to oppose, the firm's or representative's request to … Continue reading SEC Approves FINRA Rule to Prohibit Conditioning Settlements on Expungements→
Release Date: July 23, 2014 Contact: Liz Pierce, 212.313.1173, lpierce@sifma.org Washington, DC, July 23, 2014- SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, after the Securities and Exchange Commission (SEC) issued a final rule to reform money market funds: "Money market funds play a vital role in capital … Continue reading SIFMA Statement on SEC Money Market Fund Reform→
Washington D.C., July 23, 2014 — The Securities and Exchange Commission today adopted amendments to the rules that govern money market mutual funds. The amendments make structural and operational reforms to address risks of investor runs in money market funds, while preserving the benefits of the funds. Today’s rules build upon the reforms adopted by … Continue reading SEC Adopts Money Market Fund Reform Rules→
The Municipal Securities Rulemaking Board (MSRB) today released for public comment a revised draft rule to establish the core duties of municipal advisors when providing advice on municipal securities transactions and related products. The revised draft MSRB Rule G-42 addresses a number of issues raised by commenters on the initial draft rule published in January … Continue reading MSRB Releases Revised Draft Rule G-42 and Board Meeting Discussion Items→
In accordance with SEC Rule 15c3-1, each broker/dealer registered pursuant to Section 15 of the Act must have evidence of the computation of net capital monthly. That computation should be completed and approved by the FINOP within 17 business days after the end of each month.
Date: July 24, 2014 Contact: Jennifer A. Galloway, Chief Communications Officer (703) 797-6600 jgalloway@msrb.org MSRB SEEKS APPROVAL TO IMPLEMENT SUPERVISION RULE FOR MUNICIPAL ADVISORS Alexandria, VA – In a major milestone in its development of a federal regulatory framework for municipal advisors, the Municipal Securities Rulemaking Board (MSRB) today sought approval from the Securities and … Continue reading MSRB Seeks Approval to Implement Supervision Rule for Municipal Advisors→
FINRA Rule 3270 prohibits any registered person from being an employee, independent contractor, sole proprietor, officer, director or partner of another person, or being compensated, or having the reasonable expectation of compensation, from another person as a result of any business activity outside the scope of the relationship with the member firm unless he or … Continue reading Outside Business Activity Review (NASD Rule 3050)→
Date: July 25, 2014 Contact: Jennifer A. Galloway, Chief Communications Officer (703) 797-6600 jgalloway@msrb.org MSRB TO MAKE KROLL BOND RATINGS AVAILABLE TO THE PUBLIC THROUGH ITS EMMA WEBSITE Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) announced today that it plans to provide free public access on its Electronic Municipal Market Access (EMMA®) website to … Continue reading MSRB to Make Kroll Bond Ratings Available to the Public through its EMMA Website→
SIFMA Submits Comments to the Securities and Exchange Commission on FINRA's Arbitrator Definition: SIFMA supported the proposal, claiming, “the dual components of the Proposal thus collectively ensure a balanced approach to arbitrator classifications, and fair treatment of all parties to FINRA arbitration. For these same reasons, the Proposal should also help address and improve perceptions … Continue reading SIFMA Submits Comments to the Securities and Exchange Commission on FINRA’s Arbitrator Definition→
Alexandria, VA – To facilitate access by municipal securities investors, state and local governments and others interested in the municipal market to free, objective educational resources, the Municipal Securities Rulemaking Board (MSRB) today unveiled an online education center on its website at msrb.org. The new MSRB Education Center consolidates videos, fact sheets and a significant library … Continue reading MSRB Creates Online Education Center to House Digital Resources about the Municipal Market→
SEC Approves Amendments to Codes of Arbitration Procedure to Require Redaction of Personal Confidential Information from Documents Filed With FINRA Dispute Resolution
MSRB Education and Outreach Seminar Tuesday, July 29, 2014, 2:00 p.m. – 5:00 p.m. CT Conrad Hotel, 521 North Rush Street Chicago, IL 60611 The MSRB will host a public education and outreach seminar for municipal market professionals to discuss municipal market structure issues and development of new regulations for professionals that provide financial advice … Continue reading MSRB – Education and Outreach Seminar in Chicago, IL→
Conference Center New York, NY On Tuesday, July 29, SIFMA will host a Consolidated Audit Trail (CAT) Bidder Summit to provide a forum for the six CAT bidders to share key concepts of their respective CAT proposals with the industry. The following bidders are confirmed to participate at this summit: SunGard EPAM Systems FINRA AxiomSL … Continue reading SIFMA Consolidated Audit Trail Bidder Summit→
Regulatory Notice 14-31 SEC Approves FINRA Rule 2081 Regarding Prohibited Conditions Relating to Expungement of Customer Dispute Information Effective Date: July 30, 2014 Executive Summary The SEC has approved FINRA Rule 2081 (Prohibited Conditions Relating to Expungement of Customer Dispute Information) to prohibit member firms and associated persons from conditioning or seeking to condition settlement … Continue reading SEC Approves FINRA Rule 2081 Regarding Prohibited Conditions Relating to Expungement of Customer Dispute Information→
SIFMA Announces Cybersecurity Resources for Small Firms: Cyber attacks, a real threat to our economic and national security, do not discriminate based on firm size: cybersecurity firm Symantec reports that in 2012, 31% of all cyber attacks targeted businesses with fewer than 250 employees, up from 18% in 2011. Every market participant bears the responsibility … Continue reading SIFMA Announces Cybersecurity Resources for Small Firms→
6SIFMA and Other Associations Submit Comments to the Securities and Exchange Commission on Structure of MCDC: SIFMA suggested adjusting MCDC’s 5‐10 year look‐back period to determine whether or not issuers have made materially inaccurate statements in offering documents regarding prior continuing disclosure compliance, as well as extending the end date of MCDC from September 9, … Continue reading SIFMA and Other Associations Submit Comments to the Securities and Exchange Commission on Structure of MCDC→
Election Notice 8/1/14 FINRA Announces Nomination Process to Fill Upcoming Vacancies on the National Adjudicatory Council Petitions for Candidacy Due: September 15, 2014 Executive Summary The purpose of this Election Notice is to announce the nomination process to fill two vacancies on the National Adjudicatory Council (NAC) to be filled by one Large Firm NAC … Continue reading FINRA Announces Nomination Process to Fill Upcoming Vacancies on the National Adjudicatory Council→
