FINRA and the Wharton School offer the Certified Regulatory and Compliance Professional (CRCP) Program—an executive education experience that covers the theory and practical application of securities laws and regulation through intensive instruction, discussion and case studies. The program is comprised of two weeklong residential courses at the Wharton campus in Philadelphia. Week I – August … Continue reading FINRA and the Wharton School offer CRCP Program→
The SEC requests comment on an amendment to a proposal relating to per share estimated valuations for unlisted DPP and REIT securities. The comment period expires August 12, 2014. See the Federal Register notice.
Regulatory Notice 14-32 FINRA Amends FINRA Rule 9120 and the Definition of “Hearing Officer” Implementation Date: August 12, 2014 Executive Summary FINRA has amended the definition of “Hearing Officer” to include a former FINRA employee who previously acted as a Hearing Officer and who is a licensed attorney. Based on the amended definition, the Chief Hearing … Continue reading FINRA Amends FINRA Rule 9120 and the Definition of “Hearing Officer”→
August 14, 2014 3:30 p.m. – 4:30 p.m. ET The MSRB will host an educational webinar on its recently released request for comment on a revised draft rule to establish core standards of conduct for municipal advisors. Register for the webinar. Read the request for comment
As a reminder, ballots for FINRA's election to fill one small firm seat and one large firm seat on the FINRA Board of Governors must be submitted prior to the Annual Meeting scheduled for August 14, 2014. Eligible firms are urged to vote. To ensure that FINRA receives sufficient proxies to satisfy the annual meeting … Continue reading FINRA BOARD OF GOVERNORS ELECTION→
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
SIFMA's Asset Managers Forum will host the next Buy-Side Academy on Monday, August 18, focusing on the operational impact of moving to a T+2 settlement cycle in Europe, which will be effective October 6, 2014. Industry professionals representing all aspects of the trade life-cycle - including asset management firms, broker-dealers, custodians, securities depositories, industry utilities and … Continue reading SIFMA Asset Managers Forum→
Regulatory Notice 14-28 SEC Approves FINRA Rule Concerning Self-Trades Effective Date: August 25, 2014 Executive Summary The SEC approved new supplementary material to FINRA Rule 5210 (Publication of Transactions and Quotations) to address transactions in a security resulting from the unintentional interaction of orders originating from the same firm that involve no change in the … Continue reading SEC Approves FINRA Rule Concerning Self-Trades→
The Municipal Securities Rulemaking Board’s (MSRB) request for approval from the Securities and Exchange Commission (SEC) of a proposal to amend MSRB Rule G-3 has been published in the Federal Register. Proposed changes to Rule G–3 would require brokers, dealers and municipal securities dealers to conduct annual municipal securities training for registered representatives who regularly … Continue reading MSRB Deadline for Comments to Rule Change Request for Rule G-3→
The Municipal Securities Rulemaking Board’s (MSRB) request for approval from the Securities and Exchange Commission (SEC) of proposed MSRB Rule G-44, on supervision and compliance obligations of municipal advisors, and related amendments to MSRB Rules G-8 and G-9 has been published in the Federal Register. Read the notice of publication in the Federal Register. Read … Continue reading MSRB Request for Approval from SEC of proposed Rule G-44 has been published in the Federal Register→
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)→
Information Notice 7/10/14 Revised Process for Candidates Whose Primary Language Is Not English to Receive Additional Time to Complete a Qualification Examination or Continuing Education Session Effective: September 8, 2014 Executive Summary FINRA is enhancing the process for candidates with limited English proficiency (LEP) to receive additional time to complete a qualification examination or Regulatory … Continue reading FINRA Information Notice: Revised Process for Candidates Whose Primary Language Is Not English→
www.sifma.org/blastemails/societies/ias/ias-auditreportseminar_tev1.html Writing an audit report that communicates the right message to stakeholders and management is always a challenge. This course will provide the key strategies and secrets to write an effective audit report that gets results.
www.sifma.org/blastemails/societies/ias/iasbusinesscontinuity090914_tev1.html The Internal Auditors Society will have an IT Audit Directors Roundtable on September 9, 2014 focused on Business Continuity: Challenges in a Changing Regulatory Environment. Join Nazir Vellani and Luke Miller of Ernst & Young to hear more.
Regulatory Notice 14-21 Effective Dates: OATS: April 7, 2014; ORF: September 15, 2014; ADF and TRFs: (millisecond reporting): September 29, 2014; ADF and TRFs (remaining amendments): First Quarter 2015 Executive Summary The Securities and Exchange Commission (SEC) has approved amendments to FINRA rules governing the reporting of (i) over-the-counter (OTC) transactions in equity securities to … Continue reading SEC Approves Amendments to Equity Trade Reporting and OATS Rules→
Election Notice 8/1/14 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 Member and one Small Firm NAC Member. FINRA’s Nominating and Governance Committee nominated … Continue reading FINRA Announces Nomination Process to Fill Upcoming Vacancies on the National Adjudicatory Council→
With new leadership at the U.S. derivatives regulators in place, overseas derivatives reforms starting to take shape and swap markets in transformation, now is the right time to take stock and assess the state of the global derivatives markets. The SIFMA Asset Management Derivatives Conference is the premier buy-side focused derivatives event for the latest … Continue reading SIFMA AMG Derivatives Conference→
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
2014 Foundations of Web CRD/IARD Schedule & How to Register There are three ways to register: online, fax, or mail. Online registration is for credit card transactions only. Dates Fee Location September 22 – 23 8 a.m. – 5 p.m., ET, both days Full Waitlist Available $500* FINRA 9509 Key West Ave. Rockville, MD 20850 * Payment is … Continue reading FINRA Foundations of Web CRD/IARD Training→
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)→
Regulatory Notice 14-21 Effective Dates: OATS: April 7, 2014; ORF: September 15, 2014; ADF and TRFs: (millisecond reporting): September 29, 2014; ADF and TRFs (remaining amendments): First Quarter 2015 Executive Summary The Securities and Exchange Commission (SEC) has approved amendments to FINRA rules governing the reporting of (i) over-the-counter (OTC) transactions in equity securities to … Continue reading SEC Approves Amendments to Equity Trade Reporting and OATS Rules→
Regulatory Notice 14-20 Implementation Date: October 1, 2014 Executive Summary Starting on October 1, 2014, firms must select revised and new product and problem codes when: (1) reporting information regarding written customer complaints alleging theft or misappropriation of funds or securities, or forgery; (2) reporting quarterly statistical and summary information regarding written customer complaints; and … Continue reading FINRA Revises the Product and Problem Codes Used for Reporting Customer Complaints and Filing Required Documents Online→
Where is the SILA 2014 National Education Conference? Disneyland® Hotel Anaheim, California When is the SILA 2014 National Education Conference? October 5-8, 2014 Attend SILA's annual conference to participate and learn about hot topics affecting insurance and securities licensing professionals. Following are securities related sessions on the agenda for the 2014 conference.
FINRA's annual Advertising Regulation Conference provides practical guidance on complying with advertising rules and regulations for communications with the public. Highlights Current regulatory developments in securities advertising Interactive, hands-on workshops Office hours with FINRA Advertising Regulation analysts CLE and CPE credits available Register early for reduced in-person rates. Additional conference details—including the agenda and session … Continue reading FINRA Advertising Regulation Conference→
SR-FINRA-2014-035 Proposed Rule Change to Revise the Series 24 Examination Program Financial Industry Regulatory Authority, Inc. (“FINRA”) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) revisions to the content outline and selection specifications for the General Securities Principal (Series 24) examination program. The proposed revisions update the material to reflect changes to … Continue reading Proposed Rule Change to Revise the Series 24 Examination Program→
SR-FINRA-2014-034 Proposed Rule Change to Revise the Series 23 Examination Program Financial Industry Regulatory Authority, Inc. (“FINRA”) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) revisions to the content outline and selection specifications for the General Securities Principal Sales Supervisor Module (Series 23) examination program.2 The proposed revisions update the material to … Continue reading Proposed Rule Change to Revise the Series 23 Examination Program→
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
SIFMA's next Social Media Seminar will take place on October 23, 2014 in New York City. Coming back to New York from the west coast, this one-day event brings together experts across multiple fields to further explore the increasingly important issues our industry faces in light of the rapidly changing and growing tools of social … Continue reading SIFMA Social Media Seminar→
Join SIFMA and SIFMA's Compliance & Legal Society at an Ethics Seminar for financial services lawyers. Top industry professionals will discuss a range of topics, including: the SEC and CFTC ethics rules, internal investigations, privilege issues, client relationships, and much more. Learn more about the ethical issues impacting the industry and satisfy all your ethics … Continue reading SIFMA Ethics Seminar→
The Complex Products Forum is a collaborative event that brings together regulators, distributors, and manufacturers to discuss the issues, challenges, and opportunities related to the sale of complex products to retail investors. This full-day program will examine: Reasonable-basis suitability and innovative investment products Due diligence process when on boarding new products Ongoing supervision and oversight … Continue reading SIFMA Complex Products Forum→
Join SIFMA's Financial Management Society (FMS) and the AICPA on October 29-30 for the latest accounting, auditing and financial regulatory developments affecting securities firms. Hear from regulators first-hand and gain access to in-depth analysis and thought provoking Q&A sessions with industry experts. NEW LOCATION: This year, the conference will be held at the New York … Continue reading SIFMA National Conference on the Securities Industry→
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)→
FINRA and the Wharton School offer the Certified Regulatory and Compliance Professional (CRCP) Program—an executive education experience that covers the theory and practical application of securities laws and regulation through intensive instruction, discussion and case studies. The program is comprised of two weeklong residential courses at the Wharton campus in Philadelphia. Week I – August … Continue reading FINRA and the Wharton School offer CRCP Program→
SIFMA's 2014 Annual Meeting gathers the leaders of the financial services industry together with prominent policymakers and financial media. In one-on-one conversations, thought leaders will share their perspectives on how the financial services industry will best serve tomorrow's economy. Join us to explore the role of capitalism in creating opportunity across America. How do we … Continue reading SIFMA 2014 Annual Meeting→
SIFMA 2014 Diversity Conference: 20/20 VISION For Global Diversity and Inclusion SIFMA's annual Diversity and Inclusion Conference brings together industry leaders to share perspectives on ways to advance Diversity and Inclusion as a crucial ingredient in achieving an organization's priorities and meeting the needs of clients as well as employees. Business line managers and leaders, … Continue reading SIFMA Diversity Conference→
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
2014 FINRA South Region Compliance Seminar November 20 – 21, 2014 Fort Lauderdale, FL Marriott Harbor Beach Registration is now open for the FINRA South Region Compliance Seminar. The One-and-a-half-day event provides compliance and legal professionals an opportunity to discuss important regulatory and compliance issues and solutions with industry peers and regulators. Throughout the event, … Continue reading FINRA South Region Compliance Seminar→
The Corporate Actions Section Annual Dinner will be returning to the Lighthouse at Chelsea Piers, and will provide an opportunity for CAS members to network.
2014 FINRA Small Firm Conference December 10 – 11, 2014 San Francisco, CA Registration is now open for FINRA's new Small Firm Conference, which focuses on small firms' practices and tips for complying with FINRA rules. Each session begins with a FINRA staff member highlighting key requirements of a rule, and then small firm panelists … Continue reading 2014 FINRA Small Firm Conference→
Firms with sufficient monies in their Flex-Funding Account will have funds transferred to their Renewal Account to cover total renewal fees owed. Transfers will be conducted every day until Web CRD shuts down for year-end procesing.
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)→
Web CRD/IARD are available from 8 am to 6 pm ET. Note: FINRA will be closed Saturday, December 27 and FINRA staff support is unavailable. Therefore, Forms U4 and BD filing/deficiencies will not be manually reviewed by staff until full system functionality resumes on Jan. 2, 2015.
Web CRD and IARD are available with complete functionality as of 5 a.m., ET, including submitting form filings and approving registrations. • Overpayments are transferred to firms' Flex-Funding Account. Refund requests should be made from this account. • Final Renewal Statements and reports are available for viewing and printing.
Five Challenges Firms Should Address Highlighted in 10th Anniversary of Letter WASHINGTON — The Financial Industry Regulatory Authority (FINRA) today released its 2015 Regulatory and Examination Priorities letter highlighting significant risks and issues that, if not properly addressed, could adversely affect investors and market integrity. This year's letter, the tenth edition of providing such guidance … Continue reading FINRA Releases 2015 Regulatory and Exam Priorities Letter→
Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today announced that its Electronic Municipal Market Access (EMMA®) service would begin collecting and disseminating disclosures related to municipal asset-backed securities required under the Securities and Exchange Commission’s (SEC) Rule 15Ga-1 on January 9, 2015. Read the regulatory notice. The changes facilitate a requirement adopted by … Continue reading MSRB Accepting Municipal Asset-Backed Securities Disclosures on EMMA→
MSRB PUBLISHES 2014 ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTSAlexandria, VA – The Municipal Securities Rulemaking Board (MSRB) today published its 2014 Annual Report, which highlights important advances in municipal advisor regulation, enhancements to market structure and ongoing efforts to maximize regulatory efficiency. The MSRB, created by Congress in 1975, is the principal regulator of the municipal securities market. … Continue reading MSRB 2014 Annual Report→
New York, N.Y., January 14, 2015 - SIFMA today issued our 2014 Year in Review. The report highlights the work of more than 10,000 professionals from 500 member firms who participate in 100 committees and countless working groups to advocate in support of effective and resilient capital markets. The full report is available in PDF at … Continue reading SIFMA Issues 2014 Year in Review→
In accordance with NASD Conduct Rule 3050, all associated persons shall be required to notify the member firm of the existence of any and all securities accounts maintained by the associated person with any foreign or domestic brokerage firm, bank, investment adviser or other financial institution. Further, all associated persons shall be required to notify … Continue reading NASD Rule 3050 Transactions for Associated Persons→
Final Renewal Statements: On January 2, 2015, Final Renewal Statements and reports became available for viewing and printing in Web CRD/IARD. These statements reflect the final status of broker-dealer, registered representative, investment adviser firm, investment adviser representative, and branch registrations and/or notice filings as of December 31, 2014. Any adjustments in fees owed because of … Continue reading FINRA BD & IA Renewals for 2015 Renewal Statement deadline→
Firms with sufficient monies in their Flex-Funding Account will have funds transferred to their Renewal Account to cover total renewal fees owed. Transfers will be conducted every day until any outstanding renewal assessment is satisfied.
Washington, D.C., January 20, 2015 - SIFMA today released the following statements from Kenneth E. Bentsen, Jr., president and CEO, on President Obama’s State of the Union address: Cybersecurity: “SIFMA applauds the President's focus on cybersecurity as this is a top priority for the financial services industry, one that our members are dedicating significant resources … Continue reading SIFMA Statement on the State of the Union Address→
Alexandria, VA – The Board of Directors of the Municipal Securities Rulemaking Board (MSRB) held its quarterly meeting January 28-29, 2015, where it reached another milestone in its development of a baseline qualifying exam for individuals who engage in municipal advisory activities, such as providing financial advice to state and local governments on municipal bond issuances. … Continue reading MSRB Quarterly Board Meeting→
Description Proposed rule change to amend FINRA Rule 6433 (Minimum Quotation Size Requirements for OTC Equity Securities) to extend the Tier Size Pilot, which currently is scheduled to expire on February 13, 2015, for an additional three months, until May 15, 2015.
New York, NY, January 29, 2015 - SIFMA today issued its quarterly government securities issuance and rates forecast for the first quarter of 2015. The full report is available at the following link: http://www.sifma.org/govtforecast1Q2015/
Students from High Schools and Middle Schools from all 50 States Participate in the SIFMA Foundation Competition to Promote Financial Capability and Expose Students to Fiscal Policymaking Washington, DC, February 2, 2015—SIFMA and the SIFMA Foundation today kicked-off the 12th annual Stock Market Game™-Capitol Hill Challenge (CHC). This 14-week challenge organizes teams of middle and … Continue reading SIFMA and the SIFMA Foundation Kick-Off the 12th Annual Stock Market Game™-Capitol Hill Challenge→
The Financial Industry Regulatory Authority (FINRA) issued a new report on cybersecurity, which details practices that firms can tailor to their business model as they strengthen their cybersecurity efforts. The Report on Cybersecurity Practices draws in part from the results of FINRA's recent targeted examination ("sweep") of a cross-section of firms. The sweep, conducted in … Continue reading FINRA Issues Report on Cybersecurities Practices→
Washington D.C., Feb. 3, 2015 — The Securities and Exchange Commission today released publications that address cybersecurity at brokerage and advisory firms and provide suggestions to investors on ways to protect their online investment accounts. “Cybersecurity threats know no boundaries. That’s why assessing the readiness of market participants and providing investors with information on how … Continue reading SEC Alerts Investors, Industry on Cybersecurity→
The frequency and sophistication of cybersecurity attacks are increasing, and combating these threats remains a priority for regulators and firms. That’s why FINRA and SIFMA are joining forces to host a full-day conference dedicated to discussing important issues around cybersecurity. The program is intended to foster a culture of risk management and protection from cyber … Continue reading FINRA & SIFMA: Cybersecurity Conference→
FIA and SIFMA Asset Management Group are hosting a comprehensive review of the most critical derivatives issues facing the buy-side. With international regulation of the derivatives markets heating up, new leadership in place at the derivatives regulators and the one-year anniversary of mandatory swap trade execution approaching, challenges to trading in the global swaps markets … Continue reading FIA & SIFMA: Asset Management Derivatives Forum 2015→
Miami Regional Director Eric Bustillo and Fort Worth Regional Director David Woodcock will be panelists at the 33rd Annual Federal Securities Institute. Their panel will discuss SEC enforcement and private litigation developments. Location: 1435 Brickell Ave., Miami Contact: Alec Moore, 646-562-3495, alexander.moore@thomsonreuters.com
9:10 and 10:45 a.m. Elizabeth Murphy, Associate Director, Division of Corporation Finance, will participate on two panels at the 33rd Annual Federal Securities Institute. The panel at 9:10 a.m. will focus on disclosure, executive compensation, accounting and other regulatory developments. The panel at 10:45 a.m. will discuss public and private capital raising. Location: 1435 Brickell … Continue reading SEC: 33rd Annual Federal Securities Institute→
Rule change to extend the expiration date of FINRA Rule 0180 (Application of Rules to Security-Based Swaps) to February 11, 2016. FINRA Rule 0180 temporarily limits, with certain exceptions, the application of FINRA rules with respect to security-based swaps.
FINRA's Annual User Accounts Certification Process is underway and will conclude February 12, 2015. During this certification period, Super Account Administrators (SAAs) for firms with more than one user must certify that users at their firm who require access to applications in FINRA's Entitlement Program have the appropriate entitlement privileges to perform their job responsibilities. … Continue reading Annual Entitlement User Accounts Certification Process→
SIFMA’s FINRA Disciplinary Hearings Forum is a half-day interactive program that will provide valuable insights and practice tips both for lawyers experienced in FINRA proceedings and those new to the forum. Panelists will include FINRA’s Chief Hearing Officer, FINRA’s Head of Litigation, and other senior officers from FINRA’s Office of Hearing Officers and Department of … Continue reading FINRA Disciplinary Hearings Forum→
Effective February 14, 2015, the Section 31 fee rate applicable to specified securities transactions on the exchanges and in the over-the-counter markets will decrease from its current rate of $22.10 per million dollars in transactions to a new rate of $18.40 per million dollars in transactions. Finance-related questions should be directed to Robert Huml, Accounting … Continue reading New Rate for Fees Paid Under Section 31 of the Exchange Act→
2 p.m. Advisory Committee on Small and Emerging Companies will hold a public meeting by conference telephone call. Location: Conference Call Contact: Julie Davis, acsecquery@sec.gov
Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB), the self-regulatory organization that oversees the $3.6 trillion municipal securities market, is accepting applications for its Board of Directors. The Board sets the strategic direction of the organization, makes policy decisions, authorizes rulemaking and market transparency initiatives, and oversees MSRB operations. The MSRB is seeking individuals knowledgeable … Continue reading MSRB Seeks Board of Directors Applicants→
FINRA requests comment on a proposal to identify over-the-counter (OTC) trades in NMS stocks reported more than two seconds following trade execution as "out of sequence" and not last sale eligible for public dissemination purposes. See Regulatory Notice 14-46. The comment period expires February 20, 2015.
FINRA is soliciting comment on a proposal to reduce the synchronization tolerance for computer clocks. The current clock synchronization requirements allow for a tolerance of one second from the National Institute of Standards and Technology (NIST) atomic clock. Under the proposal, the tolerance for computer clocks would be reduced to 50 milliseconds. The tolerance for … Continue reading FINRA Request for Comments Deadline: Synchronization for computer clocks→
FINRA Board of Governors Rulemaking Items for Discussion at the February 2015 Meeting The FINRA Board of Governors will consider the following rulemaking items at its February 2015 meeting. After the meeting, FINRA will notify firms via email about the Board's actions on these items and anticipated next steps, if any. BrokerCheck Disclosure The … Continue reading FINRA Board of Governors February Meeting: Rulemaking Items for Discussion→
SIFMA's 2015 Anti-Money Laundering and Financial Crimes Conference will bring together leading experts from the industry, regulatory agencies and law enforcement to discuss new trends in financial crime; emerging issues relating to anti-money laundering, economic sanctions and anti-bribery/anti-corruption compliance; and changes in regulatory expectations and requirements. Now in its 15th year, this is the only … Continue reading SIFMA Anti-Money Laundering & Financial Crimes Conference→
Event status: Not started (Register) Date and time: Tuesday, February 24, 2015 3:00 pm Eastern Standard Time (New York, GMT-05:00) Change time zone Duration: 1 hour Description: Join NSCP and Renaissance Regulatory Services, Inc. on {date and time} for a free webinar on the compliance issues faced by state registered investment advisers. Presenters will provide … Continue reading NSCP: Free Webinar – How to Successfully Navigate State Investment Adviser Regulations→
SIFMA's popular Social Media Seminar is coming back to the West Coast. Join us for this full day Seminar that brings together experts from across multiple fields to further explore the important issues facing our industry in light of the rapidly changing and growing tools of social media. Please use the link for more details. … Continue reading SIFMA Social Media Seminar 2015→
Hear from the Regulators at on a “Margin Regulation: Current State and Future Trends” panel at the February Credit & Margin Dinner. This panel will have representatives from the CBOE, FBR, OCC, CME and FINRA. Please use the link below to find out more information. www.sifma.org/events/
