Compliance Notice

The Pressure to Shorten the Settlement Cycle From T+3 to T+2 Has Increased

Since early last year, the Securities Industry and Financial Markets Association(“SIFMA”) and the Investment Company Institute (“ICI”) have publicly supported the shortening of the settlement cycle from trade date plus three business days (“T+3”) to trade date plus two business days (“T+2”) for U.S. secondary market transactions in equities, corporate and municipal bonds, unit investment trusts, … Continue reading The Pressure to Shorten the Settlement Cycle From T+3 to T+2 Has Increased

SEC Announces its Fee Rate Advisory for Fiscal Year 2016

The Securities and Exchange Commission announced that starting on Feb. 16, 2016, the fee rates applicable to most securities transactions will be set at $21.80 per million dollars. Consequently, each SRO will continue to pay the Commission a rate of $18.40 per million for covered sales occurring on charge dates through Feb. 15, 2016, and … Continue reading SEC Announces its Fee Rate Advisory for Fiscal Year 2016

FINRA Rules Amended to Expedite Cease and Desist Orders

The Securities and Exchange Commission (SEC) recently approved amendments to the Financial Industry Regulatory authority (FINRA) rules that lower the evidentiary standard to impose a temporary cease and desist order (TCDO); create a new expedited proceeding for repeated failures to comply with a TCDO or a permanent cease and desist order (PCDO); harmonize the provisions … Continue reading FINRA Rules Amended to Expedite Cease and Desist Orders

SEC Approves Rule Addressing Conflicts of Interest in Research Reports

The Securities and Exchange Commission (SEC) approved the adoption of FINRA Rule 2241 ( Research Analysts and Research Reports), a consolidated rule to address conflicts of interest relating to the publication and distribution of equity research reports, which may come into effect either September 25, 2015 or December 24, 2015.  In general, the rule retains  … Continue reading SEC Approves Rule Addressing Conflicts of Interest in Research Reports