Tag Archives: Comment Period

Revisions to Cash Solicitation Rule Proposed for Investment Advisers (Part 3 of 3)

As noted previously, the Securities and Exchange Commission (“SEC”) announced that it is releasing proposed amendments to the advertising and cash solicitation rules that currently provide for the regulatory framework impacting investment advisers on these issues.  In this review, we are focusing on the proposed amendments to the cash solicitation rule under the Investment Advisers … Continue reading Revisions to Cash Solicitation Rule Proposed for Investment Advisers (Part 3 of 3)

Comments Due on MSRB Rule G-23 on Activities of Dealers Acting as Financial Advisors

The Municipal Securities Rulemaking Board (MSRB) is seeking comments on MSRB Rule G-23, on activities of financial advisors, in connection with its ongoing retrospective review of MSRB rules and guidance.   This request for comment is intended to elicit input on whether Rule G-23’s requirements on brokers, dealers and municipal securities dealers (together, “dealers”) acting in a financial advisor capacity to issuers … Continue reading Comments Due on MSRB Rule G-23 on Activities of Dealers Acting as Financial Advisors

CAB Rule Amendments Proposed by FINRA to Address Qualification Requirements

The Financial Industry and Regulatory Authority (“FINRA”) has filed a proposed rule change with the Securities and Exchange Commission (“SEC”) and is soliciting comments to amend the Capital Acquisition Broker (“CAB”) Rules governing qualification, registration and continuing education of associated persons of CABs (CAB Rules 119-125). The proposed amendment is intended to reflect new consolidated … Continue reading CAB Rule Amendments Proposed by FINRA to Address Qualification Requirements

SEC Requests Comments: Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities

The SEC is proposing amendments to the financial disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered, and issuers’ affiliates whose securities collateralize securities registered or being registered in Regulation S-X to improve those requirements for both investors and registrants. The proposed changes are intended to provide investors with material information given … Continue reading SEC Requests Comments: Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities

FINRA Requests Comment on a Proposal to Expand OTC Equity Trading Volume Data Published on FINRA’s Website

FINRA requests comment on a proposal to expand the summary firm data relating to over-the-counter (OTC) equity trading that FINRA publishes on its website by (1) publishing on a one-month delayed basis new monthly aggregate block-size trading data for OTC trades in NMS stocks executed outside an alternative trading system (ATS); (2) publishing aggregate non-ATS … Continue reading FINRA Requests Comment on a Proposal to Expand OTC Equity Trading Volume Data Published on FINRA’s Website

SEC Request for Comments: Amendments to Rules for Nationally Recognized Statistical Rating Organizations

The Securities and Exchange Commission (“Commission”) is proposing amendments to rules for nationally recognized statistical rating organizations (“NRSROs”) under the Securities Exchange Act of 1934 (“Exchange Act”). The amendments would provide an exemption from a rule for NRSROs with respect to credit ratings if the issuer of the security or money market instrument referred to … Continue reading SEC Request for Comments: Amendments to Rules for Nationally Recognized Statistical Rating Organizations

SEC Request for Comments: Amendment to Single Issuer Exemption for Broker-Dealers

The SEC (Commission) is proposing an amendment to the exemption provisions in the broker-dealer annual reporting rule under the Securities Exchange Act of 1934 (“Exchange Act”). The amendment would provide that a broker-dealer is not required to engage an independent public accountant to certify the broker-dealer’s annual reports if, among other things, the securities business … Continue reading SEC Request for Comments: Amendment to Single Issuer Exemption for Broker-Dealers

SEC Proposes Amendments to Whistleblower Rule

The Securities and Exchange Commission (SEC) has proposed for public comment several amendments to the SEC’s rules implementing its whistleblower program.  The whistleblower provisions of the Securities Exchange Act of 1934 (Exchange Act) provides, among other things, that the SEC shall pay an award to eligible whistleblowers who voluntarily provide the SEC with original information … Continue reading SEC Proposes Amendments to Whistleblower Rule

FINRA Requests Comments: Membership Application Program

FINRA is requesting comment on proposed amendments to its Membership Application Program (MAP) rules to create further incentives for the timely payment of arbitration awards by preventing an individual from switching firms, or a firm from using asset transfers or similar transactions, to avoid payment of arbitration awards while staying in business. The amendments would … Continue reading FINRA Requests Comments: Membership Application Program

FINRA Requests Comments: Rule 4521 ( Notifications, Questionnaires, and Reports)

Comments are due March 8, 2018, on FINRA proposed amendments to FINRA Rule 4521 (Notifications, Questionnaires and Reports) that would require specified member firms to notify FINRA no more than 48 hours after specified events that may signal an adverse change in liquidity risk. FINRA also seeks comment on a proposed new Supplemental Liquidity Schedule … Continue reading FINRA Requests Comments: Rule 4521 ( Notifications, Questionnaires, and Reports)

FINRA Rule 2241 & 2242 Comment Period Deadline

) FINRA seeks comment on proposed amendments to FINRA Rule 2241 (Research Analysts and Research Reports) and FINRA Rule 2242 (Debt Research Analysts and Debt Research Reports) to create a limited safe harbor for specified brief, written analysis distributed to eligible institutional investors that comes from sales and trading or principal trading personnel but that … Continue reading FINRA Rule 2241 & 2242 Comment Period Deadline

FINRA Extends Comment Period for Capital Financing Notices

In response to requests for an extension, FINRA has extended the comment period for Regulatory Notices 17-14, 17-15 and 17-16 to July 14, 2017. In addition, FINRA updated Attachments A and B related to Regulatory Notice 17-15 to make a technical correction to subsection (g) of the rule text.  

Comment Period Ends on Proposed FINRA Rules Amendments Related to Conversaion T+2 Settlement Cycle

Financial Industry Regulatory Authority (“FINRA”)  issued Regulatory Notice  16-09, in which FINRA is seeking comments on proposed amendments to FINRA rules relating to the settlement cycle.  FINRA proposes to adopt necessary rule changes in a manner and timeline that is consistent with the SEC and other self-regulatory organizations SROs in an effort to provide the … Continue reading Comment Period Ends on Proposed FINRA Rules Amendments Related to Conversaion T+2 Settlement Cycle

Comments Period Ends: Proposal to Merge FINRA Dispute Resolution Subsidiaries

The SEC comment period ends November 3, 2015 on FINRA’s proposal to merge its dispute resolution subsidiaries, FINRA Dispute Resolution, Inc. into and with its regulatory subsidiary, FINRA Regulation, Inc. FINRA’s existing dispute resolution program would continue to operate as a separate department within FINRA Regulation, and would be referred to as the Office of Dispute Resolution.

Comment Period Ends: Proposal to Amend FINRA Rule 0150

The SEC requested comments on a proposal to amend FINRA Rule 0150 (Application of Rules to Exempted Securities Except Municipal Securities) so that FINRA Rule 2121 (Fair Prices and Commissions) and its Supplementary Material .01 and .02, which govern mark-ups and commissions, will apply to transactions in, and business activities relating to, exempted securities that are government securities. The comment period expires October 27, 2015.

Comment Period Ends: FINRA Rule 3210 replacing NASD 3050

The SEC requests comment on a proposal to adopt FINRA Rule 3210 (Accounts At Other Broker-Dealers and Financial Institutions) into the Consolidated FINRA Rulebook and to delete NASD Rule 3050, Incorporated NYSE Rules 407 and 407A and Incorporated NYSE Rule Interpretations 407/01 and 407/02. The proposed rule addresses accounts opened or established by associated persons … Continue reading Comment Period Ends: FINRA Rule 3210 replacing NASD 3050

Comment Period Ends for MSRB Requests on Alternative Standard of Independence for Investor Representative on its Board

The Municipal Securities Rulemaking Board (MSRB) is requesting comment on a proposal to modify the application of the standard of independence for the one public member of its Board of Directors designated to be representative of institutional or retail investors in municipal securities. Comments should be submitted to the MSRB no later than July 13, 2015. … Continue reading Comment Period Ends for MSRB Requests on Alternative Standard of Independence for Investor Representative on its Board

MSRB Requests Comments on Alternative Standard of Independence for Investor Representative on its Board

The Municipal Securities Rulemaking Board (MSRB) is requesting comment on a proposal to modify the application of the standard of independence for the one public member of its Board of Directors designated to be representative of institutional or retail investors in municipal securities. Comments should be submitted to the MSRB no later than July 13, 2015. … Continue reading MSRB Requests Comments on Alternative Standard of Independence for Investor Representative on its Board

FINRA Comment Period Ends on Proposed Exemption to the Trading Activity Fee for Proprietary Trading Firms

Summary: On March 25, 2015, the Securities and Exchange Commission (SEC) proposed amendments to Rule 15b9-1 under the Securities Exchange Act of 1934 (SEA or Exchange Act), which currently provides many proprietary trading firms with an exemption from membership in a national securities association. If adopted, the amendments generally would require a proprietary trading firm … Continue reading FINRA Comment Period Ends on Proposed Exemption to the Trading Activity Fee for Proprietary Trading Firms

Comment Period Ends: Proposal to Require Registration of Associated Persons Involved in the Design, Development or Significant Modification of Algorithmic Trading Strategies

Regulatory Notice 15-06 stated that FINRA is soliciting comment on a proposal to require registration as a Securities Trader of associated persons primarily responsible for the design, development or significant modification of algorithmic trading strategies, or who are responsible for supervising or directing such activities. The comment period expires May 18, 2015.