The Financial Industry Regulatory Authority (FINRA) issued an Investor Alert regarding a new law raising the age for required minimum distributions (RMDs). A RMD is the amount an individual must take out of their traditional retirement savings plan to avoid tax penalties, once such an individual has reached the mandatory age for making withdrawals. Continue Reading FINRA Issues Investor Alert Regarding Required Minimum Distributions

On January 14, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 20-03 announcing that it had concluded its retrospective review of Rule 5250 (Payments for Market Making), which generally prohibits members from receiving payments for market making. Based on the review, FINRA has elected to maintain the rule without change.

Regulatory Notice 20-03 is available here.

On February 10, the National Futures Association (NFA) issued a series of Notices to Members containing an overview of the educational resources available to Members in different registration categories to assist them in meeting their regulatory obligations, identifying common deficiencies noted during NFA examinations and providing links to other Notices regarding recent amendments to NFA Rules and Interpretive Notices applicable to certain Members. Continue Reading NFA Provides Information to Assist Members in Meeting Their Regulatory Obligations

On February 12, the International Organization of Securities Commissions (IOSCO) published its final report on “Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms (CTPs)” (the Final Report). The Final Report follows a consultation paper IOSCO published in May 2019 (for more information, please see the June 14, 2019 edition of Corporate & Financial Weekly Digest).

Continue Reading IOSCO Reports on Crypto-Asset Trading Platforms

On February 6, the UK’s Financial Conduct Authority (FCA) updated its webpage, which informs firms how to submit notifications required by the European Market Infrastructure Regulation (EMIR). This is in response to EMIR Refit, which became effective on January 1. Continue Reading FCA Decommissions EMIR Web Portal

On February 7, the European Securities and Markets Authority (ESMA) published a final report (the Final Report) regarding proposed amendments to the Markets in Financial Instruments Regulation (MiFIR). This is in response to the changes introduced by the amended European Market Infrastructure Regulation (EMIR Refit), which became effective on January 1. Continue Reading ESMA Proposes MiFIR Amendments Following EMIR Refit

On February 12, the European Commission (EC) sent letters of formal notice to eight member states, who have failed to implement the European Union’s (EU) fifth Money Laundering Directive (5MLD). This is part of the EC’s February 2020 infringements package, a monthly list of member states who are failing to comply with their obligations under EU law across a wide variety of sectors and policy areas. Continue Reading European Commission Urges Member States to Transpose 5MLD

On January 30, the Securities and Exchange Commission voted to propose amendments to certain financial disclosure requirements in Regulation S-K, in an effort to modernize and simplify such requirements. The SEC also issued new guidance relating to key performance indicators and metrics.

The SEC has proposed the following amendments and guidance to Regulation S-K: Continue Reading SEC Proposes Amendments to Financial Disclosure in Regulation S-K and Issues New Guidance

On January 30, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 20-04 requesting comment on the proposed amendments to the Capital Acquisition Broker (CAB) rules. Continue Reading FINRA Requests Comments on Proposed Amendments to the Capital Acquisition Broker Rules