On February 14, the Securities and Exchange Commission proposed to modernize the infrastructure for the collection, consolidation and dissemination of market data for exchange-listed national market system (NMS) securities, including by expanding the content of included NMS market data and introducing a decentralized consolidation model with competing data consolidators. Continue Reading SEC Proposes to Modernize Infrastructure for NMS Securities Market Data

On February 18, the Financial Industry Regulatory Authority (FINRA) issued a regulatory notice seeking comment on a proposal to implement recommendations of the Securities Industry/Regulatory Council on Continuing Education, enhancing the continuing education requirements for securities industry professionals. Continue Reading FINRA Requests Comment on Enhancements to the Continuing Education Program for Securities Industry Professionals

On January 31, the European Securities and Markets Authority (ESMA) published a consultation paper (the CP) containing draft technical standards on the reporting requirements for third-country firms who provide investment services and activities in the European Union (EU) under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Directive (MiFIR). Continue Reading ESMA Consults on Third-Country Reporting Under MiFID II and MiFIR

On February 17, the European Commission (EC) launched a public consultation on the review of the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Directive (MiFIR) regulatory framework (together, the Framework).

The EC’s consultation is divided into three sections. In the first section, the EC aims to gather views and feedback from all stakeholders on the experience of the first two years of the Framework. In particular, the EC asks whether “a targeted review . . . with an ambitious timeline would be appropriate to address the most urgent shortcomings.” The EC asks stakeholders to rank their satisfaction with the Framework, and to indicate whether they believe the Framework has succeeded in its objectives. Continue Reading European Commission Consults on MiFID II and MiFIR Review

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