Broker-Dealer

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On May 25, the Financial Industry Regulatory Authority (FINRA) published the 2021 FINRA Industry Spotlight (Industry Spotlight), which is FINRA’s annual statistical report covering the brokerage firms, registered representatives and market activity that FINRA regulates. The 2021 edition includes new statistics on US Treasury volume and corporate financing filings. The Industry Spotlight also includes 2020…

The Securities and Exchange Commission is seeking comments on a Financial Industry Regulatory Authority (FINRA) proposal to adopt a Supplemental Liquidity Schedule (SLS), and instructions thereto, pursuant to FINRA Rule 4524. FINRA Rule 4524 provides in part that each member, as FINRA shall designate, shall file as a supplement to FOCUS Reports such additional financial or operational schedules or reports as FINRA may deem necessary. The proposed SLS, which would be filed as a supplement to the FOCUS Report, would be required to be filed by (1) each carrying member with at least $25 million in free credit balances, as outlined under Securities Exchange Act of 1934 (SEA) Rule 15c3-3(a)(8); and (2) any member with at least $1 billion in aggregate outstanding repurchase agreements, securities loan contracts and bank loans, as reported on their most recent FOCUS Report.
Continue Reading Notice of Filing of a Proposed Rule Change to Adopt a Supplemental Liquidity Schedule

Beginning on June 5, the Financial Industry Regulatory Authority Dispute Resolution Services (FINRA DRS) will permit in-person hearings to resume at most of its hearing locations for in-person arbitration and mediation proceedings.
Continue Reading FINRA Dispute Resolution Services to Reopen Most Hearing Locations for In-Person Arbitration and Mediation

On May 11, the Securities Exchange Commission’s (SEC) Division of Investment Management (IM) staff issued a Public Statement (Statement) strongly encouraging any investor interested in investing in mutual funds exposed to the Bitcoin futures market to carefully consider the risks involved with such investments.
Continue Reading SEC Division of Investment Management Staff Publishes Public Statement on Funds Registered Under Investment Company Act Investing in Bitcoin Futures Market

On April 26, the Securities and Exchange Commission announced that its Small Business Capital Formation Advisory Committee (Committee) will meet on Friday, April 30, to discuss solutions to increase access to capital for underrepresented founders and investors from smaller, regional funds. The meeting will include a presentation from the Office of the Advocate for Small…

On March 10, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 21-09 announcing FINRA’s adoption of new rules to address brokers with a significant history of misconduct and the broker-dealers that employ them, as discussed in the March 12, 2021 edition of Corporate & Financial Weekly Digest). Amendments to FINRA Rule 8312 (FINRA…