Elise W. Michael

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On March 22, the Securities and Exchange Commission launched a new page on its website to bring together agency actions and the latest information about climate and environmental, social and governance (ESG) investing.…
Continue Reading SEC Responds to Investor Demand by Bringing Together Agency Information About Climate and ESG Issues

On March 14, the Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 21-11 (Notice), which seeks comment on proposed amendments to Rule 4210 (Margin Requirements) that would clarify and incorporate into the rule current interpretations regarding when issued and other extended settlement transactions and provide relief to facilitate the application of the rule to these transactions. Comments must be received by May 14.…
Continue Reading FINRA Requests Comment on Proposed Amendments to Margin Rule 4210

On March 18, the Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 21-12 (Notice), which reminds member firms of their obligations during extreme market conditions with respect to handling customer orders, maintaining appropriate margin requirements and effectively managing their liquidity.…
Continue Reading FINRA Reminds Member Firms of Obligations for Customer Order Handling, Margin Requirements and Effective Liquidity Management Practices During Extreme Market Conditions

The Financial Industry Regulatory Authority (FINRA) requires that each FINRA member complete an annual verification (the Annual Verification) of their contact information within the first 17 business days of each calendar year, which will be January 27 this year. Annual Verification falls under FINRA Rule 4517, which requires FINRA members to update designated contact information…

On January 19, the Commodity Futures Trading Commission’s Market Participants Division (MPD) and Division of Market Oversight (DMO) issued CFTC Staff Letter No. 21-04 and Letter No. 21-05 (the Staff Letters) to extend, for a limited time, parts of the temporary no-action relief granted in response to the COVID-19 pandemic, which expired on January 15.…
Continue Reading CFTC Staff Provides Limited Continuation of Certain No-Action Relief to Market Participants in Response to COVID-19

On January 19, the National Futures Association (NFA) issued Notice to Members 1-21-03, announcing that remote online testing is now available for futures industry proficiency. The exams include Series 3, Series 30, Series 31, Series 32 and Series 34, which FINRA administers on behalf of NFA. Tests also may continue to be taken at a local test center. The availability of remote online testing has not affected NFA’s Swaps Proficiency Requirements.
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Continue Reading Remote Online Testing Available for Candidates Seeking to Take Futures Industry Proficiency Examinations

On January 27, the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission issued a statement summarizing its observations of cybersecurity and operational resiliency practices of broker-dealers, investment advisers, clearing agencies, national securities exchanges and other SEC registrants (the Observations). In its introduction to the Observations, the OCIE staff notes that cybersecurity is a key priority for OCIE. Therefore, although the OCIE staff acknowledges that there is not a “one-size fits all” approach to addressing cybersecurity, it recommends that SEC registrants assess their cybersecurity practices in light of the Observations.…
Continue Reading OCIE Provides Observations on Cybersecurity and Operational Resiliency Best Practices

At the 44th Annual International Organization of Securities Commissions (IOSCO) Conference in Sydney, Australia, the Chairmen of the Commodity Futures Trading Commission and the Securities and Exchange Commission took part in a signing ceremony on May 15 for the IOSCO Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU).…
Continue Reading CFTC and SEC Participate in the Signing Ceremony for the IOSCO Enhanced Multilateral MOU Concerning Cross-Border Enforcement