On September 16, the Securities and Exchange Commission adopted amendments to the Securities Exchange Act of 1934 (Exchange Act) Rule 15c2-11 to modernize the rule, including by recognizing advances in communications technology. The rule requires broker-dealers to review key, basic issuer information before initiating or resuming quotations for the issuer’s security in the over-the-counter (OTC) market.
Continue Reading SEC Amends Exchange Act Rule 15c2-11 to Enhance Retail Investor Protections and Modernize Governing Quotations for Over-the-Counter Securities

On September 11, the Securities and Exchange Commission announced that it had adopted rules that update and expand the statistical disclosures that bank and savings and loan registrants provide to investors while eliminating duplicative disclosures. The new SEC rules require disclosure about the following:
Continue Reading SEC Modernizes Disclosures for Banking Registrants

On August 24, the Commodity Futures Trading Commission added 22 unregistered foreign entities to its Registration Deficient List (RED List). A firm is added to the RED List when the CFTC determines that such firm (1) is not registered with the CFTC; and (2) appears to be acting in a capacity that requires registration, such

On August 20, the Commodity Futures Trading Commission opened registration and released the agenda for LabCFTC’s first Empower Innovation 2020 session, “The Power of Innovation: Where Tech & Crisis Collide.” Empower Innovation 2020 is a three-part virtual series hosted by LabCFTC to facilitate a dialogue on fintech innovation among innovators, regulators, market participants and the

On August 20, the National Futures Association (NFA) issued Notice I-20-31 highlighting recently published FAQs addressing customer due diligence requirements for covered financial institutions. The FAQs clarify the regulatory obligations of covered financial institutions with respect to obtaining customer information, establishing a customer risk profile and performing ongoing monitoring of the customer relationship.

The FAQs

On July 24, the Securities and Exchange Commission announced that the SEC and the Federal Deposit Insurance Corporation (FDIC) have adopted a final rule clarifying and implementing provisions relating to the orderly liquidation of certain brokers or dealers (covered broker-dealers) in the event the FDIC is appointed receiver under Title II of the Dodd–Frank Wall Street Reform and Consumer Protection Act.
Continue Reading SEC and FDIC Adopt Final Rule on the Orderly Liquidation of Covered Broker-Dealers Under Dodd-Frank

On July 28, the Securities and Exchange Commission announced the creation of the Event and Emerging Risks Examination Team (EERT) in the Office of Compliance Inspections and Examinations (OCIE). The EERT will engage with financial firms about emerging threats and current market events so that it can provide expertise and resources to the SEC’s regional

On May 22, the Financial Industry Regulatory Authority (FINRA) issued a regulatory notice seeking comment on two proposed changes to the Trade Reporting and Compliance Engine (TRACE) reporting rules recommended by the Securities and Exchange Commission’s Fixed Income Market Structure Advisory Committee. The changes would require firms to identify (1) delayed treasury spot trades; and