On April 11, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 21-18 (Notice) in response to increasing reports from customers experiencing customer account takeover (ATO) incidents.
Continue Reading FINRA Shares Practices Firms Use to Protect Customers from Online Account Takeover Attempts
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FINRA Dispute Resolution Services to Reopen Most Hearing Locations for In-Person Arbitration and Mediation
By Susan Light & Shelby Kost on
Posted in Broker-Dealer
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.
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SEC Division of Investment Management Staff Publishes Public Statement on Funds Registered Under Investment Company Act Investing in Bitcoin Futures Market
By Susan Light & Shelby Kost on
Posted in Broker-Dealer
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
Consolidated Audit Trail Publishes New Roadmap to Assist Small Firms With Reporting Obligations
By Susan Light & Shelby Kost on
Posted in Broker-Dealer
On May 7, Consolidated Audit Trail, LLC and FINRA CAT, LLC (CAT) published a new roadmap to assist Small Firms with their reporting obligations for CAT Reportable Securities by the compliance date of December 13.
Continue Reading Consolidated Audit Trail Publishes New Roadmap to Assist Small Firms With Reporting Obligations
FINRA Reminds Members About Options Account Approval, Supervision and Margin Requirements
By Susan Light & Shelby Kost on
Posted in Broker-Dealer
On April 9, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 21-15 (Notice) in response to the recent increase in the number of customers seeking to open brokerage accounts and trade options.
Continue Reading FINRA Reminds Members About Options Account Approval, Supervision and Margin Requirements
FINRA Files With the SEC to Extend Time to Announce the Implementation Schedule for FINRA’s Corporate Bond New Issue Reference Data Service
By Susan Light & Shelby Kost on
Posted in Broker-Dealer
On April 12, the Financial Industry Regulatory Authority (FINRA) filed a proposed rule change with the Securities and Exchange Commission pursuant to Section 19(b)(3) of the Securities Exchange Act of 1934 to extend its time to announce the implementation schedule for FINRA’s corporate bond new issue reference data service.
On January 15, the SEC approved…
FINRA Publishes Answer to Frequently Asked Questions Under Rule 4521(d) on Margin Balance Reporting
By Susan Light & Shelby Kost on
Posted in Broker-Dealer, Derivatives
On April 13, the Financial Industry Regulatory Authority (FINRA) issued answers to several Frequently Asked Questions to aid members with their reporting obligations under FINRA Rule 4521(d) (the Rule).
The Rule provides that each member carrying margin accounts for customers must submit, on a settlement date basis, as of the last business day of the month: 1) the total of all debit balances in securities margin accounts; and 2) the total of all free credit balances in all cash accounts and all securities margin accounts.
Continue Reading FINRA Publishes Answer to Frequently Asked Questions Under Rule 4521(d) on Margin Balance Reporting
NFA Proposes Compliance Rule 2-50 and Related Interpretive Notice
Posted in CFTC
On March 5, the National Futures Association (NFA) submitted to the Commodity Futures Trading Commission (CFTC) proposed new Compliance Rule 2-50 and a related Interpretive Notice.
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SEC Announces 2021 Examination Priorities
By Susan Light & Shelby Kost on
Posted in Broker-Dealer
On March 3, the Securities and Exchange Commission’s Division of Examinations announced its examination priorities for 2021. These priorities include a greater focus on climate-related risks, conflicts of interests for brokers and investment advisers, and attendant risks related to FinTech.
Continue Reading SEC Announces 2021 Examination Priorities
SEC Announces New Climate and ESG Task Force
By Susan Light & Shelby Kost on
Posted in Broker-Dealer
On March 4, the Securities and Exchange Commission announced the creation of its new Climate and ESG Task Force within the Division of Enforcement.
Continue Reading SEC Announces New Climate and ESG Task Force