On July 22, the Commodity Futures Trading Commission, in conjunction with the Financial Crimes Enforcement Network (FinCEN), issued interpretative guidance to introducing brokers in commodities (IBs) that do not introduce customers to a futures commission merchant (FCM) that carries their customers’ accounts.
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On June 18, the Securities and Exchange Commission requested public comment on ways to simply harmonize and improve the private securities offering exemptions from registration under the Securities Act of 1933. In its concept release, the SEC indicated that it “believe[s] our capital markets would benefit from a comprehensive review of the design and scope of our framework for offerings that are exempt from registration” in order to develop a “framework to promote capital formation and expand investment opportunities.”

The concept release identifies a number of topics to be addressed, including evaluating the overall framework and coverage of the private securities offering exemptions, adjusting the limitations on who should be permitted to invest in particular exempt offerings and in what amounts, facilitating issuer transition from one offering to another, expanding the role of pooled investment vehicles, including increasing the exposure of retail investors to early-stage companies through pooled investment funds, and updating secondary trading rules with respect to securities that were offered in an exempt offering.


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On November 2, the Securities and Exchange Commission adopted amendments to Rule 606 of Regulation NMS in order to require broker-dealers to provide certain individualized disclosures to customers with respect to the firm’s handling and execution of orders. This disclosure would only be required upon the request of a customer in connection with certain orders

On October 9, the Commodity Futures Trading Commission approved proposed rules intended to simplify regulations for commodity pool operators (CPOs) and commodity trading advisors (CTAs) generally by codifying existing staff advisory and no-action letter relief and streamlining registration requirements for CPOs that operate in multiple jurisdictions.
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On October 11, the National Futures Association (NFA) issued a notice to its members that amendments to NFA Bylaw 1303 take effect on October 31.

NFA Bylaw 1303 allows the NFA to deem an NFA member’s failure to pay certain fees as a request for withdrawal from NFA membership. Bylaw 1303 will be deemed amended,

Amended Financial Industry Regulatory Authority registration, qualification and continuing education rules will become effective on October 1. The amended rules, which the Securities and Exchange Commission approved on October 13, 2017, will consolidate and replace the National Association of Securities Dealers, Incorporated New York Stock Exchange and existing FINRA registration rules.

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