On May 6, the Securities and Exchange Commission issued an order directing the equity exchanges and the Financial Industry Regulatory Authority to submit a new National Market System plan (NMS plan) with a modernized governance structure for the production of public consolidated equity market data and the dissemination of trade and quote data from trading venues.
Continue Reading SEC Orders Submission of New NMS Plan

On May 4, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 20-12 to warn member firms of a widespread, ongoing phishing campaign involving fraudulent emails purporting to be from FINRA officers, including Bill Wollman and Josh Drobnyk. 
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On April 7, the Securities and Exchange Commission (SEC) announced that Cboe Exchange, Inc. (CBOE) proposed to amend Interpretation and Policy .01 to Rule 5.24 regarding business continuity and disaster recovery testing in order to harmonize with its affiliated options exchanges.
Continue Reading SEC Announces CBOE Amendments to Business Continuity and Disaster Recovery Testing Rules

On February 14, the Securities and Exchange Commission proposed to modernize the infrastructure for the collection, consolidation and dissemination of market data for exchange-listed national market system (NMS) securities, including by expanding the content of included NMS market data and introducing a decentralized consolidation model with competing data consolidators.
Continue Reading SEC Proposes to Modernize Infrastructure for NMS Securities Market Data

On February 18, the Financial Industry Regulatory Authority (FINRA) issued a regulatory notice seeking comment on a proposal to implement recommendations of the Securities Industry/Regulatory Council on Continuing Education, enhancing the continuing education requirements for securities industry professionals.
Continue Reading FINRA Requests Comment on Enhancements to the Continuing Education Program for Securities Industry Professionals

On January 30, the Commodity Futures Trading Commission (CFTC) voted to publish for comment revised rules establishing position limits on derivatives contracts that provide for physical delivery. The vote was 3-2, with Commissioners Behnam and Berkovitz dissenting.
Continue Reading CFTC Proposes Revised Rules Establishing Position Limits on Derivatives Contracts That Provide for Physical Delivery

On January 28, the Commodity Futures Trading Commission (CFTC) announced that it will adopt the National Institute of Standards and Technology (NIST) Privacy Framework for data privacy protection. The NIST Privacy Framework is a voluntary tool developed in collaboration with stakeholders (e.g., service providers, customers, partners) intended to help organizations identify and manage privacy risk