On July 17, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) announced that it has extended the time period for the no-action relief provided in CFTC Staff Letter No. 20-16 to registrants listing new principals and to applicants for registration as associated persons (APs) from the requirement to submit a fingerprint card.
Continue Reading CFTC Extends Relief on Fingerprinting Due to COVID-19

On June 22, Securities and Exchange Commission Chairman Jay Clayton and Brett Redfearn, the Director of the SEC’s Division of Trading and Markets, spoke together on an SEC-sponsored virtual forum about modernizing the US Equity Market Structure. Chairman Clayton identified the market for thinly traded securities, retail fraud and National Market System (NMS) market data and access as three current targets for SEC initiatives.
Continue Reading SEC Chairman Speaks on Modernizing US Equity Market Structure

On June 19, the Financial Industry Regulatory Authority (FINRA) issued a regulatory notice that it had amended its Capital Acquisition Broker (CAB) suitability rule and rules governing non-cash compensation to align with the Securities and Exchange Commission’s Regulation Best Interest (Reg BI) with respect to the requisite standards of conduct.
Continue Reading SEC Approves Changes to FINRA’s Suitability and Non-Cash Compensation Rules

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. 
Continue Reading FINRA Warns of Fraudulent Phishing Emails Purporting to be from FINRA

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