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

On June 21, 2019, the Securities and Exchange Commission approved amendments to FINRA Rule 6730 (Transaction Reporting), which requires members to report transactions in US Treasury Securities executed to hedge a primary market transaction with an appropriate identifier. The amendments, further discussed in the June 8, 2018 edition of Corporate & Financial Weekly Digest,

On July 27, the Financial Industry Regulatory Authority (FINRA) filed with the Securities and Exchange Commission a proposed rule change to extend the expiration of the temporary amendments to some timing, method of service and other procedural requirements in SR-FINRA-2020-015, previously discussed in the May 15, 2020 edition of Corporate & Financial Weekly Digest.

The Securities and Exchange Commission is seeking comment on a proposed rule change filed by the Financial Industry Regulatory Authority (FINRA) to adopt FINRA Rule 3241 (Registered Person Being Named a Customer’s Beneficiary or Holding a Position of Trust for a Customer). The proposed rule would create a uniform, national standard to govern registered persons

The Financial Industry Regulatory Authority (FINRA) issued an FAQ on whether FINRA Rule 3220 (Influencing or Rewarding Employees of Others) and the non-cash compensation provisions of FINRA Rules 2310, 2320, 2341 and 5110 would prohibit an associated person from hosting a virtual business entertainment event and providing food and beverage to the employees of an

On July 20, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 20-25, amending its Codes of Arbitration Procedure for Customer and Industry Disputes. These amendments will apply certain minimum fees where associated persons (or those acting on their behalf) request that customer dispute information be expunged from Central Registration Depository (CRD). These minimum fees

On July 2, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 20-22 (the Notice) announcing updates to its interpretations regarding (1) FINRA Rule 4210(e)(8), which specifies margin requirements for control and restricted securities, and (2) FINRA Rule 4210(f)(5), which specifies conditions for the consolidation of two or more accounts carried for the same customer.
Continue Reading FINRA Announces Updates to Interpretations of Margin Rule Regarding Control and Restricted Securities and Consolidation of Accounts

On July 1, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 20-21 (the Notice) providing guidance on compliance with FINRA Rule 2210 Communications with the Public when creating, reviewing, approving, distributing or using retail communications concerning private placement offerings.
Continue Reading FINRA Provides Guidance on Retail Communications Concerning Private Placements