Web-based delivery of the Regulatory Element of Continuing Education. The Financial Industry Regulatory Authority (FINRA) advised that the SEC has approved FINRA’s proposed rule amendments to permit a web-based delivery method for completing the Regulatory Element of the Continuing Education requirements, and the establishment of a fee for it. The amendments are effective October 1, 2015. (8/3/2015) FINRA Regulatory Notice 15-28.
Municipal securities guidance. FINRA provided guidance to firms engaged in municipal securities transactions regarding the written supervisory procedures they should employ to detect, resolve and prevent the consequences of firm short positions and fails-to-receive in municipal securities. The guidance also addresses the controls to be used to ensure that communications with customers regarding municipal securities transactions, including the tax status of interest payments, are not false or misleading. (7/30/2015) FINRA Regulatory Notice 15-27.
BATS submits anti-spoofing and anti-layering proposal. A proposed rule entitled the “BATS Client Suspension Rule” has been submitted for SEC approval by BATS Global Markets. If approved, the proposed rule would allow BATS to take expedited action in response to spoofing and layering on its exchanges. (7/30/2015) BATS Global Markets press release.