NYSE Arca proposes amendment to listing standards for managed fund shares. The SEC published Amendment 1 to New York Stock Exchange’s (NYSE) proposed rule to adopt generic listing standards for managed fund shares. Comments should be submitted within 21 days and rebuttal comments within 35 days after publication in the Federal Register which is expected shortly. (6/5/2015).SEC release 34-75115.
SEC approves NYSE operating agreement rule change. The SEC approved an NYSE proposed rule to remove the requirement that the independent directors who make up the majority of the board of directors of the NYSE also serve as directors of Intercontinental Exchange (ICE). (6/4/2015) SEC release 75105.
Top regulatory priorities outlined at FINRA annual conference. The Financial Industry Regulatory Agency (FINRA) outlined its top ten regulatory priorities for the financial services industry at the 2015 FINRA Annual Conference held on May 27-29, 2015, in Washington, DC. (6/3/2015) See also Forbes.
Cyber breaches hot topic at SIFMA. Law360 reported on FINRA’s Daniel Sibears’ speech at a recent SIFMA event. He specifically outlined steps firms should take if they discover a security breach. (6/2/2015) Cyber breaches.
NYSE Arca and NYSEMKT propose change to COA rule. NYSE Arca and NYSEMKT proposed a rule change to the Electronic Complex Order Auction (COA) process by removing the limitation on who can respond to a COA and providing a response time interval of at least 500 milliseconds. Comments should be submitted on or before June 29, 2015. (6/2/2015) SEC release 34-75096; SEC release 34-75095.
FINRA updates asset-backed securities system. FINRA announced that the Trade Reporting and Compliance Engine (TRACE) will bring greater transparency to the asset-backed securities market, including 144A securities transactions, by providing post-trade price information including those backed by auto loans, credit card receivables and student loans. (6/1/2015) FINRA press release.
BrokerCheck ads launched. FINRA announced a national ad campaign for BrokerCheck to show that it is important for investors to vet the broker with whom they are investing their money. (6/1/2015) FINRA press release. See also Reuters.
FINRA proposes educational communication rule. FINRA proposed a rule which would require a member firm that hires or associates with a registered representative to provide educational communication to former retail customers. Comments are due by July 13, 2015. (5/27/2015) FINRA Regulatory Notice 15-19.
FINRA restructuring exam. FINRA is requesting comments on the restructuring of the representative-level qualification examination. Comments are due by July 27, 2015. (5/27/2015) FINRA Regulatory Notice 15-20.
SEC approves changes to FINRA Code of Arbitration Procedure. The SEC approved proposed rule changes to amend Rules 12214 and 12601 of FINRA’s Code of Arbitration Procedure for Customer Disputes and Rules and Code of Arbitration Procedure for Industry Disputes. The amendments are effective on July 6, 2015. (5/22/2015) SEC release 34-75036; (6/8/2015) FINRA Regulatory Notice 15-21.