SEC extends NYSE manual amendment comment period. The SEC extended until August 4, 2015 the comment period on New York Stock Exchange proposed rule change amending Sections 312.03(b) and 312.04 of the NYSE Listed Company manual which would exempt early stage companies from having to obtain shareholder approval before issuing shares for cash to related parties, affiliates of related parties or entities in which a related party has a substantial interest. (6/18/2015) SEC Release 34-75248.
Comments requested on FINRA discretionary accounts and transactions rule.The Financial Industry Regulatory Authority requested comments on a revised proposal to adopt the NASD and Incorporated NYSE rules regarding discretionary accounts and transactions as FINRA Rule 3260. Comments are due by August 17, 2015. (6/17/2015) FINRA Regulatory Notice 15-22.
SEC disapproves NYSE quote mitigation plan. The SEC disapproved a proposed rule change to remove the NYSE Arca and NYSE MKT quote mitigation plan as provided by Commentary .03 to NYSE Arca Rule 6.86 or NYSE MKT Rule 970.1NY. SEC Release 34-75191; SEC Release 34-75190.
MSRB adds disclosure feature. The Municipal Securities Rulemaking Board added a new feature to its Electronic Municipal Market Access (EMMA) website which links a municipal bond to any new CUSIPs assigned to portions of that bond. (6/16/2015) MSRB press release.
NYSE recommends that pilot programs be made permanent. The SEC released a notice in which it sought comment on a NYSE proposal to make permanent the rules of the NYSE New Market Model Pilot (NMM Pilot) and the Supplemental Liquidity Providers Pilot (SLP Pilot). The NMM Pilot rules created, among other things, the market participant category of Designated Market Maker. In addition, the NMM Pilot rules eliminated the NYSE specialists’ function. The SLP Pilot produced the market participant category of Supplemental Liquidity Providers, which supplement the liquidity that Designated Market Makers provide. Comments are due on or before July 8, 2015. (6/11/2015) SEC Release 34-75153 and Pilot rules.
FINRA proposes the completion of continuing education requirements through Web-based programs. The SEC released a notice in which it sought comment on a FINRA proposal that would amend FINRA Rule 1250 to allow registered members to complete the Regulatory Element of FINRA’s Continuing Education requirements via programs that are based on the Web. The test-center delivery system that is now in place would be phased out, with the initial Web-based programs planned for October 2015. Comments are due on or before July 8, 2015. (6/11/2015) SEC Release 34-75154.