United States 

The SEC is reportedly preparing to give Wall Street a reprieve on MiFID II. Bloomberg reported that the Securities and Exchange Commission is allegedly getting ready to give Wall Street a break by telling financial firms they will not have to overhaul their operations to comply with MiFID II. The SEC is expected to provide formal assurances by the end of October that it will not object if brokerages break out the cost of market analysis for their European clients, rather than bundling it together with other services. (10/18/2017) 

Stock exchanges question SEC plan to overhaul trading. According to The Wall Street Journal, the operating chiefs of NYSE Group Inc., Nasdaq Inc., and CBOE Holdings Inc. sent a letter to SEC Chairman Jay Clayton in response to the agency’s plan to suppress incentives that are offered to attract trading, stating that the effort could not go as planned and make it more difficult and pricier to trade some stocks. The exchange recommended that the regulatory agency first carry out a broader effort to change how the stock market works, including imposing new transparency and conflict-of-interest rules on trading platforms run by brokerage firms. (10/17/2017)


CSA releases review of registered firms’ cyber security and social media practices. The CSA announced that it has published CSA Staff Notice 33-321Cyber Security and Social Media, which summarizes results of a survey of registered firms’ cyber security and social media practices, in addition to providing guidance to firms in these areas. The survey found that more than half of firms experienced a cyber security incident in 2016, including phishing, malware incidents, and fraudulent email attempts to transfer funds or securities. (10/19/2017)   

Canadian securities regulators outline disclosure expectations and certain risks for issuers with U.S. marijuana-related activities. The CSA announced that it has published CSA Staff Notice 51-352 Issuers with U.S. Marijuana-Related Activities which, among other things, outlines CSA staff’s specific disclosure expectations for issuers that have, or are in the process of developing, marijuana-related activities in the US. (10/16/2017)