MSRB seeks input on its approach to compliance support. The Municipal Securities Rulemaking Board extended the deadline for stakeholders to respond to its request for comments on its approach to facilitating compliance with and advancing understanding of current MSRB regulatory requirements. Comments are now due on or before February 9, 2018. (12/4/2017) MSRB Regulatory Notice 2017-23.
NFA annual affirmation requirement for CPO and CTA registration exemptions. The National Futures Association reminded members of the annual affirmation requirement for entities currently operating under an exemption from commodity pool operator or commodity trading advisor registration. The affirmation process should be completed on or before March 1, 2018. (12/1/2017) NFA Notice I-17-24.
FINRA announces 2018 and Q1 2019 report filing deadlines. The Financial Industry Regulatory Authority published the filing deadlines for Annual Audit, Financial and Operational Combined Uniform Single, Form Custody, and supplemental FOCUS Report filings due in 2018 or the first quarter of 2019. (11/30/2017) FINRA Information Notice.
FINRA seeks comments on effectiveness of payments for market making rule. FINRA is conducting a retrospective review to assess the effectiveness and efficiency of its rule governing payments for market making. Comments are due on or before January 29, 2018. (11/28/2017) FINRA Regulatory Notice 17-41.
FINRA prepares firms for new customer due diligence requirements for AML programs. FINRA advised firms of their anti-money laundering compliance obligations under FINRA Rule 3310 in light of the Financial Crimes Enforcement Network’s adoption of a final rule on Customer Due Diligence Requirements for Financial Institutions, which will require firms’ AML programs to include risk-based procedures for conducting ongoing customer due diligence. (11/21/2017) FINRA Regulatory Notice 17-40.
FINRA enhances Fund Analyzer tool. FINRA has added a new functionality to its Fund Analyzer tool that will allow users to compare more than 30,000 products by running a variety of investment scenarios and calculating how a fund’s fees, expenses, and discounts impact the value of a fund over time. (11/21/2017) FINRA press release.
MSRB compliance workshop series. The MSRB announced that it will hold the first in a series of virtual compliance workshops designed to facilitate discussions about key provisions of MSRB rules for municipal securities dealers and municipal advisors on December 8, 2017. (11/17/2017) MSRB press release.
NFA requests Public Representative nominees. The NFA has solicited nominations to fill five Public Representative vacancies on its Board of Directors. Nominations are due on or before January 10, 2018. (11/17/2017) NFA Notice I-17-23.
FINRA announces changes to advisory committees. FINRA plans to make several changes to its advisory committees in an effort to increase transparency, including broadening the authority and membership of the Operations Advisory Committee; publishing rosters of each advisory committee on its website; and including more detail in rule filings and Regulatory Notices regarding the committees that reviewed the proposals. (11/15/2017) FINRA press release.
CAT fee dispute resolution process. FINRA announced that it will implement a new rule approved by the SEC to establish the procedures for resolving potential disputes related to CAT fees on December 1, 2017. FINRA will publish additional information about the dispute resolution process once the rule imposing the CAT Fee becomes operative. (11/15/2017) FINRA Regulatory Notice 17-39.
NFA qualifications exam administration fees will increase. The NFA announced that FINRA will increase its fees for the administration and delivery of NFA's qualifications examinations, effective January 1, 2018. (11/14/2017) NFA Notice I-17-22.
SEC seeks comments on amended CHX acquisition proposal. The Chicago Stock Exchange Inc. amended its proposal related to the acquisition of CHX Holdings Inc. by North America Casin Holdings, Inc., to reflect the withdrawal of three of the upstream investors from the investor group. Comments are due on or before December 15, 2017. (11/14/2017) SEC Release No. 34-82077.
FINRA proposes to permit remote inspections of certain offices. FINRA requested comments on proposed amendments to its Supervision Rule to provide firms with the flexibility to conduct remote inspections of “qualifying offices” that meet specified criteria, in lieu of physical, on-site inspections of such offices. Comments are due on or before January 12, 2018. (11/13/2017) FINRA Regulatory Notice 17-38.
FINRA examines firm’s order routing conflicts. FINRA has requested information from firms regarding the impact of order routing inducements, including payment for order flow and maker-taker rebates, on their order routing practices and decisions. (11/10/2017) FINRA examination letter.
MSRB releases new data on inter-dealer electronic trading of municipal bonds. The MSRB published a fact sheet that contains new data on the use of alternative trading systems by municipal security dealers. (11/9/2017) MSRB press release.
MSRB will streamline Series 52 Exam. The MSRB will revise the Municipal Securities Representative Examination into a specialized knowledge exam, which will be released by October 1, 2018, to coincide with the launch of FINRA’s Securities Industry Essentials examination. (11/8/2017) MSRB press release.