FINRA prepares Capital Acquisition Brokers for pay-to-play rules. The Financial Industry Regulatory Authority announced that the SEC approved its proposal to apply established “pay-to-play” and related recordkeeping rules to the activities of member firms that have elected to be governed by the Capital Acquisition Broker rules. The new rules will become effective on December 6, 2017. (11/6/2017) FINRA Regulatory Notice 17-37.
New TRACE data products will be available in February. FINRA announced that a new End-of-Day TRACE Transaction File and TRACE Security Activity Report will be made available to subscribers, each for a fee, beginning on February 1, 2018. (11/3/2017) FINRA Regulatory Notice 17-36.
FINRA reviews changes to engagement programs in response to feedback. FINRA summarized the actions it has taken to date in response to feedback it received regarding potential enhancements to its current engagement programs, which FINRA requested as part of its organizational review under the FINRA 360 initiative. (11/2/2017) FINRA press release.
MSRB offers vision and guiding principles for developing EMMA. The Municipal Securities Rulemaking Board published a vision statement and set of guiding principles to inform the future development of its Electronic Municipal Market Access website. (11/1/2017) MSRB press release.
FINRA notifies firms of upcoming deadlines for 2018 Renewal Program. FINRA informed firms that its 2018 Renewal Program will begin on November 13, 2017, when FINRA makes Preliminary Statements available electronically. Firms should remit full payment to FINRA by December 18, 2017. (10/31/2017) FINRA Regulatory Notice 17-35.
FINRA’s SIE exam creates opportunities to enter the financial industry. FINRA explained the benefits of its new Securities Industry Essentials examination for individuals who are not currently associated with a financial firm, noting that the SIE will allow them to demonstrate basic industry knowledge to prospective employers. (10/31/2017) FINRA investor alert.
MSRB Compliance Advisory Group. The MSRB announced the members of its Compliance Advisory Group, which will advise the MSRB about regulatory topics that may require additional compliance assistance. (10/31/2017) MSRB press release.
MSRB abandons plans to amend rule on minimum denominations. The MSRB’s Board of Directors determined at its quarterly meeting to suspend rulemaking efforts to amend the MSRB rule on minimum denominations of municipal securities transactions due to ongoing concerns raised in public comments. (10/30/2017) MSRB press release.
FINRA advises investors about risks of volatility-linked ETPs. FINRA warned investors to educate themselves about the risks associated with volatility-linked exchange-traded products before investing. (10/26/2017) FINRA investor alert.
Axelrod to leave FINRA. Susan F. Axelrod, FINRA’s Executive Vice President for Regulatory Operations, will leave FINRA at the beginning of 2018 after 28 years with the organization and its predecessor, NYSE Regulation. (10/26/2017) FINRA press release.
SEC stays approval of CHX’s speed bump. The SEC informed the Chicago Stock Exchange that the full Commission will review the decision by staff in the Division of Trading and Markets to approve CHX’s planned “speed bump.” (10/24/2017) SEC letter.