MSRB adds new municipal market indicators to EMMA. The Municipal Securities Rulemaking Board announced that it has made available a municipal market yield curve and multiple indices on the Electronic Municipal Market Access website to assist investors and others assess the general level and direction of municipal bond interest rates, and compare relative yields of specific municipal securities. (7/24/2017) MSRB press release.
NFA offers guidance on revised 4s submission and review process. The National Futures Association notified members of modifications to its review process for the documentation submitted by swap dealers and major swap participants demonstrating the ability to comply with CFTC Regulations Implementing Section 4s of the Commodity Exchange Act. (7/24/2017) NFA Notice I-17-14.
FINRA will hold Board elections at annual firm meeting. The Financial Industry Regulatory Authority will conduct its annual meeting of firms on August 22, 2017, to elect individuals to fill one small firm and one large firm seat on the FINRA Board of Governors. (7/21/2017) FINRA election notice.
NFA notice on new filing requirements for swap valuation disputes. The NFA provided guidance to swap dealers regarding its recently approved Interpretive Notice to NFA Compliance Rule 2-49, which updates the filing requirements for swap valuation disputes filed on or after January 2, 2018. (7/20/2017) NFA Notice I-17-13.
FINRA Board authorizes FINRA to move forward with amendments to Membership Application Program rules. In an update to firms regarding the July meeting of FINRA’s Board of Governors, FINRA President and CEO Robert W. Cook announced that the Board authorized FINRA to seek comments on proposed amendments to its Membership Application Program rules concerning broker conduct and unpaid arbitration awards. (7/18/2017) FINRA update.
NYSE reminds members of new exchange rules on disruptive trading or quoting activity. The New York Stock Exchange LLC offered guidance to members regarding new rules effective on June 19, 2017, that allow NYSE exchanges to institute expedited client suspension proceedings to address prohibited disruptive quoting and trading activity. (7/17/2017) NYSE Information Memo 17-06.
SEC disapproves NYSE exchanges’ request to allow DMMs to trade before the close. The SEC disapproved the proposals submitted by NYSE and NYSE MKT LLC to eliminate the prohibition on Designated Market Makers from engaging in a transaction that establishes, during the last ten minutes of trading before the close, a new high (low) price for the day on the exchanges in an assigned security in which the DMM has a long (short) position. (7/14/2017) SEC Release No. 34-81150.
MSRB issues new FAQs on the implementation of mark-up disclosure requirements. The MSRB published new guidance on the implementation of new regulations, which become effective on May 14, 2018, that will require municipal securities dealers to disclose the dealer’s mark-up or mark-down, as determined from the prevailing market price of the security, on retail customer confirmations for certain principal transactions. (7/12/2017) MSRB press release.
Guidance on enhanced confirmation disclosure requirements in Rule 2232 for corporate and agency debt securities. FINRA issued a notice announcing publication on its website of FAQs relating to enhanced confirmation disclosure requirements for corporate and agency debt securities pursuant to FINRA Rule 2232. The new requirements are scheduled to take effect on May 14, 2018. (7/12/2017) Regulatory Notice 17-24.
New requirement for reporting of treasury transactions. FINRA announced that it has implemented a new requirement for securities firms to report certain transactions in Treasury securities. Under the rule, FINRA member firms must report secondary-market transactions in Treasury securities, except savings bonds, to TRACE (FINRA’s Trade Reporting and Compliance Engine). (7/11/2017)
Rule change to reduce delay period for corporate and agency debt historic TRACE Data sets is approved by the SEC. Effective October 2, 2017, FINRA is reducing the delay period applicable to Historic TRACE Data for corporate bonds and agency debt, including Rule 144A transactions in such securities, from 18 months to six months. (7/11/2017) Regulatory Notice 17-23.