MSRB issues complaint product and problem codes guide. The Municipal Securities Rulemaking Board published guidance on the product and problem codes for use in electronic customer or municipal advisory client complaint logs that are relevant to municipal securities and municipal advisory activities and applicable under Rule G-8. (6/19/2017) MSRB guidance.
MSRB updates strategic goals to reflect new priorities. The MSRB updated its strategic goals for 2017 to prioritize facilitating industry understanding of and compliance with MSRB rules; expanding the utility of its Electronic Municipal Market Access website; and supporting market transparency and regulation through the use and dissemination of municipal market data. (6/19/2017) MSRB press release.
FINRA to hold Blockchain Symposium under Innovation Outreach Initiative. As part of a new initiative to understand the impact of financial technology innovations on the securities industry, the Financial Industry Regulatory Authority will host a Blockchain Symposium on July 13, 2017, in which regulators and industry leaders will discuss the opportunities and challenges presented by the use of blockchain. (6/13/2017) FINRA press release.
New TRACE for Treasuries modifiers. FINRA advised member firms that it has filed a rule change that will require firms to use two new modifiers, when applicable, when reporting transactions in Treasuries. Although the new modifiers will be available for use on July 10, 2017, firms will not be required to use the new modifiers until February 5, 2018. (6/12/2017) FINRA trade reporting notice.
FINRA analyzes securitized-asset liquidity. FINRA’s Office of the Chief Economist published new research on liquidity in structured products, which examines real-estate securities and asset-backed securities to identify positive and negative market developments. (6/8/2017) FINRA press release.
FINRA offers guidance on rule changes related to disruptive quoting and trading activity. FINRA provided additional information to firms regarding two rule changes on disruptive quoting and trading activity, which became effective last December. The first rule change explicitly defines and specifically prohibits two types of quoting and trading activity that are deemed to be disruptive, while the second rule change amended the FINRA procedural rules to create a process for FINRA to expedite the issuance of a permanent cease-and-desist order against a respondent that frequently engages in disruptive quoting and trading activity. (6/7/2017) FINRA regulatory notice.