FINRA announces 2018 cybersecurity conference. The Financial Industry Regulatory Authority announced the details of its annual cybersecurity conference, which will be held on February 22, 2018, in New York City. (10/23/2017) FINRA press release.
FINRA distributes ballots to small firms for NAC and SFAB elections. FINRA provided notice to small firms of elections to fill an open small firm seat on the National Adjudicatory Council and to elect one North Region and one South Region representative to the Small Firm Advisory Board. Ballots for all elections are due on or before November 20, 2017. (10/20/2017)
FINRA District Committee elections. FINRA will hold elections to fill vacancies on the FINRA District Committees. Firms eligible to vote in the elections should submit ballots on or before November 20, 2017. (10/20/2017) FINRA election notice.
CHX’s proposed speed bump gets green light from the SEC. The Wall Street Journal reported that the SEC has approved the Chicago Stock Exchange’s proposed “speed bump,” which is designed to prevent high-frequency traders from gaining an advantage over slower traders. CHX’s speed bump will not apply to certain market-makers, a feature that some traders have criticized because it treats market participants unequally. (10/19/2017)
NFA considers increase to assessment fee. The National Futures Association’s Executive Committee has recommended an increase in the NFA’s assessment fee from $0.01 per side to $0.02 per side for futures and options contracts. If approved by both the NFA Board and the CFTC, the increase would become effective on January 1, 2018. (10/20/2017) NFA Notice I-17-20.
FINRA proposal would expand options for customers to withdraw arbitration claims. FINRA requested comments on proposed amendments to its Code of Arbitration Procedure for Customer Disputes that would increase a customer’s options to withdraw an arbitration claim if a firm or an associated person becomes inactive before a claim is filed or during a pending arbitration. Comments are due on or before December 18, 2017. (10/18/2017) FINRA Regulatory Notice 17-33.
FINRA seeks feedback on non-attorney representatives in arbitration. FINRA is seeking feedback from forum users on their experiences with compensated non-attorney representatives in an effort to determine whether to continue allowing these firms to represent clients in securities arbitration and mediation. Comments are due on or before December 18, 2017. (10/18/2017) FINRA Regulatory Notice 17-34.
MSRB publishes discussion items for Board meeting. At its meeting on October 25-26, 2017, the Municipal Securities Rulemaking Board’s Board of Directors will consider measures to facilitate compliance with MSRB rules; upcoming rule changes on mark-up disclosure and prevailing market price of municipal securities; and amendments to its rules on the Real-Time Transaction Reporting System. (10/18/2017) MSRB press release.
MSRB raises concerns about risky municipal market practices to SEC’s Investor Advocate. The MSRB sent a letter to the SEC’s Office of the Investor Advocate in which it identified products and practices within the municipal securities market that may have an adverse impact on retail investors. (10/17/2017) MSRB press release.
MSRB publishes fiscal year 2018 budget summary. The MSRB released a budget summary for the 2018 fiscal year, which explains how projected revenues and spending align with the MSRB’s strategic activities and goals. (10/17/2017) MSRB press release.
FINRA reminds firms of sales practice obligations for volatility-linked ETPs. FINRA offered guidance to firms regarding their sales practice obligations in connection with volatility-linked exchange-traded products, which are very likely to lose value over time and therefore may be unsuitable for certain retail investors. (10/16/2017) FINRA Regulatory Notice 17-32.