Financial Industry Regulatory Authority
On March 11th, InvestmentNews reported that the Financial Industry Regulatory Authority has submitted to the SEC a proposal that would require brokers to disclose to clients bonuses the brokers receive when they change firms. Bonus Disclosure.
International Securities Exchange
Amendment to Complex Order Rules Proposed.International Securities Exchange
On March 10th, the SEC provided notice of the International Securities Exchange's filing of a proposal to amend its rules by limiting certain types of complex orders from legging into the regular market. Comments should be submitted on or before April 4, 2014. SEC Release No. 34-71669.
NASDAQ OMX Group
NASDAQ Proposes the Listing of Active ETFs.NASDAQ OMX Group
On March 6th, the SEC provided notice of NASDAQ Stock Market's filing of a proposal to list and trade under proposed Nasdaq Rule 5745 the shares of a proposed new type of open-end management investment company registered under the Investment Company Act of 1940 called an Exchange-Traded Managed Fund. Comments should be submitted on or before April 2, 2014. SEC Release No. 34-71657.
Exchange Rules Now Permit Electronic Closings.NYSE Euronext
On March 10th, NYSE Regulation advised members that the New York Stock Exchange and NYSE MKT have amended Rules 104 and 123C to specify that closings may be effectuated electronically. The functionality for DMMs to close a security electronically was available beginning February 26, 2014. Supplementary material was recently added to Rule 123C to provide that closings may be effectuated manually or electronically. Effective February 26, 2014, DMM units are able to use algorithms to close securities electronically. NYSE Regulation Information Memo 14-7.