Investors support regulation. A survey conducted by the Financial Industry Regulatory Authority found that 92 percent of investors agreed (62 percent strongly agreed and 30 percent somewhat agreed) that it is important to have a regulatory “cop on the beat” to protect investors and police the markets. (11/6/2014) FINRA press release.
Tick-size pilot proposed. A joint industry plan implementing a tick size pilot for small companies was published by the SEC. Comments should be submitted by December 22, 2014. (11/3/2014) SEC Release No. 34-73511.
Public display of FCM financial information. The National Futures Association has made changes to the information displayed on each FCM’s BASIC page. Beginning on November 25, 2014, information from a FCM’s Segregated Investments Detail Report (SIDR) will be displayed as a percentage on each FCM’s Customer Segregated Funds, Customer Secured Amount Funds and Cleared Swaps Customer Collateral reports, as applicable. (11/3/2014) NFA Notice I-14-28.
Supplemental inventory schedule. The SEC approved the Financial Industry Regulatory Authority’s proposed Supplemental Inventory Schedule (SIS), a supplemental schedule that must be filed by a firm that is required to file FOCUS Report Part II, FOCUS Report Part IIA or FOGS Report Part I, and has inventory positions as of the end of the FOCUS or FOGS reporting period, unless the firm has (1) a minimum dollar net capital or liquid capital requirement of less than US$100,000 or (2) inventory positions consisting only of money market mutual funds. (10/23/2014) FINRA Regulatory Notice 14-43.
Arbitrator authority to make referrals. The SEC has approved the Financial Industry Regulatory Authority’s proposed amendments to the Customer and Industry Codes to permit arbitrators to refer a matter which the arbitrator has reason to believe poses a serious threat that is likely to harm investors unless immediate action is taken. (10/17/2014) FINRA Regulatory Notice 14-42.
MSRB professional qualification requirements. The SEC approved the Municipal Securities Rulemaking Board’s proposed amendments on professional continuing education requirements to require brokers, dealers and municipal securities dealers to conduct annual municipal securities training for registered representatives who regularly engage in, and municipal securities principals who regularly supervise, municipal securities activities. (10/15/2014) SEC Release No. 34-73368.