FINRA proposes “Limited Corporate Financing Brokers.” The Financial Industry Regulatory Authority proposed rules for “limited corporate financing brokers,” a firm that engages in limited activities centered on advising companies and private equity funds on capital raising and corporate restructuring. Comments should be submitted by April 28, 2014. (2/26/2014) FINRA Regulatory Notice 14-09. See our Client Alert concerning this proposal.
Block trades. NYSE Regulation reminded members that block-sized agency crosses under Rule 72(d) can only be effected when in possession of an order to buy and an order to sell an equivalent amount of the same security, and both orders are for 10,000 shares or a quantity of stock having a market value of US$200,000 or more, whichever is less. (2/25/2014) NYSE Information Memo 14-6.
Credit derivative definitions. The International Swaps and Derivatives Association has published the 2014 ISDA Credit Derivatives Definitions. (2/21/2014) ISDA press release.
FINRA BrokerCheck proposals approved. The SEC has approved Financial Industry Regulatory Authority rule changes related to FINRA Rule 8312 (FINRA BrokerCheck Disclosure). (2/20/2014) FINRA Regulatory Notice 14-08.
MSRB proposes best execution requirement. The Municipal Securities Rulemaking Board has proposed explicitly requiring municipal securities dealers to seek the most favorable price possible when executing transactions for retail investors. Comments should be submitted by March 21, 2014. (2/19/2014) MSRB press release.