MSRB proposes shortening the settlement cycle for municipal securities. The Municipal Securities Rulemaking Board requested comment on a proposal to amend its rules to shorten the settlement cycle for municipal securities transactions from the current T+3 (trade date plus three days) regular-way settlement cycle to a T+2 (trade date plus two days) regular-way settlement cycle. Comments are due on or before December 10, 2015. (11/10/2015) MSRB Regulatory Notice 2015-22.
FINRA extends effective date for compliance with certain Electronic Blue Sheet data elements. The Financial Industry Regulatory Authority announced that it has extended the effective date for compliance with certain Electronic Blue Sheet data elements concerning larger trader identification until November 1, 2017. (11/6/2015) FINRA Regulatory Notice 15-44.
New Year will bring new regulatory responsibilities to NYSE. The New York Stock Exchange LLC notified its members regarding the transfer of certain regulatory responsibilities from FINRA to NYSE Regulation that will occur on January 1, 2016. (11/4/2015) NYSE Information Notice 15-6.
Online CE Program for the S101 Regulatory Element. FINRA announced that the S101 Regulatory Element Continuing Education (CE) Online Program will be available beginning on January 4, 2016, to those who have an S101 Regulatory Element CE enrollment window that is open on that date. (11/4/2015) FINRA Information Notice.
Abbreviated TRACE reporting period for ABS transactions. FINRA announced that beginning December 7, 2015, asset-backed security transactions must be reported no later than 15 minutes from the time of execution, except for transactions executed shortly before or during the closure of the TRACE system. (11/4/2015) FINRA press release.
NFA releases updated Forex Regulatory Guide. The National Futures Association published an updated version of its regulatory guide for Forex transactions. (11/3/2015) NFA Forex Regulatory Guide.
FINRA introduces electronic platform for subordination submissions. FINRA announced that as of November 30, 2015, all requests to approve proposed subordinated loan agreements and secured demand note agreements, or to renew existing ones, must be submitted through its new electronic platform on the Firm Gateway. (11/2/2015) FINRA Regulatory Notice 15-42.
FINRA Chair announces retirement. FINRA announced the retirement of Chair and CEO Richard Ketchum, which will occur in the second half of 2016.
(10/30/2015) FINRA press release.
FINRA advises investors to use caution when trading binary options. FINRA issued an Investor Alert that discusses the risks posed by trading binary options, which contain inherent risks and are also used frequently in fraudulent schemes. (10/26/2015) FINRA press release.
New TRACE Software will affect non-member affiliates and enhanced market aggregates. FINRA announced that it will release new TRACE software for the trade reporting and distribution of non-member affiliate trades on November 2, 2015. (10/26/2015) FINRA Industry Notice.
FINRA revises Series 27 and Series 28 examination programs. FINRA announced changes to the Financial and Operations Principal (Series 27) and Introducing Broker-Dealer Financial and Operations Principal (Series 28) examination programs, which include revisions to each examination’s content outline and the addition of information regarding job functions. The revisions will be effective December 14, 2015. (10/23/2015) FINRA Regulatory Notice 15-39.
NFA members required to adopt cybersecurity measures. The NFA adopted a Cybersecurity Interpretive Notice that will require all member firms to adopt and enforce written policies and procedures to secure customer data and access to their electronic systems. The Cybersecurity Interpretive Notice will become effective on March 1, 2016. (10/23/2015) NFA press release.