FINRA revises private placement filer form. The Financial Industry Regulatory Authority has revised the form that firms must use to file offering documents and information for the private placement of securities. Firms must begin using the revised form starting on May 22, 2017. (4/21/2017) FINRA regulatory notice.
FINRA extends deadline to comment on potential enhancements to engagement programs. FINRA extended the comment period on its request for input on potential improvements to its engagement programs. Comments are now due on or before June 19, 2017. (4/20/2017) FINRA special notice.
MSRB makes available free course for municipal bond issuers. The Municipal Securities Rulemaking Board is offering a free online course to assist municipal government professionals who finance public projects with municipal bonds in understanding best practices and potential risks during the issuance process. (4/19/2017) MSRB press release.
FINRA seeks comment on proposed limited safe harbor from its Equity and Debt Research Rules for Desk Commentary. FINRA requested comment on proposed amendments to FINRA Rule 2241 (Research Analysts and Research Reports) and FINRA Rule 2242 (Debt Research Analysts and Debt Research Reports) to create a limited safe harbor for specified brief, written analysis distributed to eligible institutional investors that comes from sales and trading or principal trading personnel but that may rise to the level of a research report. Comments must be submitted by May 30, 2017. (4/12/2017) Regulatory Notice 17-16.
FINRA seeks comment on proposal to amend its Corporate Financing Rule. FINRA requested comment on proposed amendments to FINRA Rule 5110 (Corporate Financing Rule – Underwriting Terms and Arrangements) to make substantive, organizational and terminology changes to the rule. Comments are due by May 30, 2017. (4/12/2017) Regulatory Notice 17-15.
FINRA seeks comment on its rules impacting capital formation. FINRA requested comment on the effectiveness and efficiency of its rules, operations and administrative processes governing broker-dealer activities related to the capital-raising process and their impact on capital formation. Comments must be submitted by May 30, 2017. (4/12/2017) Regulatory Notice 17-14. Also see FINRA press release.
FINRA’s NAC revises Sanction Guidelines. FINRA issued a notice instructing FINRA firms of revisions to FINRA’s Sanction Guidelines. FINRA introduced a periodic review of the Sanction Guidelines through the National Adjudicatory Council (NAC) to guarantee that the guidelines reflect recent developments in the disciplinary process, match with changes in FINRA’s rules, and accurately reflect the levels of sanctions imposed in FINRA disciplinary proceedings. (4/10/2017) Regulatory Notice 17-13. Also see FINRA press release.
FINRA enables firms to request time extensions under shortened settlement cycle. FINRA announced that it is updating the Regulatory Extension (REX) system to allow firms to file extension of time requests under a shortened settlement cycle. Firms can file such requests starting on September 11, 2017, through the batch file process and by completing the currently available online request form that is accessible by logging in to the REX system via the FINRA Firm Gateway. (4/7/2017) Regulatory Notice 17-12.