NFA adds LEI information swap dealer/major swap participant registry. The National Futures Association announced that its swap dealer/major swap participant registry will now include the legal entity identifier (LEI) and it will discontinue the original version of the registry that does not contain LEI information on July 1, 2016. (12/8/2015) NFA Notice I-15-28.
FINRA requires firm websites to link to BrokerCheck. FINRA announced that the SEC approved its rule amendments that will require member firms’ websites to include a readily apparent reference and hyperlink to BrokerCheck on the initial webpage firms intend to be viewed by retail investors and on all pages containing the professional profiles of registered representatives who conduct business with retail investors. The amendments will become effective on June 6, 2016. (12/7/2015) FINRA Regulatory Notice 15-50.
NFA guidance on annual affirmation requirement for exempt CPOs and CTAs.The NFA published guidance for registered commodity pool operators (CPOs) and commodity trading advisors (CFAs) regarding the required annual affirmation for entities operating under an exemption or exclusion from CPO or CTA registration under CFTC regulations, which must be completed on or before February 29, 2016. (12/1/2015) NFA Notice I-15-26.
FINRA will publish OTC equity data. FINRA announced that the SEC approved its proposal to publish the remaining equity volume executed OTC by member firms, including the trading activity of non-alternative trading system electronic systems and internalized trades. FINRA will make the data available on its website beginning April 25, 2016. (11/25/2015) FINRA Regulatory Notice 15-48.
NYSE prepares for changes to disciplinary rules and process. The New York Stock Exchange LLC issued its third Information Memo regarding the transition of certain surveillance, investigation and enforcement functions from FINRA to NYSE Regulation, which outlines proposed changes to its existing disciplinary rules and the process for disciplinary proceedings after January 1, 2016. (11/23/2015) NYSE Information Memo 15-8.
MSRB prepares dealers for implementation of its best-execution rule. The MSRB offered guidance to municipal securities dealers regarding the implementation of the MSRB’s new “best execution” rule, including an explanation of how best-execution concepts, such as the standard of “reasonable diligence,” apply to municipal securities transactions and the exemption for transactions with sophisticated municipal market professionals. (11/20/2015) MSRB press release.
FINRA offers guidance regarding best execution requirements in fixed income securities transactions. FINRA released guidance aimed at reminding firms of their obligation to provide the best execution for their customers’ orders in equities, options and fixed income securities and addressing specific issues regarding best execution requirements in the fixed income market. (11/20/2015) FINRA Regulatory Notice 15-46.
MSRB publishes regulatory and compliance guide for municipal advisors. The MSRB issued a compliance advisory for municipal advisors, which offers guidance to municipal advisors in understanding regulatory requirements and identifying potential risks associated with failing to implement appropriate compliance controls. (11/12/2015) MSRB press release.
NYSE makes available electronic submission of documents responding to regulatory inquiries. The NYSE issued an Information Memo informing members that, as part of the transfer of certain regulatory responsibilities from FINRA, it has launched a new utility to allow members to transmit data related to regulatory inquiries via secure FTP. (11/11/2015) NYSE Information Memo 15-7.
NFA issues FAQs to assist in filing CTA and CPO forms. The NFA published responses to frequently asked questions to aid CPOs and CTAs in completing and filing CTA Form PR and the CPO Form PQR, as well as a tutorial video to provide support in filing and completing Form PR. (11/10/2015) NFA Notice I-15-25.