SEC approves generic listing standards for actively managed ETFs. Bloomberg reported that the SEC approved proposed rules filed by NYSE Arca, Inc. and BATS Exchange, Inc. to adopt generic listing standards for shares of actively managed exchangetraded funds. The new rules are expected to simplify the listing process for ETFs and reduce costs for issuers. (7/22/2016)
FINRA reminds firms of rules governing forum selection provisions for arbitration. The Financial Industry Regulatory Authority published a Regulatory Notice that reminds firms of FINRA’s rules regarding its arbitration forum and pre dispute arbitration agreements. FINRA noted that agreements with customers or associated persons that require them to waive their right to arbitration or to arbitrate in another venue would violate FINRA’s rules. (7/22/2016) FINRA Regulatory Notice 1625.
FINRA Board of Governors July 2016 meeting. At its July 2016 meeting, FINRA’s Board of Governors elected Jack Brennan to serve as FINRA’s Chairman and Display Facility by member firms for trade reporting purposes, a safe harbor for desk commentary from specified debt and equity research rules, and the expansion of TRACE reporting to US Treasury securities. (7/15/2016) FINRA press release.
FINRA will modify certain Electronic Blue Sheet data elements. FINRA announced modifications by FINRA and other members of the Intermarket Surveillance Group to certain equity and option data elements for Electronic Blue Sheets. The changes modify certain equity data elements to be consistent with NYSE Regulation Information Memorandum 162 and NYSE Arca Equities Regulatory Bulletin 1639. FINRA will modify other data elements in light of the SEC’s approval of the Investors Exchange, LLC. The changes will become effective on December 30, 2016. (7/14/2016) FINRA Regulatory Notice 1624.