US Exchanges and Self-Regulatory Organizations

FINRA workshop on TRACE reporting of US Treasury Securities. The Financial Industry Regulatory Authority will hold a phone-in workshop on June 8, 2017, to help firms prepare to comply with the requirement to report transactions in US Treasury Securities to the Trade Reporting and Compliance Engine, which will be required starting on July 10, 2017. FINRA press release. 

FINRA revises Investor Alert on crowdfunding. FINRA updated its Investor Alert on crowdfunding and the Jumpstart Our Business Startups Act to reflect the inflation-adjusted increase in investment limits for securities-based crowdfunding approved by the SEC at the beginning of May. (5/17/2017) 

MSRB adopts continuing education requirements for municipal advisors. The Municipal Securities Rulemaking Board announced that the SEC has approved its proposal to establish continuing education requirements for municipal advisor firms. The MSRB will host an educational webinar on October 5, 2017, to help firms prepare for the new requirements, which will become effective on January 1, 2018. (5/17/2017) 

FINRA to review rules on outside business activities and private securities transactions. FINRA requested comments on its rules governing the outside business activities and private securities transactions of employees of broker-dealers as part of a retrospective rule review. Comments are due on or before June 29, 2017. (5/15/2017) FINRA press release. 

FINRA plans to enhance controls on high-risk brokers. FINRA announced that it intends to move forward with proposals to strengthen controls on brokers with a history of significant past misconduct and will issue Regulatory Notices requesting comments on these proposals and clarifying firms’ existing supervisory obligations concerning any high-risk brokers they employ. (5/11/2017) FINRA press release. 

FINRA notifies firms of rules amended to conform to shortened settlement cycle. FINRA offered guidance on rule amendments that will become effective on September 5, 2017, to conform FINRA rules to rule amendments approved by the SEC that shorten the standard settlement cycle for most broker-dealer transactions from three to two business days after the trade date. (5/11/2017) FINRA regulatory notice.