Rule change to reduce clock synchronization tolerance for computer cocks that are used to record events in NMS securities and OTC equity securities.The SEC approved a new Clock Synchronization standard of 50 milliseconds pertinent to computer clocks that are used to record certain events in NMS securities or OTC equity securities. Firms have six months from the August 15, 2016 effective date (until February 20, 2017) to apply the new 50 millisecond standard to impacted system clocks that capture time in milliseconds; firms have 18 months from the August 15, 2016 effective date (until February 19, 2018) to apply the new standard to impacted system clocks that do not capture time in milliseconds. (7/7/2016)
Consolidated FINRA Rule 3210 is approved. The SEC approved FINRA’s proposal to adopt a new, consolidated rule governing accounts opened or established by associated persons at firms other than the firm at which they are employed. The new rule, FINRA Rule 3210 (Accounts At Other Broker-Dealers and Financial Institutions), helps facilitate effective oversight of such accounts and takes effect on April 3, 2017. (6/30/2016)
Economic calendar is added to EMMA. The Municipal Securities Rulemaking Board (MSRB) announced that it has added an economic calendar to its Electronic Municipal Market Access (EMMA) website. Without having to leave the EMMA page, users can now more readily access a calendar with dates and descriptions of important upcoming macroeconomic developments that could impact the trading and issuance of municipal securities. (6/27/2016)
MSRB announces availability of ABLE offering documents on EMMA. The MSRB announced that it will make available offering documents regarding securities established under the Stephen Beck Jr., Achieving a Better Life Experience Act of 2014 for the first time through the EMMA website. (6/21/2016) MSRB press release.
FINRA to hold elections for Board of Governors at upcoming annual meeting.FINRA will conduct elections for one Small Firm Governor and one Large Firm Governor to the FINRA Board of Governors at the upcoming annual meeting of FINRA firms. Petitions for candidacy by eligible individuals are due on or before August 5, 2016. (6/21/2016) FINRA Election Notice.