July 29, 2014
FINRA Begins Publicly Disseminating Rule 144A Corporate Debt Transaction Data
On June 30, 2014, FINRA began publicly releasing Rule 144A corporate debt transaction data through the Trade Reporting and Compliance Engine (TRACE).
July 11, 2014
FINRA Proposes New Mark-Up Rule—No Changes from NASD Rule
On May 21, 2014 FINRA proposed rule changes to the SEC, adopting current NASD Rule 2440 and Interpretive Material 2440-1 and 2440-2 as FINRA Rule 2121.
June 13, 2014
FINRA Proposed Amendment to Communication with Public Rule to Incorporate Link to BrokerCheck.
FINRA has requested comments on proposed FINRA Rule 2210(d)(8), which would require a firm to have a hyperlink to BrokerCheck on any website that is available to retail investors, and in any online retail communications that include the professional profile or contact information of an associated person. The purpose of…
October 25, 2013
SEC and FINRA Issue Proposed Rules on Crowdfunding
On October 23, 2013, the SEC in an Open Meeting issued proposed regulations enabling crowdfunding under Title III of the JOBS Act. The new regulation is called Regulation Crowdfunding and if finalized will create rules under the 33 Act and the 34 Act that we enable small businesses to raise capital with an exemption from registration of their securities.
September 25, 2013
SEC Amends Broker-Dealer Financial Responsibility and Reporting Rules
On July 30, 2013, the SEC adopted amendments to its financial responsibility rules, including changes to the net capital rule, the customer protection rule, the recordkeeping rules and the notification rules applicable to broker-dealers under the Securities Exchange Act of 1934,. The SEC first proposed the amendments on March 9,…
September 18, 2013
SEC Establishes Registration Rules for Municipal Advisors
The SEC has adopted permanent registration rules for municipal advisors as required by the Dodd-Frank Act. The new rules, which will become effective 60 days after they are published in the Federal register, require a municipal advisor to permanently register with the SEC if it provides advice on the issuance of municipal securities, municipal derivates or about certain investment strategies for proceeds from the sale of municipal securities. Registered municipal advisors will have to adhere to standards for training, qualification and conduct, including the treatment of conflicts of interest.
September 5, 2013
The SEC Solicits Comments on a Proposed Rule Change Relating to Wash Sale Transactions and FINRA Rule 5210
On August 15, 2013, FINRA filed with the SEC a proposal to add supplementary material to FINRA Rule 5210 (Publications of Transactions and Quotations) to address members' obligations with respect to certain securities transactions that involve no change in the beneficial ownership of those securities, commonly known as "wash sales". On August 28, 2013, the SEC published a notice to solicit comments on the proposed rule change.
July 11, 2013
SEC Lifts Ban on General Solicitation and General Advertising for Certain Private Placements
In its open meeting on July 10, 2013, the SEC lifted the ban on general solicitation and advertising for certain private placements under Rule 506 and Rule 144A. These amendments to the rules become effective 60 days after they are published in the Federal Register. Broker-dealers should note that…
July 10, 2013
FINRA Issues Proposed Regulations Consolidating Supervision Rules
On June 21, 2013 FINRA filed proposed regulations with the SEC to adopt the consolidated FINRA supervision rules. These rules will integrate and harmonize NASD and NYSE rules on supervision. With this proposed rule change, FINRA continues its development of a FINRA consolidated rulebook. These proposed regulations will…
June 26, 2013
FINRA to Provide Rulebook Guidance for Limited Broker-Dealers
On June 11, 2013, FINRA’s Chief Legal Officer, Bob Colby, discussed potential regulatory revisions for limited purpose broker-dealers during an interview series entitled “A Few Minutes with FINRA.” Colby said that an internal review was underway to determine certain categories of broker dealers (i.e. broker-dealers that don’t touch funds or…