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).

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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.

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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…

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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.

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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,…

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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.

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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.

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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…

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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…

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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…

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