Tanja Samardzija at Katten Muchin Rosenman LLP

FINRA and ISG Extend Effective Date for Certain Electronic Blue Sheet Data Elements

The Securities and Exchange Commission recently extended the compliance date for the broker-dealer recordkeeping, reporting and monitoring requirements of the Large Trader Reporting Rule from May 1, 2013 to November 1,...more

4/24/2013 - Effective Filing Date Electronic Blue Sheets Extensions FINRA SEC

Proposed Change to FINRA Rule Regarding Release of Disciplinary Complaints, Decisions and Other Information

The Financial Industry Regulatory Authority filed a proposed rule change to amend Rule 8313, which governs the release of disciplinary and other information by FINRA to the public. Among other things, amended Rule 8313 would...more

4/2/2013 - Disciplinary Proceedings FINRA Public Disclosure SEC

NASDAQ Files to Change Order Processing Algorithm, Permit Registration of Market Makers and Amend Order Types on PSX

In 2010, NASDAQ OMX PHLX LLC (PHLX) launched NASDAQ OMX PSX (PSX) as a platform for trading NMS stocks using a price/size execution model. Now PHLX has filed a proposed rule change to adopt a price/time model for PSX. PHLX is...more

4/2/2013 - Nasdaq PHLX PSX SEC

SEC Issues FAQs Regarding Rule 15a-6 and Foreign Broker-Dealers

Pursuant to Securities and Exchange Commission Rule 15a-6 adopted under the Securities Exchange Act of 1934, certain exemptions from broker-dealer registration are available for foreign broker-dealers that engage in limited...more

4/2/2013 - Broker-Dealer Foreign Investment Investors SEC Securities Exchange Act

FINRA Proposed Rule Change to Extend Temporary Limit on Application of FINRA Rules to Security-Based Swaps

On July 1, 2011, the Securities and Exchange Commission granted temporary exemptions under the Securities Exchange Act of 1934 in connection with the pending revision of the definition of “security” to encompass...more

4/2/2013 - FINRA SEC Security-Based Swaps

SEC Approves on an Accelerated Basis FINRA Rule Change Relating to Margin Requirements for Credit Default Swaps

The Securities and Exchange Commission has approved a Financial Industry Regulatory Authority proposed change to amend FINRA Rule 4240, which implements an interim pilot program with respect to margin requirements related to...more

4/2/2013 - Credit Default Swaps FINRA Margin Requirements SEC

Court Rules FERC Does Not Have Authority to Fine Trader for Manipulation of Futures Contracts

Pursuant to the Energy Policy Act of 2005, the Federal Energy Regulatory Commission (FERC) fined a natural gas trader $30 million for manipulating the settlement price for natural gas futures contracts on the New York...more

3/26/2013 - CFTC FERC Futures Natural Gas

CFTC Grants Relief from Required Clearing for Swaps Resulting from Multilateral Portfolio Compression

On March 18, the Commodity Futures Trading Commission’s Division of Clearing and Risk granted no-action relief relating to the clearing requirement for swaps resulting from multilateral portfolio compression exercises (as...more

3/26/2013 - CFTC Mandatory Clearing Requirements Multilateral Portfolio Compression No-Action Relief Swaps

CFTC Grants Relief from Required Clearing for Partial Novation and Partial Termination of Swaps

On March 20, the Commodity Future Trading Commission’s Division of Clearing and Risk granted no-action relief from the clearing requirement for “stub” swaps that result when two counterparties agree to reduce the notional...more

3/26/2013 - CFTC Mandatory Clearing Requirements No-Action Relief Novation Stub Swaps Termination

CFTC Approves CME Swap Data Reporting Rule

On March 6, the Commodity Futures Trading Commission approved the Chicago Mercantile Exchange Inc.’s (CME) request to adopt CME Rule 1001. CME Rule 1001 addresses the CME’s obligation, in its capacity as a derivatives...more

3/13/2013 - CFTC CME Derivatives Clearing Organizations Reporting Requirements Swap Data Repositories Swaps

SEC 2013 Examination Priorities

The Securities and Exchange Commission’s National Examination Program (NEP) published its examination priorities for 2013. The examination priorities address market-wide issues as well as issues with respect to the following...more

3/6/2013 - Conflicts of Interest Data Protection Fraud NEP Risk Management SEC

FINRA Offers Changes to Proposed Rules Governing Markups, Commissions and Fees

In February 2011, the Financial Industry Regulatory Authority initially sought comment on proposed rules governing markups, commissions and fees...more

2/19/2013 - Broker Commissions Fees FINRA Markups

FINRA Proposes Rule Change that Would Require Reporting OTC Equity Transactions Within 10 Seconds

The Financial Industry Regulatory Authority has filed a proposed rule change requiring trades and trade cancellations in over-the counter (OTC) transactions in National Market System stocks and OTC equity securities (as...more

2/19/2013 - Equity Transactions FINRA OTC Reporting Requirements

SEC Extends Expiration Date for Interim Final Rules Providing Exemptions for Security-Based Swaps

In July 2011, the Securities and Exchange Commission approved interim final rules that exempt security-based swaps from all provisions of the Securities Act of 1933 (other than the anti-fraud provisions of Section 17(a)), as...more

2/6/2013 - Exemptions SEC Security-Based Swaps

Proposed Rule Change to Amend FINRA Rule Regarding Investor Education and Protection Disclosures

The Financial Industry Regulatory Authority filed a proposed rule change to amend FINRA Rule 2267 to require a member firm to include a description of and link to FINRA BrokerCheck on its website, social media page and any...more

1/15/2013 - BrokerCheck FINRA Investors Notice Requirements

NYSE Eliminates Certain Equities Account Type Indicators

The New York Stock Exchange LLC and NYSE MKT LLC have eliminated certain equities Account Type Indicators (ATIs). As of October 15, 2012, member organizations were no longer required to use the eliminated ATIs...more

1/14/2013 - Account Type Indicators Equity Securities NYSE

FINRA Requests Comment on Proposed Rule Requiring Disclosure of Conflicts of Interest in Recruitment Incentives

Member firms often offer financial incentives when recruiting registered representatives. The Financial Industry Regulatory Authority has stated that it believes such financial incentives raise conflicts of interest that...more

1/14/2013 - Conflicts of Interest FINRA Recruitment Incentives

FINRA Provides Guidance on Rules Governing Communications with the Public

The Securities and Exchange Commission approved a rule change by the Financial Industry Regulatory Authority pursuant to which National Association of Securities Dealers (NASD) Rules 2210 and 2211 and NASD Interpretive...more

1/14/2013 - FINRA Public Communications SEC

No-Action Letter Regarding Definition of "Ready Market" with Regard to Foreign Equity Securities Pursuant to SEC Rule...

Currently, under Securities and Exchange Commission Rule 15c3-1 (the Net Capital Rule), broker-dealers may treat equity securities of a foreign issuer that are listed on the FTSE World Index as having a ready market. A ready...more

12/28/2012 - Broker-Dealer FINRA Foreign Equity Securities Foreign Exchanges Issuers No-Action Letters SEC

Additional Guidance on FINRA's Suitability Rule

In May 2012, the Financial Industry Regulatory Authority provided guidance on Rule 2111 (Suitability) by providing answers to frequently asked questions (FAQs). Answers that supersede some of these FAQs and additional FAQs...more

12/28/2012 - Broker-Dealer FINRA Investment Adviser Suitability Rule

SEC Issues Exemptive Order in Connection with Portfolio Margining of Cleared Swaps and Security-Based Swaps

Provisions of the Securities Exchange Act of 1934 (Exchange Act) and the Commodity Exchange Act (CEA) preclude market participants from portfolio margining collateral and other property that is required by the Exchange Act...more

12/27/2012 - Broker-Dealer CEA CFTC Dodd-Frank SEC Swaps

FINRA Rule Relating to Private Placements of Securities Effective December 3

In the September 14, 2012, edition of Corporate and Financial Weekly Digest, the firm published a summary of the Financial Industry Regulatory Authority’s Rule 5123 regarding private placement of securities...more

12/27/2012 - FINRA Private Investment Funds

No-Action Relief Granted with Respect to Classification of Certain Persons as Owners of Broker-Dealers for Purposes of the Net...

On December 10, 2012, the Securities and Exchange Commission granted no-action relief in a situation in which a broker-dealer classifies: a person (in one or more classes of ownership of the broker-dealer) as an owner of the...more

12/27/2012 - Broker-Dealer No-Action Letters SEC

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Tanja Samardzija

Katten Muchin Rosenman LLP

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