In this issue;
- ISS Publishes Proposed Changes to Proxy Voting Policies
- SEC’s Division of Corporation Finance Issues Bulletin Regarding Legal and Tax Opinions
- Derivatives Clearing Organization General Provisions and Core Principles
- Position Limits for Futures and Swaps
- Amendments to Effective Date for Swap Regulation
- FINRA Proposed Rule Regarding Best Execution and Interpositioning
- Pennsylvania District Court Holds Swiss Corporation is Not Alter Ego of US Corporation
- California District Court Dismisses Securities Fraud Class Action Suit
- Federal Reserve Approves Final Rule for "Living Wills"
- An excerpt from FINRA Proposed Rule Regarding Best Execution and Interpositioning
On October 17, Financial Industry Regulatory Authority filed with the Securities and Exchange Commission a proposed rule change to adopt NASD Rule 2320 (Best Execution and Interpositioning) and Interpretive Material (IM) 2320 (Interpretive Guidance with Respect to Best Execution Requirements) as FINRA Rule 5310 in the consolidated FINRA rulebook. Like NASD Rule 2320 (commonly known as the “Best Execution Rule”), FINRA Rule 5310 would require a member, in any transaction for or with a customer or a customer of another broker-dealer, to “use reasonable diligence to ascertain the best market for the subject security and buy or sell in such market so that the resultant price to the customer is as favorable as possible under prevailing market conditions.” FINRA Rule 5310 is based largely on NASD Rule 2320. In addition, IM-2320 will be adopted as Supplementary Material to Rule 5310; however, it is important to note that the Supplementary Material contains the following significant changes...
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