Financial Industry Regulatory Authority

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Corporate and Financial Weekly Digest - Volume IX, Issue 41

In this issue: - ISS Releases 2015 Draft Voting Policy Changes for Comment - SEC Investor Advisory Committee Releases Recommendations on Changes to Accredited Investor Definition - FINRA Proposes to...more

Referral Fees and Commission Sharing - When May Broker-Dealers Share Their Fees with Non-Brokers?

FINRA recently filed proposed rule changes with the SEC addressing when broker-dealers may pay referral fees or otherwise share compensation with persons who are not registered as broker-dealers. The proposed rule changes are...more

Securities Enforcement Forum 2014 — SEC/FINRA Investigations & Cybersecurity Priorities

Yesterday I blogged from the Securities Enforcement Forum 2014, Bruce Carton’s excellent one-day conference, held at the Four Seasons hotel in Washington, D.C. The posts will be fairly raw, and certainly not verbatim...more

FINRA Reminds Anti-Whistleblower Provisions Are Not Permitted in Settlement Agreements

FINRA has published a regulatory notice where it reminds firms that it is a violation of FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) to include confidentiality provisions in settlement agreements...more

FINRA Provides New Carve-Out Provisions to Include in Settlement and Confidentiality Agreements

Financial Industry Regulatory Authority (FINRA) Member Firms have new language to include in their settlement and confidentiality agreements. On October 9, FINRA released Regulatory Notice (RN) 14-40, warning that firms are...more

Proposed FINRA Rule 2231 Governing Customer Account Statements

Through its recent Regulatory Notice 14- 35, the Financial Industry Regulatory Authority (“FINRA”) announced and sought comments on its proposed new Rule, FINRA Rule 2231, governing the frequency and availability of customer...more

SEC Requests Comment on Proposed FINRA Rules Regarding Payment to Unregistered Persons

On September 25, 2014, the U.S. Securities and Exchange Commission (the “SEC”) solicited public comment on proposed FINRA rule changes (the “proposal”) that would substantively amend existing NASD and NYSE rules regarding...more

FINRA Postpones Rules on MPID Requirements for ATSs

On October 2, the Financial Industry Regulatory Authority, Inc. postponed the implementation date of the Market Participant Identifier (MPID) requirements for Alternative Trading Systems (ATSs) when reporting weekly volume...more

FINRA Proposes to Extend Tier Size Pilot for OTC Equity Securities

On October 3, the Financial Industry Regulatory Authority, Inc. proposed to amend FINRA Rule 6433 to extend to February 13, 2015, the operation of the Tier Size Pilot (Pilot) that changed minimum quotation sizes (tier sizes)...more

FINRA Proposes to Make Permanent the Limited Fee Waiver Pilot Program for TRACE Data

On October 3, the Financial Industry Regulatory Authority, Inc. proposed a rule change to FINRA Rule 7730(C)(1)(A) to adopt as permanent the pilot program to provide certain market participants with a one-month trial period...more

Corporate and Financial Weekly Digest - Volume IX, Issue 40

In this issue: - SEC Division of Corporation Finance Issues New C&DI Related to Rule 147 and Website/Social Media Use - Director of SEC Division of Corporation Finance Gives Speech on Securities...more

Regulators at SIFMA Regional Conference Highlight Regulatory, Litigation and Arbitration Risks

At a recent regional SIFMA conference, the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and state regulators discussed the risks inherent in the ongoing low-yield environment....more

Financial Services Weekly News Roundup - October 2014 #2

Spotlight on the MSRB: In the Industry Developments section we report that the SEC, FINRA and the MSRB will be conducting a compliance outreach program for municipal advisors. The Municipal Securities Rulemaking Board was...more

Assessing the Increased Regulatory Focus on Public Company Internal Control and Reporting

Over the past few months, the Securities and Exchange Commission (‘‘SEC’’) has publicly stated its increasing focus on public company internal controls and related reporting obligations. In February of this year at the...more

FINRA Issues Notice on Comprehensive Automated Risk Data System

On September 30, FINRA issued Regulatory Notice 14-37 requesting comments on a proposed rule to implement the Comprehensive Automated Risk Data System (CARDS). FINRA has described CARDS as a rule-based program that would...more

FINRA Requests Comment on a Rule Proposal to Implement the Comprehensive Automated Risk Data System

In December 2013, the Financial Industry Regulatory Authority, Inc. released a concept proposal seeking comments on an initiative to implement the Comprehensive Automated Risk Data System (CARDS), which would be designed to...more

FINRA Announces New Proposal for Brokerage Data Collection

On September 30th, the Financial Industry Regulatory Authority (FINRA) announced a proposed rule that would implement the controversial Comprehensive Automated Risk Data System (CARDS). Under the proposed rule, FINRA seeks to...more

Corporate and Financial Weekly Digest - Volume IX, Issue 39

In this issse: - ISS Publishes Results of Annual Global Voting Policy Survey - FINRA Requests Comment on a Rule Proposal to Implement the Comprehensive Automated Risk Data System - NFA Issues Notice...more

SEC, FINRA and the MSRB Announce Compliance Outreach Program for Municipal Advisors

The Securities and Exchange Commission (the SEC), the Financial Industry Regulatory Authority (FINRA), and the Municipal Securities Rulemaking Board (the MSRB) announced today the opening of registration for the first...more

"Disclosure and Collateral Consequences of Enforcement Actions for Regulated Financial Services Firms"

Financial services firms facing enforcement proceedings at the hands of the U.S. Securities and Exchange Commission (SEC) or any other financial industry regulator must consider disclosure obligations in the context of the...more

FINRA Board Approves Several Rulemaking Items Including Proposed Rule Changes Regarding Algorithmic Trading and Enhanced...

The Financial Industry Regulatory Authority, Inc. announced on September 19 that the FINRA Board of Governors (Board) approved several new rule initiatives. Among the initiatives, FINRA will seek comment from members on a...more

Corporate and Financial Weekly Digest - Volume IX, Issue 38

In this issue: - SEC Releases Strategic Plan for 2014–2018 - House Passes Bill H.R. 5405 “Promoting Job Creation and Reducing Small Business Burdens Act” - FINRA Board Approves Several Rulemaking Items...more

Financial Services Weekly News Roundup - September 2014 #2

In this Issue: Last week brought news of several enforcement actions by the SEC against investment advisers on a number of issues: Rule 105 of Regulation M, improper withdrawals characterized as management fees, violation of...more

Second Circuit Holds Forum Selection Clause Supersedes FINRA’s Mandatory Arbitration Rule

In Goldman, Sachs & Co. v. Golden Empire Schools Financing Authority, No. 13-797-cv, 2014 WL 4099289 (2d Cir. Aug. 21, 2014), the United States Court of Appeals for the Second Circuit held that a forum selection clause in a...more

FINRA Revises Proposal to Adopt Consolidated FINRA Rule 2231

On September 16, the Financial Industry Regulatory Authority, Inc. requested comments on a revised proposal to adopt consolidated FINRA Rule 2231 regarding Customer Account Statements. ...more

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