News & Analysis as of

Alternative Trading System (ATS) Financial Industry Regulatory Authority (FINRA)

Goodwin

SEC’s ATS Re-proposal Doubles Down on DeFi and Digital Asset Regulation

Goodwin on

In April 2023, the SEC re-proposed amendments to Exchange Act Rule 3b-16 to expand the definition of what it means to be an exchange. When the SEC initially proposed these amendments in January 2022, there were zero direct...more

Freeman Law

Crypto Exchanges & the SEC’s Proposed Redefinition of an “Exchange”

Freeman Law on

Recently, the SEC published a proposed new regulation (the “Proposed Rule”) to amend the definition of an “exchange” for purposes of the Securities Exchange Act. Any person whose conduct meets the Proposed Rule’s new...more

WilmerHale

10 Years On, SEC's Market Access Rule Still Lacks Clarity

WilmerHale on

The first 10 years of the U.S. Securities and Exchange Commission's Rule 15c3-5, known as the market access rule, have been a textbook example of the principle of regulation by enforcement, resulting in an informal patchwork...more

UB Greensfelder LLP

Credit Suisse Runs Into Trouble Trying To Monitor Outside Brokerage Accounts, Despite Its Best Intentions

UB Greensfelder LLP on

Sometimes, the numbers that FINRA cites in its settlements with big broker-dealers are so ridiculously large that it’s nearly impossible to compare these cases with those brought against small firms for similar rule...more

Perkins Coie

Blockchain Week in Review - December 2020

Perkins Coie on

U.S. Developments - Legislation - Congress Members Introduce Stablecoin Legislation - On December 2, 2020, Congresswoman Rashida Tlaib (MI-13), Congressmen Jesús “Chuy” García (IL-04) and Chairman of Task Force on...more

Dechert LLP

SEC Staff Issues No-Action Letter Regarding Digital Asset Securities Trading on ATS Platforms

Dechert LLP on

The Staff of the Securities and Exchange Commission’s Division of Trading and Markets (Staff) issued a no-action letter to the Financial Industry Regulatory Authority on September 25, 2020 (Letter), in which the Staff stated...more

Polsinelli

Time to Do the Foxtrot (Three Step) SEC Establishes Improved Process for Settlement of Digital Asset Securities

Polsinelli on

The U.S. Securities and Exchange Commission (“SEC”) Division of Trading and Markets recently issued a no action letter to FINRA that may help to streamline the settlement of digital asset securities transactions by...more

Sheppard Mullin Richter & Hampton LLP

SEC and FINRA Signal Renewed Focus on Vendor Management in Two Key Areas: Cybersecurity and Market Access Rule Compliance

The Securities and Exchange Commission (“SEC”) and Financial Industry Regulatory Authority (“FINRA”) recently issued guidance in connection with firms’ relationships with third-party service providers. These publications...more

Polsinelli

FINRA and SEC Issue Joint Statement on Security Token and Custody Rules

Polsinelli on

On July 8, 2019, the staff of the U.S. Securities and Exchange Commission (“SEC”) Division of Trading and Markets and the staff of the Financial Industry Regulatory Authority (“FINRA”) issued a joint statement outlining...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring Articles on Uncleared Swap Margin Rule, PACE Financing, Hart-Scott-Rodino and...

BROKER-DEALER - SEC Chairman Clayton and Trading and Markets Director Redfearn Call for a Reassessment of Regulation NMS - On March 8, US Securities and Exchange Commission chairman Jay Clayton and director, Division...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring Topics on Broker/Dealer, CFTC and EU/Brexit Developments

BROKER-DEALER - FINRA Proposes Rule Change Regarding ATS Reporting of Transactions to TRACE - The Financial Industry Regulatory Authority recently filed a proposed rule change with the Securities and Exchange Commission...more

White and Williams LLP

SEC Issues Guidance to Cryptocurrency Exchanges

White and Williams LLP on

On March 7, 2018, the US Securities and Exchange Commission (SEC) issued additional guidance with respect to digital assets trading platforms, affirming that platforms that offer trading of cryptocurrencies that are...more

Katten Muchin Rosenman LLP

Bridging the Week - March 2017 #4

Clearing Firm’s Failure to File Suspicious Activity Reports in Response to Red Flags Charged as Violation of FINRA Requirements: Electronic Transaction Clearing, Inc., a registered broker-dealer, was charged by the Financial...more

Bracewell LLP

SEC Proposes Rules Requiring Public Disclosure of Operations and Activities of Alternative Trading Systems, Broker-Dealer...

Bracewell LLP on

On November 18, 2015, the Securities and Exchange Commission (“SEC”) issued Release No. 34-76474 (the “Proposing Release”) in which the SEC proposed rules designed to enhance operational transparency and regulatory oversight...more

King & Spalding

Our Modern Markets: SEC Enforcement Focuses On Market Structure In Response To Rapidly-Changing Equity Markets

King & Spalding on

On Monday, November 2, 2015, Andrew Ceresney, Director of the SEC’s Division of Enforcement, gave a speech at the SIFMA Compliance & Legal Society New York Regional Seminar in which he sought to address what he views as the...more

Proskauer - Corporate Defense and Disputes

SEC Chair Calls for Reexamination of Treasury Market Regulations in Light of High Speed Electronic Trading

On October 20, 2015, SEC Chair Mary Jo White gave the keynote address at the “Evolving Structure of the U.S. Treasury Market” conference organized by the U.S. Department of Treasury and the Federal Reserve Bank of New York....more

Katten Muchin Rosenman LLP

FINRA Issues Notice on TRACE Trade Reporting Obligations

On November 21, the Financial Industry Regulatory Authority released Regulatory Notice 14-53 to remind FINRA member firms of their Trade Reporting and Compliance Engine (TRACE) trade reporting obligations for transactions in...more

Burr & Forman

FINRA Addressing Market Risks: HFT, Algo’s, CARDS, CAT & Dark Pools

Burr & Forman on

Carlo DiFlorio, FINRA’s Chief Risk Officer and Head of Strategy, told the annual meeting of the National Society of Compliance Professionals Monday that FINRA is emphasizing efforts to mitigate market risks, even as it...more

Katten Muchin Rosenman LLP

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

Burr & Forman

FINRA to Discuss Potential New Rules on “Dark Pools”

Burr & Forman on

The Financial Industry Regulatory Authority (FINRA) announced on Wednesday that it intends to discuss potential rule-making initiatives that would seek to increase the transparency of Alternative Trading Systems, including...more

Dorsey & Whitney LLP

The SEC And A Dark Pool That Is Not Dark Enough

Dorsey & Whitney LLP on

High speed trading, dark pools and similar market structure issues have become hotly debated topics. Former CFTC Commissioner Bart Chilton gave several speeches discussion the subjects and proposed that high speed traders be...more

Katten Muchin Rosenman LLP

FINRA Proposes Rule Establishing Fee Schedule for Access to ATS Volume Data

The Financial Industry Regulatory Authority, Inc. is filing with the Securities and Exchange Commission a proposed rule change to adopt FINRA Rule 4553 (Fees for ATS Data), that would establish a fee schedule for optional...more

Katten Muchin Rosenman LLP

FINRA Proposes Rule to Require Alternative Trading Systems to Report Volume Information and Use Unique Market Participant...

The Financial Industry Regulatory Authority filed a rule proposal with the Securities and Exchange Commission to require alternative trading systems (ATS) to report to FINRA volume information in securities (both equity and...more

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