DEBT

General

(New) Pricing Disclosure in the Fixed Income Markets

FINRA is issuing this Notice to announce publication on its website of Frequently Asked Questions (FAQ) relating to enhanced confirmation disclosure requirements for corporate and agency debt securities pursuant to FINRA Rule 2232. The new requirements are scheduled to take effect May 14, 2018.

FINRA Regulatory Notice 17-24 (July 2017): FINRA Issues Guidance on the Enhanced Confirmation Disclosure Requirements in Rule 2232 for Corporate and Agency Debt Securities

Fixed Income Confirmation Disclosure: Frequently Asked Questions

 

Debt Research

Rule 2242 (Debt Research Analysts and Debt Research Reports) has been amended to clarify the application of the rule in four respects:  (1) The consent requirement for institutional debt research reports distributed to non-U.S. investors by non-U.S. affiliates of members; (2) the consent requirement for institutional debt research reports distributed to specified persons for informational purposes unrelated to investing in debt securities; (3) the scope of the institutional debt research report exemption when distributing third-party debt research reports to eligible institutional investors; and (4) the disclosure requirements for debt research analysts in public appearances.

•  Securities Exchange Act Release No. 77963 (June 1, 2016), 81 FR 36628 (June 7, 2016) (File No. SR-FINRA-2016-017):  Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend FINRA Rule 2242 (Debt Research Analysts and Debt Research Reports)

The SEC approved the adoption of FINRA Rule 2242 (Debt Research Analysts and Debt Research Reports) to address conflicts of interest relating to the publication and distribution of debt research reports. Rule 2242 became effective on February 22, 2016.

•  FINRA Regulatory Notice 15-31 (August 2015):  SEC Approves Rule to Address Conflicts of Interest Relating to the Publication and Distribution of Debt Research Reports.