1. FINRA Regulatory Notice 20-23 FINRA Encourages Firms to Notify FINRA if They Engage in Activities Related to Digital Assets

    For the past two years, FINRA has encouraged firms to keep their Risk Monitoring Analyst (formerly known as a “Regulatory Coordinator”) informed if the firm, or its associated persons or affiliates, engaged, or intended to engage, in activities related to digital assets, including digital assets that are non-securities. FINRA appreciates members’ cooperation with this request and is encouraging firms to continue to keep their Risk Monitoring Analyst abreast of their activities related to digital assets until July 31, 2021.

    7/9/2020

  2. Cboe Regulatory Circular 20-044 Options Market Maker Quote SendTime Requirements for CAT Reporting

    Cboe Exchange is issuing this Regulatory Circular to remind Trading Permit Holders and Members that effective July 10, 2020, the Options Exchanges will (i) restrict usage of the BOE Bulk Quoting ports to Options Market Makers only, and (ii) require that Options Market Maker bulk message quotes sent to the Options Exchanges include quote sent times.(See Exchange Notices C2020062900 and C2020033009 for technical details.) The requirement to include quote sent times in the SendTime field on Options Market Maker bulk message quotes is being implemented in connection with Consolidated Audit Trail (“CAT”) reporting requirements.

    7/7/2020

  3. SR-NASDAQ-2020-034 The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Nasdaq Rules 6130 and IM-6200-1

    The purpose of the proposed rule changes under Nasdaq Rule 6130 (Nasdaq Kill Switch) and IM-6200-1 (Risk Settings) are to provide Participants with additional optional settings in order to assist them in their efforts to manage their risk levels. Once the optional risk controls are set, the Exchange is authorized to take automated action if a designated risk level for a Participant is exceeded. Such risk settings would provide Participants with enhanced abilities to manage their risk with respect to orders on the Exchange.

    7/6/2020

  4. SEC Release No. IC-33921 Amendments to Procedures With Respect to Applications Under the Investment Company Act of 1940

    The SEC is adopting amendments to rule 0-5 under the Investment Company Act of 1940 to establish an expedited review procedure for applications that are substantially identical to recent precedent as well as a rule to establish an internal timeframe for review of applications outside of such expedited procedure. In addition, the Commission is adopting an amendment to rule 0-5 under the Investment Company Act of 1940 to deem an application outside of expedited review withdrawn when the applicant does not respond in writing to comments within 120 days.

    7/6/2020

  5. FINRA Regulatory Notice 20-22 FINRA Announces Updates to the Interpretations of FINRA’s Margin Rule Regarding Control and Restricted Securities and Consolidation of Accounts

    FINRA Rule 4210 (Margin Requirements) prescribes requirements governing the extension of credit by members. The FINRA Rule 4210 interpretations provide further guidance regarding application of the rule. This Notice announces, effective immediately, clarifications of interpretations of (1) FINRA Rule 4210(e)(8), which specifies margin requirements for control and restricted securities, and (2) FINRA Rule 4210(f)(5), which specifies conditions for the consolidation of two or more accounts carried for the same customer.

    7/2/2020

  6. NASAA Notice of Request for Public Comment Regarding a Proposed Model Rule for Investment Advisor Written Policies and Procedures Under the Uniform Securities Acts of 1956 and 2002

    NASAA is seeking public comment on a proposed model rule to require investment advisers to establish, maintain, and enforce written policies and procedures tailored to the investment adviser’s business model. Requiring state-registered investment advisers to establish, maintain, and enforce comprehensive written procedures is intended to facilitate compliance with state securities laws, rules, and regulations. Ultimately, an enhanced culture of investment adviser regulatory compliance minimizes the effects of conflicts and other risks unique to investment advisers; minimizing the effects of these conflicts and risks serves to protect the investing public. The Policies and Procedures Rule will require investment advisers to establish, maintain, and enforce policies and procedures that address compliance, supervision, proxy voting, physical and cyber security, a code of ethics (including holdings and transaction reports), handling of material non-public information, and business continuity and succession plans. An annual review of all policies and procedures will be required, as will the appointment of a chief compliance officer who has the responsibility and authority to enforce the policies and procedures required by the rule.

    7/2/2020

  7. FINRA Regulatory Notice 20-21 FINRA Provides Guidance on Retail Communications Concerning Private Placement Offerings

    This Notice provides guidance to help member firms comply with FINRA Rule 2210, Communications with the Public, when creating, reviewing, approving, distributing, or using retail communications concerning private placement offerings.

    7/1/2020

  8. NASAA Request for Comments on Proposed Model Act to Create a Restitution Assistance Fund for Victims of Securities Violations

    NASAA is seeking public comments on the attached proposed Model Act to Create a Restitution Assistance Fund for Victims of Securities Violations. Comments on the proposed Act are due by July 31, 2020.

    6/30/2020

  9. SR-NYSE-2020-55 Notice of Filing of Proposed Rule Change to Amend Rules 7.36 and 7.37

    The Exchange is implementing two changes to Setter Priority. First, the Exchange proposes that only those orders that set the NBBO (which would also set the BBO) would be eligible for Setter Priority. Orders that set the BBO and join an existing NBBO would no longer be eligible for Setter Priority. Second, the Exchange proposes that when an order with Setter Priority is the Exchange’s BBO, it would be eligible to trade in full with the contra-side Aggressing Order.

    6/30/2020

  10. FINRA Regulatory Notice 20-20 FINRA Provides Updates on Regulatory Coordination Concerning CAT Reporting Compliance

    FINRA is issuing this Regulatory Notice to provide members an update on regulatory coordination efforts concerning compliance with CAT reporting rules. In particular, FINRA and the national securities exchanges, as CAT NMS Plan Participants, have entered into a Rule 17d-2 Plan and corresponding Regulatory Services Agreements (RSAs) to coordinate regulation of the CAT compliance rules through FINRA. Relatedly, FINRA and the exchanges developed a coordinated approach for enforcement of the CAT compliance rules under the Participants’ respective Minor Rule Violation Plans. Details on these developments are provided below.

    6/29/2020

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