This Notice provides guidance to firms with a home office, branch office or other business location affected by Hurricane Harvey. FINRA is providing guidance on a number of regulatory and compliance issues, including emergency office relocations, continuing education requirements for registered personnel, registered personnel engaged in active military duty, regulatory filings and associated fees, regulatory inquiries and customer communications.
MSRB Regulatory Notice 2017-16 SEC Approves Amendments to the MSRB’s Rule on Municipal Fund Security Product Advertisements
The MSRB received approval from the SEC on August 18, 2017, to amend MSRB Rule G-21(e), on municipal fund security product advertisements by brokers, dealers and municipal securities dealers. The amendments will address important regulatory developments and enhance investor protection in connection with municipal fund security product advertisements. The amendments will become effective on November 18, 2017.
SR-NASDAQ-2017-084 Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Address the Application of Rule 11140 in Connection with the Implementation of the Shortened Settlement Cycle (T+2) on September 5, 2017
The industry and SROs, including The Depository Trust Company (“DTC”), which processes corporate action events, have raised concern that the September 5, 2017 industry-wide transition date from T+3 to T+2 will result in September 7, 2017 being a “double” settlement date for trades that occur on September 1, 2017 (under T+3 and reflecting the Labor Day holiday on September 4, 2017) and trades that occur on September 5, 2017 (under T+2), which generally will result in investors who trade on either date being deemed a record holder of September 7, 2017. In order to avoid confusion about the proper settlement date and to coordinate with other SROs, Nasdaq and the other SROs have agreed that no securities will be ex-dividend on September 5, 2017.
SR-NASDAQ-2017-078 Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Chapter V, Section 6, Nullification and Adjustment of Options Transactions Including Obvious Errors
The SEC has approved changes to Chapter V, Section 6 of the Exchange’s Options Rules, entitled “Nullification and Adjustment of Options Transactions including Obvious Errors.” While these amendments are effective upon filing, the Exchange has designated the proposed amendments to be operative on a date that is within ninety (90) days after the Commission approved a similar proposal filed by Bats BZX on July 6, 2017.
Beginning August 2, 2017, the CBOE will implement a change to AIM Auctions. Auction responses will no longer end the auction immediately if they are marketable with the opposite-side Exchange BBO, or for complex orders, the opposite-side Exchange Spread Market (“ESM”). This change applies to Simple, Complex, and Stock/Option AIM transactions, as well as SAM (AIM AON) transactions.
MSRB Regulatory Notice 2017-15 SEC Approves Amendments to MSRB Rule G-26 on Customer Account Transfers
The MSRB received approval from the SEC on July 27, 2017, to amend MSRB Rule G-26, on customer account transfers, to modernize the rule and promote a uniform customer account transfer standard for all brokers, dealers, municipal securities brokers and municipal securities dealers. The amendments will be effective on January 29, 2018.
SR-NASDAQ-2017-073 Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Options Market Rules at Chapter IV, Section 6
The Exchange proposes to amend NOM Rules at Chapter IV, Section 6, entitled “Series of Options Contracts Open for Trading” by modifying the strike setting regime for the iShares Core S&P 500 ETF (“IVV”) options. Specifically, the Exchange proposes to modify the interval setting regime for IVV options to allow $1 strike price intervals above $200.
The MSRB is publishing this market advisory to remind municipal market participants of the important role that underwriters play in bringing municipal securities to the market and counsel’s role in assisting the underwriter; to note the increasing due diligence responsibilities of underwriters and their counsel; and to restate the importance of underwriter’s counsel possessing the independence, expertise, experience and capacity necessary to perform the critical role of legal counsel to an underwriter during an underwriting of municipal securities
MSRB Regulatory Notice 2017-13 MSRB Provides Guidance on Duties of Non-Solicitor Municipal Advisors in Conduit Financing Scenarios
MSRB Rule G-42, on duties of nonsolicitor municipal advisors, establishes core standards of conduct for municipal advisors that engage in municipal advisory activities, other than municipal advisory solicitation activities. To facilitate compliance with Rule G-42, the MSRB has developed interpretive guidance addressing the applicability of the rule to several scenarios that may arise in connection with the issuance of municipal securities for a conduit borrower. The MSRB’s guidance discusses a municipal advisor’s relationship(s) with, and duties and obligations owed to, a municipal entity issuer, an obligated person that is a conduit borrower, or both, in these scenarios.
FINRA Regulatory Notice 17-24 FINRA Issues Guidance on the Enhanced Confirmation Disclosure Requirements in Rule 2232 for Corporate and Agency Debt Securities
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.
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