1. 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.

    7/13/2017

  2. 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.

    7/12/2017

  3. MSRB Regulatory Notice 2017-12 MSRB Provides Implementation Guidance on Confirmation Disclosure and Prevailing Market Price

    Effective May 14, 2018, amendments to Municipal Securities Rulemaking Board (MSRB) Rule G-15, on confirmation, clearance and other matters require brokers, dealers and municipal securities dealers to disclose additional information, including their mark-ups and mark-downs to retail customers on certain principal transactions. Amendments to Rule G-30, on prices and commissions, provide guidance on prevailing market price for the purpose of determining mark-ups and other Rule G-30 determinations.

    7/12/2017

  4. SR-NASDAQ-2016-161 Order Approving a Proposed Rule Change to Adopt a New Extended Life Priority Order Attribute under Rule 4703

    The Exchange has proposed to offer a new ELO attribute, which would allow certain displayed retail orders to receive higher priority on the Nasdaq book than other orders at the same price (“Extended Life Priority”), and to make conforming changes to its rules. As discussed in more detail, the Exchange has proposed to amend Rule 4703 to set forth the ELO attribute in new subparagraph (m), add an attachment B to its designated retail order attestation form that sets forth an attestation that would be required of members in connection with utilizing the ELO attribute, and make related changes to Rules 4702(b), 4752, 4753, 4754, and 4757.

    7/7/2017

  5. CBOE RG17-085 Prearranged Trades

    This Regulatory Circular restates CBOE policy concerning prearranged trading. Trading Permit Holders are cautioned that any purchase or sale, transaction or series of transactions, coupled with an agreement, arrangement, or understanding, directly or indirectly to reverse such transaction which is not done for a legitimate economic purpose or without subjecting the transactions to market risk, violates Exchange Rules and may be inconsistent with various provisions of the Securities Exchange Act of 1934, as amended, and rules thereunder. All transactions must be effected in accordance with applicable trading rules, must be subject to risk of the market, and must be reported for dissemination.

    6/23/2017

  6. SR-NASDAQ-2017-060 Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 7014(j)

    The purpose of the proposed rule change is to amend Rule 7014(j) to provide a second credit tier under the Nasdaq Growth Program (“Program”). Nasdaq introduced the Program in 2016. The purpose of the Program is to provide a credit per share executed for members that meet certain growth criteria. The credit is designed to provide an incentive to members that do not qualify for other credits under Rule 7018 in excess of the Program credit to increase their participation on the Exchange.

    6/22/2017

  7. SR-NASDAQ-2017-058 Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Adopt Initial and Continued Listing Standards for the Listing of Equity Investment Tracking Stocks

    Nasdaq proposes to adopt initial and continued listing standards for the listing of Equity Investment Tracking Stocks. An Equity Investment Tracking Stock is defined as a class of common equity securities that tracks on an unleveraged basis the performance of an investment by the issuer in the common equity securities of a single other company listed on the Exchange. An Equity Investment Tracking Stock may track multiple classes of common equity securities of a single issuer, so long as all of those classes have identical economic rights and at least one of those classes is listed on the Exchange.

    6/21/2017

  8. Trade Reporting Notice 6/12/17 Effective Date for Required Use of TRACE for Treasuries Modifiers

    Effective Monday, July 10, 2017, FINRA member firms will be required to report transactions in U.S. Treasury Securities (Treasuries) to TRACE as per the recent amendments to the TRACE rules discussed in Regulatory Notice 16-39. FINRA Rule 6730 allows for the use of two new modifiers, when applicable, to be reported on transactions in Treasuries: “B” on a trade report if the transaction being reported is part of a series of transactions where at least one of the transactions involves a futures contract (e.g., a “basis” trade), and “S” on a trade report if the transaction being reported is part of a series of transactions and may not be priced based on the current market (e.g., a fixed price transaction in an “on-the-run” security as part of a transaction in an “off-the-run” security). Although these new modifiers will both be available in TRACE for reporting transactions in Treasuries beginning on July 10, 2017, they are not required to be used at that time. FINRA has filed a rule change to require firms to report the “B” and “S” modifiers on applicable transactions in Treasuries beginning Monday, February 5, 2018. Starting on that date, transactions that meet the defined criteria for these types of transactions must include these modifiers. FINRA has already updated the FIX and CTCI specifications for Treasuries to include these modifiers.

    6/12/2017

  9. CBOE RG17-082 Market Maker Equity Reports

    Beginning June 14, 2017, Trading Permit Holders will no longer be required to submit daily reports on behalf of Market Maker accounts pursuant to CBOE Rule 8.9(b) and/or C2 Rule 8.7(b) (known as Market Maker Equity Trade (MMET) and Market Maker Stock Position (MMSTK) reports). Instead, rule changes that become operative beginning June 14th have amended CBOE Rule 8.9(b) and C2 Rule 8.7(b) to provide that, upon the request of the Exchange, Market Makers will be required to report certain order information for the purchase or sale of securities underlying options traded on the Exchange, or convertible into such securities, as well as opening and closing positions in all such securities. The form of reporting will be provided at the time of the Exchange’s request.

    6/9/2017

  10. CBOE RG17-083 Trade Reporting Duties

    Rule Filing SR-CBOE-2017-024 has recently become operative. The rule filing, among other things, adds Interpretation and Policy .04 to Rule 6.51. Interpretation and Policy .04 allows a TPH to enter certain default values if the TPH has no knowledge of the information at the time the TPH systematizes an order pursuant to Rule 6.24 or reports a trade pursuant to Rule 6.51. In particular, if a TPH has no knowledge of the opening or closing status, account origin code, or time-inforce when systematizing an order through an Exchange-approved device or reporting a transaction, the following values may be used: 1. either open or close, in the TPH’s discretion (for opening or closing status); 2. broker-dealer, origin code “B” (for account origin code); and 3. day (for time-in-force). TPHs may change any of these initial values via CTM, and must maintain records of any changes pursuant to CBOE Rule 6.67.

    6/9/2017

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