1. Securities and Exchange Release No. 34-89394 Covered Broker-Dealer Provisions under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act

    The Agencies, in accordance with section 205(h) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), are jointly adopting a final rule to implement provisions applicable to the orderly liquidation of covered brokers and dealers under Title II of the Dodd-Frank Act (“Title II”).

    7/24/2020

  2. SEC Release No. 34-89372 Exemptions from the Proxy Rules for Proxy Voting Advice

    The SEC is adopting amendments to its rules governing proxy solicitations so that investors who use proxy voting advice receive more transparent, accurate, and complete information on which to make their voting decisions, without imposing undue costs or delays that could adversely affect the timely provision of proxy voting advice. The amendments add conditions to the availability of certain existing exemptions from the information and filing requirements of the Federal proxy rules that are commonly used by proxy voting advice businesses. These conditions require compliance with disclosure and procedural requirements, including conflicts of interest disclosures by proxy voting advice businesses and two principles-based requirements. The first principles-based requirement calls for proxy voting advice businesses to adopt written policies and procedures designed to ensure that the proxy voting advice is made available to registrants. The second principles-based requirement calls for proxy voting advice businesses to adopt written policies and procedures designed to ensure that they provide clients with a mechanism by which the clients can reasonably be expected to become aware of a registrant’s views about the proxy voting advice so that they can take such views into account as they vote proxies. Although the requirements are principles based, the amendments provide a non-exclusive list of methods, or safe harbors, that satisfy the conditions to the exemptions. In addition, the amendments codify the Commission’s interpretation that proxy voting advice generally constitutes a solicitation within the meaning of the Securities Exchange Act of 1934. Finally, the amendments clarify when the failure to disclose certain information in proxy voting advice may be considered misleading within the meaning of the antifraud provision of the proxy rules, depending upon the particular facts and circumstances

    7/22/2020

  3. FINRA Regulatory Notice 20-25 FINRA Amends Arbitration Codes to Apply Minimum Fees to Requests for Expungement of Customer Dispute Information

    FINRA has amended its Codes of Arbitration Procedure for Customer and Industry Disputes (Codes) to apply minimum fees to requests for expungement of customer dispute information, whether the request is made as part of the customer arbitration or the associated person files an expungement request in a separate arbitration (straight-in request). The amendments also apply a minimum process fee and member surcharge to straight-in requests, as well as a minimum hearing session fee to expungement-only hearings. The amendments are effective for cases filed on or after September 14, 2020.

    7/20/2020

  4. FINRA Regulatory Notice 20-24 FINRA Requests Comment on Proposed Changes to TRACE Reporting Relating to Delayed Treasury Spot and Portfolio Trades

    FINRA requests comment on two proposed changes to the TRACE reporting rules that were recommended by the Securities and Exchange Commission’s Fixed Income Market Structure Advisory Committee. The proposed changes would require firms to: (1) identify corporate bond trades where the price of the trade is based on a spread to a benchmark Treasury security that was agreed upon earlier in the day (i.e., a “delayed Treasury spot trade”) and report the time at which the spread was agreed upon; and (2) identify corporate bond trades that are a part of a larger portfolio trade.

    7/16/2020

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. 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

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