SR-NYSENAT-2018-20 Proposed amendments to the Exchange's rules regarding qualification, registration and continuing education requirements applicable to Equity Trading Permit Holders
Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) and Rule 19b-4 thereunder, NYSE National, Inc. (“NYSE National” or the “Exchange”) is filing with the Securities and Exchange Commission (the “Commission”) proposed amendments to the Exchange’s rules regarding qualification, registration and continuing education requirements applicable to Equity Trading Permit (“ETP”) Holders. To the extent the Exchange’s rule proposal is intended to harmonize with Financial Regulatory Authority, Inc. (“FINRA”) rules and thus promote consistency within the securities industry, the Exchange is only adopting rules that are relevant to the Exchange’s ETP Holders.
MSRB Regulatory Notice 2018-17 Compliance Advisory for Brokers, Dealers and Municipal Securities Dealers
The Municipal Securities Rulemaking Board (MSRB) is providing this Compliance Advisory as a compliance resource to assist brokers, dealers or municipal securities dealers (collectively “dealers”) in their continuing compliance efforts. This Compliance Advisory highlights certain MSRB rules and provides considerations a dealer could use in assessing its own policies and procedures for compliance with the applicable rules. This Compliance Advisory is not designed to address all regulatory obligations applicable to dealers pursuant to each MSRB rule or under other securities laws and regulations (“applicable rules”) or identify an exhaustive list of considerations for ensuring compliance with the applicable rules. This resource should be read in conjunction with the relevant rules and related guidance. It does not create new legal or regulatory requirements, or new interpretations of existing requirements, and should not be interpreted as establishing new standards of conduct.
The Municipal Securities Rulemaking Board (MSRB) is providing this Compliance Advisory as a compliance resource to assist municipal advisors in their continuing compliance efforts. This Compliance Advisory highlights certain MSRB rules and provides considerations a municipal advisor could use in assessing its own policies and procedures for compliance with the applicable rules. This Compliance Advisory is not designed to address all regulatory obligations applicable to municipal advisors pursuant to each MSRB rule or under other securities laws and regulations (“applicable rules”) or identify an exhaustive list of considerations for ensuring compliance with the applicable rules. This resource should be read in conjunction with the relevant rules and related guidance. It does not create new legal or regulatory requirements, or new interpretations of existing requirements, and should not be interpreted as establishing new standards of conduct.
MSRB Regulatory Notice 18-19 Request for Comment on Draft Frequently Asked Questions Regarding Use of Social Media under MSRB Advertising Rules
The Municipal Securities Rulemaking Board (MSRB) requests comment on a draft set of frequently asked questions (FAQs) regarding the use of social media by brokers, dealers or municipal securities dealers (collectively, “dealers”), as part of their municipal securities activities, or municipal advisors, as part of their municipal advisory activities. In particular, these draft FAQs illustrate the application to social media of MSRB G-21, on advertising by dealers, and of MSRB Rule G-40, on advertising by municipal advisors (Rule G-21, together with Rule G-40, the “advertising rules”). The MSRB invites market participants and the public to submit comments in response to this request, along with any other information that they believe would be useful to the MSRB in developing these FAQs. Information may be submitted through September 14, 2018 in electronic or paper form.
FINRA Regulatory Notice 18-25 FINRA Reminds Alternative Trading Systems of Their Obligations to Supervise Activity on Their Platforms
FINRA is issuing this Notice to remind Alternative Trading Systems (ATSs) of their supervision obligations. As registered broker-dealers and FINRA members, ATSs—like other broker-dealer trading platforms—are required to maintain supervisory systems that are reasonably designed to achieve compliance with applicable securities laws and regulations, and with applicable FINRA rules, including, for example, rules on disruptive or manipulative quoting and trading activity.
SR-NASDAQ-2018-067 Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Delete and Replace the Current Rules on Arbitration
The Exchange proposes to delete the current rules on arbitration (“Current Arbitration Rules”), currently under the 10000 Series (Rules 10001 through 10102), and adopt the Nasdaq ISE, LLC (“ISE”) rules on arbitration in Chapter 18 of the ISE’s rulebook (“Proposed Arbitration Rules”) into General 6 in the Exchange’s rulebook’s (“Rulebook”) shell structure.
FINRA has released an updated Security Futures Risk Disclosure Statement to replace the one that was originally issued in 2002, and a new integrated supplement. The updated Security Futures Risk Disclosure Statement (Updated Statement) incorporates into the main body of the document the cumulative changes made to date. Among other changes, the Updated Statement reflects that the standard settlement cycle for most broker-dealer transactions is now two business days after the trade date (T+2) and the current cash limit protection of the Securities Investor Protection Corporation (SIPC). The new supplement (2018 Supplement) integrates, in a single supplement, all the disclosure updates made through prior supplements released in 2010 and 2014, and the updated disclosures described herein. The implementation date of the Updated Statement and 2018 Supplement is September 5, 2018.
FINRA Special Notice 7/30/18 FINRA Requests Comment on Financial Technology Innovation in the Broker-Dealer Industry
New financial technology innovations, commonly known as “fintech,” can offer benefits for investors and the financial services industry, but can also present investor protection concerns where the safeguards of the securities laws are not respected. FINRA’s discussions with representatives of the fintech industry and our member firms through our Innovation Outreach Initiative have enabled us to better understand market participants’ interest in efforts among regulators to create an environment supportive of fintech innovations that benefit investors and the capital markets. Moreover, we have received several requests to solicit feedback from the broader public regarding how FINRA may support fintech innovation consistent with our mission of investor protection and market integrity. In response to these requests, we are seeking comments on how FINRA can support fintech development consistent with this mission. In addition, we request specific comment on certain fintech areas, including the provision of data aggregation services, supervisory processes concerning the use of artificial intelligence, and the development of a taxonomy-based machine-readable rulebook.
FINRA Regulatory Notice 18-22 FINRA Requests Comment on Proposed Amendments to Its Discovery Guide to Require Production of Insurance Information in Arbitration
FINRA is requesting comment on proposed amendments to the Discovery Guide’s (Guide) Firm/Associated Persons Document Production List (Firm/Associated Persons List) to require firms and associated persons, upon request, to produce documents concerning third-party insurance coverage in a customer arbitration proceeding. The proposed amendments would strictly limit the circumstances under which insurance coverage information could be presented to the arbitrators.
FINRA Regulatory Notice 18-23 FINRA Requests Comment on a Proposal Regarding the Rules Governing the New and Continuing Membership Application Process
FINRA seeks comment on proposed amendments to the NASD Rule 1010 Series (Membership Proceedings) (collectively, the Membership Application Program (MAP) rules). The proposal is the result of FINRA’s retrospective review of the MAP rules and processes, and is intended to reduce unnecessary burdens on new and existing firms, while strengthening investor protections. The proposed amendments would replace the NASD Rule 1010 Series with the proposed FINRA Rule 1100 Series (New and Continuing Membership). The proposed amendments would also include additional provisions to address regulatory issues FINRA staff identified and codify existing membership related interpretations and practices.
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