1. FINRA Regulatory Notice 20-05 FINRA Requests Comment on a Proposal to Implement the Recommendations of the CE Council Regarding Enhancements to the Continuing Education Program for Securities Industry Professionals

    FINRA seeks comment on a proposal to implement the recommendations of the Securities Industry/Regulatory Council on Continuing Education (CE Council) enhancing the continuing education requirements for securities industry professionals. The proposal would change the: (1) Regulatory Element to provide annual training, make the content more relevant, incorporate diverse instructional formats, publicize the learning topics in advance and enhance the related management systems; (2) Firm Element to expressly recognize other training requirements, improve the guidance and resources available to firms and establish a content catalog; and (3) Continuing Education Program to enable individuals who terminate their registrations the option of maintaining their qualification by completing continuing education.


  2. MSRB Regulatory Notice 2020-03 MSRB Establishes Compliance Date for Revised Interpretive Notice of Underwriters’ Fair Dealing Obligations to Issuers

    The MSRB established a compliance date of November 30, 2020 for its amended and restated guidance regarding the fair dealing obligations underwriters owe to issuers of municipal securities under MSRB Rule G-17, on conduct of municipal securities and municipal advisory activities (the “Revised Interpretive Notice”). The SEC approved the Revised Interpretive Notice on November 6, 2019. The Revised Interpretive Notice incorporates various amendments to the MSRB’s 2012 Interpretive Notice. The MSRB reminds brokers, dealers and municipal securities dealers of these amendments and encourages them to review the Revised Interpretive Notice in its entirety in advance of the November 30, 2020 compliance date.


  3. FINRA Regulatory Notice 20-04 FINRA Requests Comments on Proposed Amendments to the Capital Acquisition Broker (CAB) Rules

    FINRA’s CAB rules provide a simplified rulebook for broker-dealers that engage only in limited capital advisory, corporate restructuring and private placement activities. FINRA is requesting comment on proposed amendments to the CAB rules to make them more useful to CABs without reducing investor protection.


  4. FINRA Information Notice 1/23/20 Heightened Terror Threat Risk

    The United States Department of Homeland Security has issued a bulletin under the National Terrorism Advisory System summarizing the heightened risk of potential cyber and physical attacks by Iran against the United States. This Notice outlines steps firms may consider taking to be prepared and respond to any cyber attacks and other business disruptions that may occur.


  5. Cboe Regulatory Circular 20-001 Priority Review and Consolidated Options Audit Trail Report Card Option Hotline

    Cboe Exchange, Inc. is issuing this Regulatory Circular to inform Trading Permit Holders (“TPHs”) that the Regulatory Division has established a dedicated email address, optionhotline@cboe.com, for TPHs to submit questions and comments to Regulatory Division Staff regarding exception information disseminated on the Cboe Customer Portal for the following Report Cards. The email address, which is operational as of the date of issuance of this Regulatory Circular, may be used by TPHs to request clarification of exception data, submit potentially mitigating information related to exceptions, and provide feedback regarding potential improvements to the Report Cards.


  6. FINRA Regulatory Notice 20-02 FINRA Requests Comment on the Effectiveness and Efficiency of Its Reporting Requirements Rule

    FINRA is conducting a retrospective review of Rule 4530 (Reporting Requirements) to assess its effectiveness and efficiency. This Notice outlines the general retrospective rule review process and seeks responses to several questions related to firms’ experiences with this specific rule.


  7. MSRB Regulatory Notice 2020-01 Obligations of Senior Syndicate Managers Utilizing Electronic Communications

    In November 1998, the MSRB published an interpretation about the use of electronic media to deliver and receive information by brokers, dealers and municipal securities dealers under Board rules (the “1998 Interpretation”). The 1998 Interpretation addresses how dealers may use electronic media to satisfy their delivery obligations under MSRB rules, including communications among dealers and between dealers and issuers. It states, “. . . a dealer that undertakes communications required under Board rules with other dealers and with issuers in a manner that conforms with the principles stated [in the 1998 Interpretation] relating to customer communications will have met its obligations with respect to such communications.” The MSRB wishes to remind dealers of the 1998 Interpretation, particularly in light of the January 13, 2020 compliance date for certain amendments to MSRB Rule G-11, on primary offering practices.


  8. FINRA Regulatory Notice 19-37 SEC Approves Amendments to FINRA Rules 5130 and 5131 Relating to Equity IPOs

    The SEC approved a rule change to amend FINRA Rule 5130 (Restrictions on the Purchase and Sale of Initial Equity Public Offerings) and FINRA Rule 5131 (New Issue Allocations and Distributions) to modify the rules to enhance regulatory consistency and address unintended operational impediments. These changes become effective on January 1, 2020.


  9. SEC Release No. 34-87782 Risk Mitigation Techniques for Uncleared Security-Based Swaps

    The SECis adopting final rules requiring the application of specific risk mitigation techniques to portfolios of uncleared security-based swaps. In particular, these final rules establish requirements for each registered security-based swap dealer (“SBS dealer”) and each registered major security-based swap participant (“major SBS participant”) with respect to, among other things, reconciling outstanding security-based swaps with applicable counterparties on a periodic basis, engaging in certain forms of portfolio compression exercises, as appropriate, and executing written security-based swap trading relationship documentation with each of its counterparties prior to, or contemporaneously with, executing a security-based swap transaction. In addition, the Commission is issuing an interpretation addressing the application of the portfolio reconciliation, portfolio compression, and trading relationship documentation requirements to cross-border security-based swap activities and is amending Rule 3a71-6 to address the potential availability of substituted compliance in connection with those requirements. Lastly, the final rules include corresponding amendments to the recordkeeping, reporting, and notification requirements applicable to SBS Entities.


  10. SEC Release No. 34-87780 Rule Amendments and Guidance Addressing Cross-Border Application of Certain Security-Based Swap Requirements

    The SEC is adopting rule amendments and providing guidance to address the cross-border application of certain security-based swap requirements under the Securities Exchange Act of 1934 that were added by Title VII of the Dodd-Frank Act”. The Commission also is issuing a statement regarding compliance with rules for security-based swap data repositories and Regulation SBSR.


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