1. FINRA Regulatory Notice 17-14 FINRA Requests Comment on FINRA Rules Impacting Capital Formation

    FINRA recently announced a new initiative—called FINRA360—to evaluate various aspects of its operations and programs to identify opportunities to more effectively further its mission. As part of this initiative, FINRA is requesting comment on the effectiveness and efficiency of its rules, operations and administrative processes governing broker-dealer activities related to the capital-raising process and their impact on capital formation. FINRA encourages all interested parties to comment on this Notice. Comments must be received by May 30, 2017.

    4/12/2017

  2. FINRA Regulatory Notice 17-15 FINRA Requests Comment on Proposed Amendments to the FINRA Corporate Financing Rule

    FINRA seeks comment on proposed amendments to FINRA Rule 5110 (Corporate Financing Rule – Underwriting Terms and Arrangements) to make substantive, organizational and terminology changes to the rule. The proposal is intended to modernize Rule 5110 and to simplify and clarify its provisions. The proposal would retain the primary principle of the rule that no member firm or person associated with a member firm may participate in a public offering for which the terms and conditions, including the aggregate amount of underwriting compensation, are unfair, unreasonable or inconsistent with any FINRA rule. FINRA encourages all interested parties to comment on the proposal. Comments must be received by May 30, 2017.

    4/12/2017

  3. FINRA Regulatory Notice 17-16 FINRA Requests Comment on Proposed Limited Safe Harbor From FINRA Equity and Debt Research Rules for Desk Commentary

    FINRA seeks comment on proposed amendments to FINRA Rule 2241 (Research Analysts and Research Reports) and FINRA Rule 2242 (Debt Research Analysts and Debt Research Reports) to create a limited safe harbor for specified brief, written analysis distributed to eligible institutional investors that comes from sales and trading or principal trading personnel but that may rise to the level of a research report (desk commentary). The proposed safe harbor would be subject to conditions, including compliance with a number of the Rule 2241 or Rule 2242 provisions to mitigate research-related conflicts. In addition, the proposed safe harbor would require firms to include a “health warning” on desk commentary and to obtain negative consent from eligible institutional investors to receive such commentary. FINRA encourages all interested parties to comment on the proposal. Comments must be received by May 30, 2017.

    4/12/2017

  4. SR-NYSEMKT-2017-21 Proposal to adopt Rule 994NY, Broadcast Order Liquidity Delivery (“BOLD”) Mechanism.

    The purpose of the filing is to adopt a rule that governs the operation of the Exchange’s new BOLD Mechanism. As proposed, BOLD Mechanism is a feature within the Exchange’s trading system that would provide automated order handling for eligible orders in designated classes. Regarding BOLD Mechanism eligibility, the Exchange will designate eligible order size, eligible order type, eligible capacity code (e.g., Customer orders, non-Market Maker non-Customer orders, and Market Maker orders), and classes in which the BOLD Mechanism will be available.

    4/11/2017

  5. FINRA Regulatory Notice 17-12 Regulation T and SEA Rule 15c3-3 Extension of Time Requests Under a T+2 Settlement Cycle

    The SEC has amended SEA Rule 15c6-1(a) to shorten the standard settlement cycle for most broker-dealer transactions from T+3 to T+2. The implementation date for the transition to a T+2 settlement cycle is September 5, 2017. This Notice provides guidance to firms on how to apply for Reg T extensions after that date.

    4/7/2017

  6. SEC Approves Rules Relating to Financial Exploitation of Seniors

    The SEC approved: (1) the adoption of new FINRA Rule 2165 (Financial Exploitation of Specified Adults) to permit members to place temporary holds on disbursements of funds or securities from the accounts of specified customers where there is a reasonable belief of financial exploitation of these customers; and (2) amendments to FINRA Rule 4512 (Customer Account Information) to require members to make reasonable efforts to obtain the name of and contact information for a trusted contact person for a customer’s account. New Rule 2165 and the amendments to Rule 4512 become effective February 5, 2018

    3/30/2017

  7. SR-NASDAQ-2017-029 Notice of Filing of Proposed Rule Change to List and Trade Exchange-Traded Managed Funds

    The Exchange proposes to list and trade the Shares of each Fund under Nasdaq Rule 5745, which governs the listing and trading of exchange traded managed fund shares, as defined in Nasdaq Rule 5745(c)(1), on the Exchange. Each Fund listed is registered with the Commission as an open-end investment company and has filed a registration statement with the Commission. Each Fund is a series of the Trust listed and will be advised by an investment adviser registered under the Investment Advisers Act of 1940 (“Adviser”), as described. Each Fund will be actively managed and will pursue various principal investment strategies, as noted below.

    3/27/2017

  8. SEC Adopts T+2 Settlement Cycle for Securities Transactions

    The Securities and Exchange Commission today adopted an amendment to shorten by one business day the standard settlement cycle for most broker-dealer securities transactions. Currently, the standard settlement cycle for these transactions is three business days, known as T+3. The amended rule shortens the settlement cycle to two business days, T+2. Broker-dealers will be required to comply with the amended rule beginning on Sept. 5, 2017.

    3/22/2017

  9. FINRA Special Notice FINRA Requests Comment on Potential Enhancements to Certain Engagement Programs

    FINRA recently announced a new initiative to evaluate various aspects of its operations and programs to identify opportunities to more effectively further its mission. As one of the first steps of this initiative, this Notice solicits comment from all interested parties on FINRA’s current engagement programs. In connection with separate reviews being conducted under this initiative, FINRA will seek input where appropriate on other aspects of its operations.

    3/21/2017

  10. Notice of Filing of Proposed Rule Change to List and Trade Exchange-Traded Managed Funds

    The Exchange proposes to list and trade the Shares of the Fund under Nasdaq Rule 5745, which governs the listing and trading of exchange traded managed fund shares, as defined in Nasdaq Rule 5745(c)(1), on the Exchange. The Trust listed below will be registered with the Commission as an open-end investment company and has filed a registration statement on Form N-1A (“Registration Statement”) with the Commission. The Fund is a series of a Trust and will be advised by an investment adviser registered under the Investment Advisers Act of 1940 (“Adviser”), as described below. The Fund will be actively managed and will pursue the principal investment strategy, as noted below.

    3/14/2017

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