1. FINRA Regulatory Notice 22-17 FINRA Requests Comment on a Proposal to Shorten the Trade Reporting Timeframe for Transactions in Certain TRACE-Eligible Securities From 15 Minutes to One Minute

    FINRA is soliciting comment on a proposal to amend Rule 6730 to reduce the Trade Reporting and Compliance Engine (TRACE) trade reporting timeframe for transactions in all TRACE-Eligible Securities that currently are subject to a 15-minute reporting timeframe. Specifically, members would be required to submit a report to TRACE as soon as practicable (as is currently the case), but no later than one minute from the time of execution, for transactions in corporate bonds, agency debt securities, asset-backed securities and agency pass-through mortgage backed securities traded to-be-announced for good delivery. As is the case today, FINRA would make information on the reported transactions publicly available immediately upon receipt of the trade report.

    8/2/2022

  2. MSRB Regulatory Notice 2022-07 Request for Comment on Transaction Reporting Obligations under MSRB Rule G-14

    As part of its ongoing retrospective review of its rules and published interpretations, the MSRB is issuing this Request for Comment (RFC) to solicit comment on a potential amendment to MSRB Rule G-14, on reports of sales or purchases, related to the reporting and public dissemination of information regarding purchase and sale transactions effected in municipal securities. Specifically, the MSRB is seeking input on a potential amendment to Rule G-14 to require that, absent an exception, transactions are reported as soon as practicable, but no later than within one minute of the Time of Trade (“Proposal”). Comments should be submitted no later than October 3, 2022 and may be submitted in electronic or paper form.

    8/2/2022

  3. MSRB Regulatory Notice 2022-05 MSRB to End Regulatory Relief that Extended Certain Professional Qualification Requirements Due to COVID-19

    The MSRB is announcing the expiration date of certain pandemic-related regulatory relief. Specifically, relief that was put into place in April 2020, due to the coronavirus disease (COVID-19 or pandemic), that provided an extension from having to complete certain obligations, under Rule G-3, on professional qualification requirements.

    7/25/2022

  4. FINRA Regulatory Notice 22-16 FINRA Amends Its Rules Regarding Electronic Service and Filing of Documents in Disciplinary and Other Proceedings and Appeals

    FINRA has adopted changes to its rules to permit, and in some instances require, electronic service and filing of documents in disciplinary and other proceedings and appeals.1 FINRA has also amended its rules to require parties in proceedings before the Office of Hearing Officers (OHO) to file and serve the parties with their current email address and contact information at the time of their first appearance, and to file and serve any change in email address or contact information during the course of the proceeding. These amendments will become effective August 22, 2022.

    7/22/2022

  5. FINRA Regulatory Notice 22-15 Arbitration of Sexual Assault and Sexual Harassment Claims

    Following the enactment of the Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act of 2021, FINRA amended the Code of Arbitration Procedure for Industry Disputes to align the Code with the Act.1 Among other things, the amendments permit persons with sexual assault claims and sexual harassment claims to elect not to enforce predispute arbitration agreements in cases that relate to those disputes. The amendments also make a conforming change to FINRA Rule 2263 (Arbitration Disclosure to Associated Persons Signing or Acknowledging Form U4).

    7/15/2022

  6. SEC Release 34-95266 Proxy Voting Advice

    The SEC is adopting amendments to the Federal proxy rules governing proxy voting advice as part of our reassessment of those rules and in light of feedback from market participants on those rules, certain developments in the market for proxy voting advice, and comments received regarding the proposed amendments. The amendments remove a condition to the availability of certain exemptions from the information and filing requirements of the Federal proxy rules for proxy voting advice businesses. The release also rescinds certain guidance that the Commission issued to investment advisers about their proxy voting obligations. In addition, the amendments remove a note that provides examples of situations in which the failure to disclose certain information in proxy voting advice may be considered misleading within the meaning of the Federal proxy rules’ prohibition on material misstatements or omissions. Finally, the release discusses our views regarding the application of that prohibition to proxy voting advice, in particular with respect to statements of opinion. The amendments and the rescission of the guidance are effective September 19, 2022.

    7/13/2022

  7. MSRB Regulatory Notice 2022-04 MSRB Applies Regulation Best Interest to Bank-Dealers and Amends the Quantitative Suitability Standard for Institutional SMMPs

    The MSRB received approval from the SEC on June 23, 2022, for amendments to MSRB Rule G-19, on suitability of recommendations and transactions, and MSRB Rule G-48, on transactions with sophisticated municipal market professionals (“SMMPs”). The amendments approved by the Commission align Rule G-19 to the Commission’s Rule 15l-1 under the Exchange Act (“Regulation Best Interest”) for certain municipal securities activities of bank dealers (the “Bank Dealer Amendment”). The approved amendments to Rule G-48 modify the quantitative suitability obligation of brokers, dealers, and municipal securities dealers for certain institutional SMMP customers (the “Quantitative Suitability Amendment”).

    6/24/2022

  8. FINRA Regulatory Notice 22-14 FINRA Requests Comment on Proposed Trade Reporting Requirements for Over-The-Counter Options Transactions

    FINRA is soliciting comment on a proposal to establish a new trade reporting requirement for transactions in over-the-counter options on securities with terms that are identical or substantially similar to listed options. FINRA is proposing to require firms to report this information to FINRA on a daily basis (end-of-day) for regulatory purposes only.

    6/22/2022

  9. FINRA Regulatory Notice 22-13 Exemption From Trade Reporting Obligation for Certain Transactions on Alternative Trading Systems

    FINRA has adopted amendments to Rule 6732 (Exemption from Trade Reporting Obligation for Certain Transactions on an Alternative Trading System) to expand the scope of the exemption to include eligible ATS transactions that involve only one member (other than the ATS). As amended, a member ATS may apply for the exemption for transactions between a member subscriber and a non-member entity (e.g., a bank). The amendments to Rule 6732 will take effect on October 3, 2022. The amended rule text is available in the online FINRA Manual.

    6/14/2022

  10. FINRA Regulatory Notice 22-12 FINRA Adopts Amendments to TRACE Reporting Rule to Require Identification of Portfolio Trades

    FINRA has adopted amendments to Rule 6730 (Transaction Reporting) to require members to append a modifier to a corporate bond trade that is part of a portfolio trade when reporting to FINRA’s Trade Reporting and Compliance Engine (TRACE). The amendments to Rule 6730 will take effect on May 15, 2023.

    5/24/2022

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