1. SR-NASDAQ-2017-043 Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 4702 (Order Types)

    The Exchange proposes to amend Rule 4702 (Order Types) to modify the behavior of Post-Only Orders in certain situations.

    5/9/2017

  2. MSRB Regulatory Notice 2017-09 MSRB Reminds Municipal Advisors that the Series 50 Exam Deadline is September 12, 2017

    The Municipal Securities Rulemaking Board (MSRB) is issuing this notice to remind municipal advisor firms of their obligation to ensure that every individual associated with the municipal advisor firm is qualified in accordance with the rules of the MSRB. Pursuant to MSRB Rule G-3, an associated person of a municipal advisor firm who engages in municipal advisory activities on behalf of the municipal advisor firm is required to be qualified as a “municipal advisor representative” by passing the Municipal Advisor Representative Qualification Examination (Series 50 exam).

    5/8/2017

  3. MSRB Regulatory Notice 2017-08 Application of MSRB Rules to Solicitor Municipal Advisors

    In this notice, the MSRB: (i) summarizes several of the most important MSRB rules applicable to municipal advisors that undertake the solicitation of a municipal entity or obligated person (as discussed below) and includes references to various provisions of the Securities Exchange Act of 1934 (the “Exchange Act”) and Exchange Act rules adopted by the Securities Exchange Commission (SEC or “Commission”) that are applicable to the registration of such municipal advisors with the SEC; (ii) sets forth an exhaustive list of all the general MSRB rules applicable to such municipal advisors as well as the key administrative and definitional MSRB rules applicable to them; and (iii) refers to various MSRB and/or SEC resources for additional information on the content summarized herein and, more generally, to select additional resources that may be of interest to all municipal advisors. Because much of the content of this notice applies to municipal advisors generally, this guidance may be useful to non-solicitor municipal advisors as well.

    5/4/2017

  4. Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 4702 (Order Types) and Rule 4703 (Order Attributes)

    The Exchange has amended Rule 4702 (Order Types) and Rule 4703 (Order Attributes) to specify the behavior of Midpoint Peg Post-Only Orders and Orders with Midpoint Pegging after initial entry and posting to the Nasdaq Book when the market is crossed, or when there is no best bid and/or offer. Nasdaq also proposes to change certain references to cancelling or rejecting orders in Rule 4702 and Rule 4703.

    5/4/2017

  5. NASDAQ SR-2017-120 Notice of Filing of Amendments No. 1, 2, 3, 4, and 5 and Order Granting Accelerated Approval of a Proposed Rule Change, as Amended, to Establish the Third Party Connectivity Service

    The Exchange proposes to adopt the third party connectivity service that will segregate connectivity to the Exchange and its proprietary data feeds from connectivity to third party services and data feeds, including the UTP SIP data feeds. Nasdaq states that this segregation is necessary because of increased capacity requirements, noting recent changes to the Consolidated Tape Association and Options Price Reporting Authority feeds as well as planned changes to the Unlisted Trading Privileges Plan data feeds.

    4/28/2017

  6. FINRA Regulatory Notice 17-18 Guidance on Social Networking Websites and Business Communications

    This Notice provides guidance regarding the application of FINRA rules governing communications with the public to digital communications, in light of emerging technologies and communications innovations.

    4/25/2017

  7. 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

  8. 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

  9. 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

  10. 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

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