1. Cboe Options Regulatory Circular 18-035 SEC Staff Issues Guidance on Third-Party Recordkeeping Services

    The purpose of this Regulatory Circular is to inform Trading Permit Holders and Members that the SEC staff recently issued guidance regarding contractual arrangements between broker-dealers and third-party recordkeeping service providers. The guidance specifically focuses on contractual arrangements that include provisions under which service providers assume a right to delete or discard the broker-dealer’s records required to be preserved pursuant to Securities Exchange Act of 1934 (“SEA”) Rules 17a-3 and 17a-4, typically in response to non-payment by the broker-dealer of fees due under the contract.

    9/25/2018

  2. MSRB Regulatory Notice 2018-27 MSRB Facilitates Requests for Interpretive Guidance

    The MSRB is publishing a new statement on requesting interpretive guidance (“statement”) that clarifies the various ways regulated entities, including brokers, dealers and municipal securities dealers (collectively, “dealers”) and municipal advisors, as well as issuers, attorneys, investors and other market participants can seek assistance from the MSRB. The statement is better aligned with the MSRB’s strategic goal of facilitating industry understanding of, and compliance with, MSRB rules. The statement on requesting interpretive guidance supersedes the policy on providing interpretive guidance and responds to stakeholder feedback that the MSRB’s previous policy presented challenges in seeking assistance from the MSRB in an effort to comply with MSRB rules. The statement outlines the process for receiving meaningful, effective and responsive assistance. The MSRB’s goal in providing such assistance to regulated entities, examining authorities or other market participants is to promote regulatory certainty essential to an effective regulatory framework.

    9/25/2018

  3. FINRA Information Notice 9/24/18 Presentation Changes and New Functionality in the Central Registration Depository (CRD®) System

    FINRA is introducing enhancements and presentation changes in the Central Registration Depository (CRD) system that relate to the implementation of FINRA’s restructured qualification examination program and the adoption of consolidated FINRA registration rules. These changes, effective October 1, 2018, principally affect the Examination Requests and SRO Registrations sections.

    9/24/2018

  4. FINRA Regulatory Notice 18-32 FINRA Reminds Firms of Their Obligations Regarding Transactions in OTC Equity Securities Quoted Pursuant to a Submitted Form 211

    In consultation with SEC staff, FINRA is reminding members of legal obligations that apply when initiating a quote in an OTC security in addition to filing a Form 211.

    9/24/2018

  5. MSRB Regulatory Notice 2018-26 MSRB Proposes a Municipal Advisor Principal Qualification Examination

    The MSRB is publishing this notice to announce its plan to establish professional qualification requirements for municipal advisor principals. With the Municipal Advisor Representative Qualification Examination (“Series 50 examination”) in place since September 2016 as the baseline representative-level qualification examination, the MSRB has been engaged in an ongoing effort to develop a principal-level qualification examination.

    9/19/2018

  6. MSRB Regulatory Notice 2018-24 MSRB Answers FAQs Regarding Use of Municipal Advisory Client Lists and Case Studies under MSRB Rule G-40

    On June 27, 2018, the MSRB sought public comment on a draft set of frequently asked questions (FAQs) related to the application of MSRB Rule G-40, on advertising by municipal advisors, to the use of municipal advisory client lists and case studies by municipal advisors. The MSRB received three comment letters and revised the draft FAQs to reflect those comments as well as additional insight gained from the MSRB’s ongoing engagement with the industry concerning compliance with Rule G-40.

    9/17/2018

  7. MSRB Regulatory Notice 2018-25 Request for Comment on Application of Content Standards to Advertisements by Municipal Advisors under MSRB Rule G-40

    The MSRB requests comment from market participants and the public on a draft compliance resource regarding the application of the content standards under MSRB Rule G-40, on advertising by municipal advisors. This request seeks information and insight from commenters to further inform the MSRB’s development of the compliance resource for planned publication. 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 this compliance resource. Information may be submitted through October 17, 2018 in electronic or paper form.

    9/17/2018

  8. FINRA Regulatory Notice 18-31 SEC Staff Issues Guidance on Third-Party Recordkeeping Services

    This Notice provides firms with information regarding recent guidance issued by staff of the SEC’s Division of Trading and Markets regarding the use of recordkeeping services provided by third parties to preserve records pursuant to SEA Section 17(a) and SEA Rule 17a-4.

    9/14/2018

  9. FINRA Regulatory Notice 18-29 FINRA Reminds Firms of Their Obligations When Effecting OTC Trades in Equity Securities on a Net Basis

    FINRA is issuing this Notice to remind firms of their obligations under the FINRA trade reporting rules and other applicable FINRA and Securities and Exchange Commission (SEC) rules when effecting over-the-counter (OTC) trades in equity securities on a “net” basis.

    9/12/2018

  10. FINRA Regulatory Notice 18-28 FINRA Requests Comment on a Proposal to Expand OTC Equity Trading Volume Data Published on FINRA’s Website

    FINRA requests comment on a proposal to expand the summary firm data relating to over-the-counter (OTC) equity trading that FINRA publishes on its website by (1) publishing on a one-month delayed basis new monthly aggregate block-size trading data for OTC trades in NMS stocks executed outside an alternative trading system (ATS); (2) publishing aggregate non-ATS volume for all firms, by eliminating the existing de minimis exception; and (3) separately identifying firms’ volume of trading on a single dealer platform (SDP), by requiring firms to use a unique market participant identifier (MPID) when reporting their SDP trades to FINRA.

    9/11/2018

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