1. 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

  2. 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

  3. 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

  4. MSRB Regulatory Notice 2018-22 Request for Comment on Draft Interpretive Guidance on Pennying and Draft Amendments to Existing Guidance on Best Execution

    The MSRB is seeking comment on draft interpretive guidance related to “pennying” and draft amendments to existing guidance on best execution relating to the posting of bid-wanteds on multiple trading platforms. In addition, as part of its ongoing review of its rules, the MSRB also seeks comment as to whether there are other secondary market trading practices that could benefit from additional regulatory guidance or clarity, or whether there are any MSRB requirements related to secondary market trading practices that commenters may feel are no longer necessary and could be removed from and/or amended in MSRB rules.

    9/7/2018

  5. FINRA Regulatory Notice 18-26 FINRA Requests Comment on Enhancements Under Consideration by the Securities Industry/Regulatory Council on Continuing Education

    FINRA requests comment from member firms and other interested parties on enhancements to the Securities Industry Continuing Education Program (CE Program) under consideration by the Securities Industry/Regulatory Council on Continuing Education (CE Council). These enhancements include the transition of the Regulatory Element program to a more focused and shorter learning requirement administered annually. The CE Council is also gathering feedback on the current Firm Element program and supporting resources as well as on the overlap of the Firm Element program with other firm training requirements. The overall goal of the program review is to reflect advances in technology and learning theory while continuing to ensure that registered persons receive timely education on the securities business and the regulatory requirements applicable to their respective functions. In addition, the CE Council is exploring program changes that would allow individuals to maintain their qualification status following the termination of their registrations by completing continuing education in an effort to address the challenges that industry professionals face when attempting to re-enter the industry after an absence.

    9/6/2018

  6. FINRA Regulatory Notice 18-27 Restructured Qualification Examinations and Related Examination Fees

    ffective October 1, 2018, FINRA is restructuring its representative-level qualification examination program. As part of this restructuring, FINRA has developed the Securities Industry Essentials™ (SIE™) examination and revised several of its representative-level qualification examinations. In addition, FINRA has (1) set the fee for the SIE examination; (2) revised the fees for the representative-level examinations that FINRA is retaining; and (3) revised the administration and delivery fee for the Municipal Securities Representative (Series 52) examination. The text of the amendments to Section 4(c) of Schedule A to the FINRA By-Laws relating to examination fees is set forth in Attachment A. The new and revised qualification examination fees will apply for examination requests made on or after October 1, 2018.

    9/6/2018

  7. Cboe Options Regulatory Circular 18-030 Consolidated Audit Trail – Industry Member Technical Specifications

    Today CAT NMS, LLC published version 0.6 of the CAT Reporting Technical Specifications for Industry Members (“IM Technical Specifications”) for Industry Member reporting to the CAT. The IM Technical Specifications are available on the CAT NMS Plan website. This version of the IM Technical Specifications represents the last draft version that will be published for industry comment before the release of the final IM Technical Specifications, targeted for October 30, 2018.

    9/5/2018

  8. MSRB Regulatory Notice 2018-20 Request for Information on the Accessibility, Methodology and Utility of Indices, Yield Curves and Other Benchmarks

    The MSRB is requesting information from market participants and the public on the accessibility, methodology and utility of indices, yield curves and other benchmarks currently available in the municipal market. The purpose of this notice is to obtain information and insight from commenters to inform and support the MSRB’s mission to promote a fair and efficient municipal market. This request is a continuation of the MSRB’s interest in the use and availability of benchmarks in the municipal securities market and is intended exclusively to inform the MSRB. The MSRB does not have regulatory jurisdiction in this area, and this request is not a precursor to initiating rulemaking. Comments should be submitted no later than November 27, 2018 and may be submitted in electronic or paper form.

    8/28/2018

  9. Cboe Options Regulatory Circular RG18-028 Solicited Transactions

    The following is a summary of Cboe Options Rule 6.9, Solicited Transactions. This Rule: (i) sets forth priority for solicited transactions on the Exchange; and (ii) prohibits Trading Permit Holders (“TPH”) and associated persons from trading based on knowledge of an imminent undisclosed solicited transaction. This summary is intended as a quick reference guide. Please refer to the Rule for additional information.

    8/24/2018

  10. SR-NYSENAT-2018-20 Proposed amendments to the Exchange's rules regarding qualification, registration and continuing education requirements applicable to Equity Trading Permit Holders

    Pursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) and Rule 19b-4 thereunder, NYSE National, Inc. (“NYSE National” or the “Exchange”) is filing with the Securities and Exchange Commission (the “Commission”) proposed amendments to the Exchange’s rules regarding qualification, registration and continuing education requirements applicable to Equity Trading Permit (“ETP”) Holders. To the extent the Exchange’s rule proposal is intended to harmonize with Financial Regulatory Authority, Inc. (“FINRA”) rules and thus promote consistency within the securities industry, the Exchange is only adopting rules that are relevant to the Exchange’s ETP Holders.

    8/15/2018

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