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  1. FINRA Regulatory Notice 22-21 - FINRA Alerts Firms to Recent Trend in Fraudulent Transfers of Accounts Through ACATS

    FINRA alerts member firms to a rising trend in the fraudulent transfer of customer accounts through the Automated Customer Account Transfer Service, an automated system administered by the National Securities Clearing Corporation, that facilitates the transfer of customer account assets from one firm to another.

    10/6/2022

  2. MEMX Regulatory Notice 22-07 Updated Clearly Erroneous Execution Rules

    MEMX LLC, in coordination with all U.S. equities exchanges, has updated the harmonized clearly erroneous execution (“CEE”) rule as outlined below and the updated rule is now effective. Under the revised CEE rule, CEE reviews have been largely eliminated during Regular Trading Hours when Limit Up-Limit Down Price Bands are in effect, except in limited circumstances.

    10/3/2022

  3. FINRA Information Notice 4.19.22 FINRA Membership Application Program Transformation

    The Notice shares key operational changes in FINRA’s Membership Application Program (MAP) implemented to improve its effectiveness and efficiency (MAP Transformation), including establishing a centralized application intake function and aligning the program with the firm grouping model developed by FINRA’s Member Supervision Department during its recent transformation.

    4/19/2022

  4. FINRA Regulatory Notice 22-09 Accelerated Processing of Arbitration Proceedings

    FINRA requests comment on a proposed rule to accelerate arbitration proceedings for seriously ill or elderly parties.

    3/16/2022

  5. FINRA Regulatory Notice 22-04 FINRA Reminds Member Firms of Obligation to Execute Marketable Customer Orders Fully and Promptly

    In light of the increasingly automated markets for NMS stocks, FINRA is issuing this Notice to remind member firms of their obligation to execute marketable customer orders fully and promptly. We also are reminding firms of their obligation to ensure that their supervisory systems are reasonably designed to achieve compliance with this obligation.

    1/21/2022

  6. FINRA Regulatory Notice 22-03 Security-Based Swaps

    FINRA adopts amendments to clarify the application of FINRA rules to security-based swaps. Effective Dates: February 6, 2022 (Rules 0180, 4120 and 9610) and April 6, 2022 (Rules 4210, 4220 and 4240).

    1/20/2022

  7. FINRA Regulatory Notice 21-45 FINRA Announces Update of the Interpretations of Financial and Operational Rules

    FINRA is updating the imbedded text of Securities Exchange Act (SEA) financial responsibility rules in the Interpretations of Financial and Operational Rules to reflect the effectiveness of amendments the Securities and Exchange Commission (SEC) adopted. The updated imbedded text relates to SEA Rules 15c3-1, 15c3-1a, 15c3-1b, 15c3-1d, 15c3-1e, 15c3-3, 15Fi-1 through 15Fi-5, 17a-3, 17a-4, 17a-5, 17a-11 and 18a-3. FINRA is also making available related updates of the Interpretations of Financial and Operational Rules that have been communicated to FINRA by the staff of the SEC’s Division of Trading and Markets (SEC staff). The updated interpretations relate to SEA Rules 15c3-1, 17a-3, 17a-4 and 17a-5.

    12/28/2021

  8. FINRA Regulatory Notice 21-43 Prohibition on Borrowing From or Lending to Customers

    In August 2019, FINRA launched a retrospective review that, among other things, sought stakeholders’ input on the effectiveness of Rule 3240 (Borrowing from or Lending to Customers). Based on feedback received during the review, FINRA is proposing amendments to Rule 3240.

    12/16/2021

  9. MSRB Information Notice 2021-18 Second Request for Comment on Fair Dealing Solicitor Municipal Advisor Obligations and New Draft Rule G-46

    The Municipal Securities Rulemaking Board (MSRB) is requesting a second round of comments on a new draft Rule G-46 that would codify certain statements in a notice issued in 2017. Those statements relate to the obligations of “solicitor municipal advisors” under MSRB Rule G-17, on conduct of municipal securities and municipal advisory activities (the “G-17 Excerpt for Solicitor Municipal Advisors”) and were originally included in a larger notice regarding the application of MSRB rules to solicitor municipal advisors. In addition to codifying the general substance of the G-17 Excerpt for Solicitor Municipal Advisors, the draft rule, Rule G-46, also would add additional requirements that would better align some of the obligations imposed on solicitor municipal advisors with those applicable to non-solicitor municipal advisors under Rule G-42, on duties of non-solicitor municipal advisors, to underwriters under Rule G-17, on fair dealing, and to certain solicitations undertaken on behalf of third-party investment advisers under the U.S. Securities and Exchange Commission’s marketing rule for investment advisers (the “IA Marketing Rule” or “IA Rule 206(4)-1”).

    12/15/2021

  10. FINRA Regulatory Notice 21-42 FINRA Alerts Firms to “Log4Shell” Vulnerability in Apache Log4j Software

    FINRA is alerting firms to a recently identified vulnerability in Apache Log4J software, which is an open-source, Java-based logging utility widely used by enterprise applications and cloud services. The “Log4Shell” vulnerability presents risk for member firms because they may be using this software in internal applications, or the software may be embedded in third-party software packages. In addition, many applications written in Java are potentially vulnerable.

    12/14/2021

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