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  1. SEC Release 34-96034 Electronic Recordkeeping Requirements for Broker-Dealers, Security-Based Swap Dealers, and Major Security-Based Swap Participants

    The Securities and Exchange Commission is adopting amendments to the recordkeeping rules applicable to broker-dealers, security-based swap dealers, and major security-based swap participants. The amendments modify requirements regarding the maintenance and preservation of electronic records, the use of third-party recordkeeping services to hold records, and the prompt production of records.

    10/12/2022

  2. 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

  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. CBOE Regulatory Circular 22-007 Option Customer Account Approval and Supervision

    Cboe issues notice to remind Trading Permit Holders and Members (collectively “Members”) of the approval requirements for customers seeking to trade options in their account. Members are prohibited from accepting orders from a customer to purchase or write an option contract unless the customer’s account has been approved for options transactions in accordance with the provisions set forth in the Exchanges’ rules governing the opening of accounts.

    3/15/2022

  5. FINRA Regulatory Notice 22-08 Complex Products and Options

    FINRA reminds members of their sales practice obligations for complex products and options and solicits comment on effective practices and rule enhancements

    3/8/2022

  6. FINRA Regulatory Notice 22-05 FINRA Adopts Amendments to FINRA Rule 2165

    FINRA has adopted amendments to Rule 2165 (Financial Exploitation of Specified Adults) to permit member firms to: (1) place a hold on a securities transaction (in addition to the already-permitted hold on a disbursement of funds or securities) where there is a reasonable belief of financial exploitation; and (2) extend a temporary hold on a disbursement or transaction for an additional 30 business days, beyond the current maximum of 25 business days (for a total of 55 business days), if the member firm has reported the matter to a state regulator or agency, or a court of competent jurisdiction. The amendments to Rule 2165 become effective March 17, 2022.

    2/15/2022

  7. 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

  8. FINRA Regulatory Notice 21-40 FINRA Requests Comment on Amendments to Rule 11880 Shortening the Settlement of Syndicate Account

    FINRA is soliciting comment on a proposal to amend FINRA Uniform Practice Code Rule 11880 (Settlement of Syndicate Accounts). The proposed amendments would reduce the maximum time for the final settlement of syndicate accounts in a public offering of corporate debt securities from 90 days to 30 days following the syndicate settlement date.

    11/11/2021

  9. FINRA Regulatory Notice 21-36 Anti-Money Laundering and Countering the Financing of Terrorism

    The Financial Crimes Enforcement Network (FinCEN) has issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism policy, which was mandated by the Anti-Money Laundering Act of 2020 (AML Act). FinCEN also issued a statement to provide covered non-bank financial institutions (NBFIs), including broker-dealers, with guidance on how to approach the AML/CFT Priorities.

    10/8/2021

  10. MSRB Approval Notice 2021-13 SEC Approves Amendments to Rules G-10 and G-48 Clarifying Notification Requirements for Dealers

    On October 5, 2021, the Municipal Securities Rulemaking Board (MSRB) received approval from the U.S. Securities and Exchange Commission (SEC) for a rule change consisting of amendments to Rule G-10, on investor and municipal advisory client education and protection, clarifying and aligning the requirements for brokers, dealers and municipal securities dealers (collectively, “dealers”) to provide required notifications under the rule directly to those customers for whom a purchase or sale of a municipal security was effected in the past year and to each customer who holds a municipal securities position. The SEC also approved an accompanying amendment to Rule G-48, on transactions with sophisticated municipal market professionals (SMMPs), allowing dealers to conditionally excluded SMMPs from the requirements under Rule G-10(a). The rules become effective on October 12, 2021.

    10/6/2021

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