FINRA Regulatory Notice 07-65
December 26, 2007 - FINRA Amends NYSE Rule 409(f) (Statements of Accounts to Customers) to Eliminate the Requirement to Include the Name of the Securities Market on which a Transaction is Effected - Effective January 1, 2008, Dual Member firms will not be required to disclose the name of the securities market on which the transaction was effected on confirmations or reports as required under NYSE Rule 409(f). This change makes permanent the temporary relief that was granted in March 2007 and extended until January 1, 2008.
FINRA Regulatory Notice 07-62
December 12, 2007 - Revisions to the Series 23, 24, 42, 55, 62, 72 and 82 Examination Programs; Implementation Date: February 12, 2008 - FINRA has revised the following examination programs: General Securities Principal Sales Supervisor Module (Series 23); General Securities Principal (Series 24); Limited Representative – Options (Series 42); Limited Representative – Equity Trader (Series 55); Limited Representative – Corporate Securities (Series 62); Limited Representative – Government Securities (Series 72); and Limited Representative – Private Securities Offerings (Series 82). The changes are reflected in the study outlines on FINRA’s Web site at www.finra.org/brokerqualifications/exams. The changes will appear in examinations starting on February 12, 2008.
FINRA Regulatory Notice 07-59
December 12, 2007 - FINRA Provides Guidance Regarding the Review and Supervision of Electronic Communications - In June 2007, FINRA (then NASD and NYSE Member Regulation) issued for comment proposed guidance regarding the review and supervision of electronic communications. FINRA received 16 comment letters, with a majority of commenters supporting the guidance.
SEC Final Rule: Release No. 33-8869
December 6, 2007 - Revision to Rules 144 and 145 - Rule 144 under the Securities Act of 1933 creates a safe harbor for the sale of securities under the exemption set forth in Section 4(1) of the Securities Act. We are shortening the holding period requirement under Rule 144 for “restricted securities” of issuers that are subject to the reporting requirements of the Securities Exchange Act of 1934 to six months. Restricted securities of issuers that are not subject to the Exchange Act reporting requirements will continue to be subject to a one-year holding period prior to any public resale. The amendments also substantially reduce the restrictions applicable to the resale of securities by non-affiliates.
SEC Final Rule: Release No. 34-56914
December 6, 2007 - Shareholder Proposal Relating to the Election of Directors - The Securities and Exchange Commission is publishing this adopting release to codify the meaning of Rule 14a-8(i)(8) under the Securities Exchange Act of 1934. Rule 14a-8 provides shareholders with an opportunity to place certain proposals in a company’s proxy materials for a vote at an annual or special meeting of shareholders. Subsection (i)(8) of the Rule permits exclusion of certain shareholder proposals related to the election of directors. The Commission is adopting an amendment to Rule 14a-8(i)(8) to provide certainty regarding the meaning of this provision in response to a recent court decision.
CBOE Regulatory Circular RG07-128
November 21, 2007 - Continuing Education Firm Element Advisory - The Securities Industry/Regulatory Council on Continuing Education ("Council") publishes a Firm Element Advisory ("FEA"), as a guide for members or member organizations to utilize when developing their continuing education Firm Element Training for covered registered persons and their supervisors. The Council has updated the FEA for firms to use in identifying topics to include in their Firm Element Training. Topics added to the FEA since the prior publication.
FINRA Regulatory Notice 07-56
November 19, 2007 - Securities Industry/Regulatory Council on Continuing Education Issues Firm Element Advisory Update - This Notice advises firms of the fourth quarter 2007 Securities Industry/Regulatory Council on Continuing Education Firm Element Advisory, which identifies regulatory and sales practice topics that firms should consider in their Firm Element training plans. Topics updated or added since the prior Advisory are indicated in the document as such. The updated Firm Element Advisory is available at www.cecouncil.com/publications/ council_publications/FEA_2007_Semi_Annual_Update.pdf.
FINRA Regulatory Notice 07-55
November 14, 2007 - FINRA Reminds Member Firms of Their Obligations Regarding Background Investigations of Prospective Personnel - A critical part of the hiring process in the securities industry is the background investigation of prospective personnel. For instance, background investigations can help member firms determine whether a prospective employee is subject to a statutory disqualification or whether he or she may present a regulatory risk for the firm and customers. It is essential for firms to understand their obligations with respect to background investigations. As such, this Notice reminds member firms of their obligations under FINRA rules.
FINRA Regulatory Notice 07-53
November 6, 2007 - SEC Approves New NASD Rule 2821 Governing Deferred Variable Annuity Transactions - On September 7, 2007, the SEC approved new NASD Rule 2821 regarding broker-dealers' compliance and supervisory responsibilities for deferred variable annuities.1 The rule text is set forth in Attachment A and is effective May 5, 2008.
NYSE Information Memo 07-107
Novemver 9, 2007 - NYSE Rule 92 - Customer Consent and Frequently Asked Questions - The purpose of this Information Memo is: (i) to provide additional guidance with respect to the recent amendment to NYSE Rule 92(b), which permits obtaining blanket consent to trade along with a customer’s order, but does not prevent a member organization from obtaining customer consent under Rule 92(b) on an order-by-order basis using the pre-amendment express consent procedures, and (ii) to answer frequently asked questions about amended Rule 92. The NYSE has filed this Information Memo with the SEC for immediate effectiveness.
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