1. Trade Reporting Notice 6/12/17 Effective Date for Required Use of TRACE for Treasuries Modifiers

    Effective Monday, July 10, 2017, FINRA member firms will be required to report transactions in U.S. Treasury Securities (Treasuries) to TRACE as per the recent amendments to the TRACE rules discussed in Regulatory Notice 16-39. FINRA Rule 6730 allows for the use of two new modifiers, when applicable, to be reported on transactions in Treasuries: “B” on a trade report if the transaction being reported is part of a series of transactions where at least one of the transactions involves a futures contract (e.g., a “basis” trade), and “S” on a trade report if the transaction being reported is part of a series of transactions and may not be priced based on the current market (e.g., a fixed price transaction in an “on-the-run” security as part of a transaction in an “off-the-run” security). Although these new modifiers will both be available in TRACE for reporting transactions in Treasuries beginning on July 10, 2017, they are not required to be used at that time. FINRA has filed a rule change to require firms to report the “B” and “S” modifiers on applicable transactions in Treasuries beginning Monday, February 5, 2018. Starting on that date, transactions that meet the defined criteria for these types of transactions must include these modifiers. FINRA has already updated the FIX and CTCI specifications for Treasuries to include these modifiers.

    6/12/2017

  2. CBOE RG17-082 Market Maker Equity Reports

    Beginning June 14, 2017, Trading Permit Holders will no longer be required to submit daily reports on behalf of Market Maker accounts pursuant to CBOE Rule 8.9(b) and/or C2 Rule 8.7(b) (known as Market Maker Equity Trade (MMET) and Market Maker Stock Position (MMSTK) reports). Instead, rule changes that become operative beginning June 14th have amended CBOE Rule 8.9(b) and C2 Rule 8.7(b) to provide that, upon the request of the Exchange, Market Makers will be required to report certain order information for the purchase or sale of securities underlying options traded on the Exchange, or convertible into such securities, as well as opening and closing positions in all such securities. The form of reporting will be provided at the time of the Exchange’s request.

    6/9/2017

  3. CBOE RG17-083 Trade Reporting Duties

    Rule Filing SR-CBOE-2017-024 has recently become operative. The rule filing, among other things, adds Interpretation and Policy .04 to Rule 6.51. Interpretation and Policy .04 allows a TPH to enter certain default values if the TPH has no knowledge of the information at the time the TPH systematizes an order pursuant to Rule 6.24 or reports a trade pursuant to Rule 6.51. In particular, if a TPH has no knowledge of the opening or closing status, account origin code, or time-inforce when systematizing an order through an Exchange-approved device or reporting a transaction, the following values may be used: 1. either open or close, in the TPH’s discretion (for opening or closing status); 2. broker-dealer, origin code “B” (for account origin code); and 3. day (for time-in-force). TPHs may change any of these initial values via CTM, and must maintain records of any changes pursuant to CBOE Rule 6.67.

    6/9/2017

  4. FINRA Regulatory Notice 17-22 FINRA Adopts Rules on Disruptive Quoting and Trading Activity and Expedited Proceedings

    In December 2016, FINRA implemented two new rule changes regarding disruptive quoting and trading activity. The first rule change adopts new Supplementary Material .03 to Rule 5210 (Publication of Transactions and Quotations) to explicitly define and specifically prohibit for purposes of Rule 5210 two types of quoting and trading activity that are deemed to be disruptive. The first type of activity involves a party entering multiple limit orders on one side of the market that changes the level of supply and demand for the security, entering one or more orders on the opposite side of the market that are subsequently executed, and, following the execution, canceling the original limit orders. The second type of activity consists of a party placing an order inside the national best bid and offer, and then submitting an order on the opposite side of the market to execute against another market participant that joined the new inside market. The second rule change amends the FINRA procedural rules regarding temporary cease and desist orders (TCDOs), found in the Rule 9800 Series, to create a process for FINRA to issue, on an expedited basis, a permanent cease and desist order against a respondent that engages in a frequent pattern or practice of the disruptive quoting and trading activity in Supplementary Material .03 to Rule 5210.

    6/7/2017

  5. SR-Nasdaq-2017-052 Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend Rule 5735

    The Exchange proposes to correct under the applicability section of Nasdaq Rule 5735(b)(1) (Managed Fund Shares) that any of the statements or representations regarding not just the description of the portfolio, but also of reference assets, among other things, will constitute continued listing requirements for listing of shares. This correction will result in the language mirroring that added by the Subsequent Filing in the initial and continued listing requirements section of Nasdaq Rule 5735 as intended.

    5/30/2017

  6. SR-NYSENAT-34-80752 Order Approving Proposed Rule Changes to Amend the Certificate and Bylaws of Their Ultimate Parent Company, Intercontinental Exchange, Inc.

    The Exchanges propose to amend the ICE Certificate and/or the ICE Bylaws to (1) revise references to ICE subsidiaries that either are or control national securities exchanges and delete references to certain other subsidiaries of ICE; (2) adopt a definition of “Member”; (3) delete obsolete references and make certain technical corrections to the ICE Certificate and/or ICE Bylaws; and (4) clarify ICE Bylaw provisions relating to the location of stockholder meetings, quorum requirements, and requirements applicable to persons entitled to nominate directors or make proposals at a meeting of ICE’s stockholders.

    5/24/2017

  7. MSRB Notice 2017-10 SEC Approves Continuing Education Requirements for Municipal Advisors

    The adoption of continuing education (CE) requirements for municipal advisors represents an important milestone in developing professional standards and CE requirements as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). The adoption of the amendments to establish CE requirements for municipal advisors furthers the MSRB’s mandate to protect investors, municipal entities, obligated persons and the public interest. The amendments to Rule G-3 help to ensure that those individuals engaging in municipal advisory activities on behalf of a municipal advisor, as well as those individuals that directly engage in the management, direction or supervision of the municipal advisory activities of the municipal advisor and its associated persons, remain current in their industry knowledge. The accompanying amendments to Rule G-8 promote compliance with a municipal advisor’s recordkeeping requirements related to the administration of its CE program. The rule amendments have an implementation date of January 1, 2018. A municipal advisor will have until December 31, 2018 to complete a needs analysis, develop a written training plan and deliver training to comply with the annual CE requirements for 2018.

    5/17/2017

  8. SR-Nasdaq-2017-040 Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Continued Listing Standards for Exchange-Traded Products

    The Exchange proposes to amend the previously approved continued listing requirements for exchange-traded products (“ETPs”) in the Nasdaq Rule 5700 Series, as well as Nasdaq Rule 5810 (Notification of Deficiency by the Listing Qualifications Department), to make a number of conforming and housekeeping changes. The Exchange also proposes to delay the implementation date of the previously approved changes to the continued listing standards from August 1, 2017 to October 1, 2017.

    5/17/2017

  9. FINRA Regulatory Notice 17-20 FINRA Requests Comment on the Effectiveness and Efficiency of Its Rules on Outside Business Activities and Private Securities Transactions

    FINRA is conducting a retrospective review of the rules governing outside business activities and private securities transactions to assess their effectiveness and efficiency. This Notice outlines the general retrospective rule review process and seeks responses to several questions related to firms’ experiences with these specific rules.

    5/15/2017

  10. Shortening the Settlement Cycle for Securities to T+2

    On February 9, 2017, the Securities and Exchange Commission (SEC) approved amendments to FINRA rules to conform to the SEC’s amendment to Rule 15c6-1(a) under the Securities Exchange Act of 1934 (SEA) to shorten the standard settlement cycle for most broker-dealer transactions from three business days after the trade date (T+3) to two business days after the trade date (T+2) and the industry-led initiative to shorten the settlement cycle from T+3 to T+2. The amendments to these rules become effective on September 5, 2017.

    5/11/2017

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