1. MSRB Regulatory Noticre 2018-15

    The MSRB is requesting comment on draft amendments to MSRB Rule G-11, on primary offering practices, and MSRB Rule G-32, on disclosures in connection with primary offerings. This request for comment (“Request for Comment”) is intended to elicit views and input from all interested parties regarding the proposed changes, including on the benefits and burdens and possible alternatives, of the proposed changes. The comments will assist the MSRB in determining whether to propose these changes for adoption. On September 14, 2017, the MSRB published a concept proposal (“Concept Proposal”) requesting comment on possible amendments to the current primary offering practices of brokers, dealers and municipal securities dealers (together, “dealers”). The MSRB received 12 comment letters providing views and insight of market participants. The comments received, in addition to continuing dialogue with industry stakeholders, formed the foundation for this Request for Comment. Comments should be submitted no later than September 17, 2018, and maybe submitted in electronic or paper form.

    7/19/2018

  2. Cboe Options Regulatory Circular RG18-025 Mandatory Participation in Disaster Recovery Testing

    Pursuant to Regulation Systems Compliance and Integrity (“Reg SCI”) Rule 1004 and Cboe Exchange, Inc. (the “Exchange” or “Cboe Options”) Rule 6.18, the Exchange is required to establish standards for the designation of those Trading Permit Holders (“TPHs”)that the Exchange reasonably determines are, taken as a whole, the minimum necessary for the maintenance of fair and orderly markets in the event of the activation of the Exchange’s business continuity and disaster recovery plans and designate participants pursuant to those standards. Designated TPHs, referred to as “Designated BCP/DR Participants,” are required to participate in testing of the Exchange’s business continuity and disaster recovery plans. The Exchange announces mandatory testing dates periodically. The next mandatory test is October 13, 2018.

    7/19/2018

  3. SEC Release No. 34-83663 Regulation of NMS Stock Alternative Trading Systems

    The Securities and Exchange Commission is adopting amendments to the regulatory requirements in Regulation ATS under the Securities Exchange Act of 1934 (“Exchange Act”) applicable to alternative trading systems (“ATSs”) that trade National Market System (“NMS”) stocks (hereinafter referred to as “NMS Stock ATSs”), including so called “dark pools.” First, we are adopting new Form ATS-N, which will require NMS Stock ATSs to disclose information about their manner of operations, the broker-dealer that operates the ATS (“broker-dealer operator”), and the ATS-related activities of the broker-dealer operator and its affiliates. Second, as amended, Regulation ATS will require public posting of certain Form ATS-N filings on the Commission’s website, which will be accomplished through the Commission’s Electronic Data Gathering, Analysis, and Retrieval system (“EDGAR”) and require each NMS Stock ATS that has a website to post on its website a direct URL hyperlink to the Commission’s website. Third, the amendments to Regulation ATS that we are adopting today provide a process for the Commission to review Form ATS-N filings and, after notice and opportunity for hearing, declare an NMS Stock ATS’s Form ATS-N ineffective. Fourth, Regulation ATS, as amended, will require all ATSs subject to Regulation ATS to place in writing its safeguards and procedures to protect subscribers’ confidential trading information. We are also adopting conforming amendments to Regulation ATS and Exchange Act Rule 3a1-1(a).

    7/18/2018

  4. FINRA Information Notice - FINRA Warns Firms of Regulator Impersonators

    Recently, FINRA has received reports of member firms receiving telephone calls from persons claiming to work for FINRA in an attempt to deceive firms into revealing confidential information. FINRA is notifying firms that these individuals may be impersonators. Firms that receive telephone calls or emails purportedly from someone at FINRA requesting any type of information—confidential or otherwise—should use caution and verify the identity of the caller or sender before providing any information or responding to an email.

    7/13/2018

  5. CBOE Regulatory Circular RG18-023 Prearranged Trades

    This Regulatory Circular restates policies concerning prearranged trading. Trading Permit Holders/Members are cautioned that any purchase or sale, transaction or series of transactions, coupled with an agreement, arrangement, or understanding, directly or indirectly to reverse such transaction which is not done for a legitimate economic purpose or without subjecting the transactions to market risk, violates Exchange Rules and may be inconsistent with various provisions of the Securities Exchange Act of 1934, as amended, (the “Act”) and rules thereunder. All transactions must be effected in accordance with applicable trading rules, must be subject to risk of the market, and must be reported for dissemination.

    7/11/2018

  6. FINRA Regulatory Notice 18-20 FINRA Encourages Firms to Notify FINRA if They Engage in Activities Related to Digital Assets

    FINRA is monitoring developments in the digital asset marketplace and is undertaking efforts to ascertain the extent of FINRA member involvement related to digital assets. To supplement FINRA’s efforts to date, FINRA is issuing this Notice to encourage each firm to promptly notify FINRA if it, or its associated persons or affiliates, currently engages, or intends to engage, in any activities related to digital assets, such as cryptocurrencies and other virtual coins and tokens. In addition, until July 31, 2019, FINRA encourages each firm to keep its Regulatory Coordinator abreast of changes in the event the firm, or its associated persons or affiliates, determines to engage in activities relating to digital assets not previously disclosed. If a firm recently has provided notice to its Regulatory Coordinator in response to a direct request, has provided this information by way of the 2018 Risk Control Assessment (RCA) Survey, or has submitted a continuing membership application (CMA) regarding its involvement in activities related to digital assets, FINRA does not request additional notification pursuant to this Notice unless a change has occurred.

    7/6/2018

  7. CBOE Regulatory Circular RG18-02 Rule Filing Amending Definition of Strategy Orders and Incorporating Exclusion from Strategy Order Cut-Off Time for Bona Fide Market-Making Process for Submission of Written Policies and Procedures to Regulatory Division

    As announced in Cboe Options Regulatory Circular RG18-019, Cboe Options recently amended Interpretation and Policy .01 to Cboe Options Rule 6.2 (see Cboe Options Rule Filing SR-CBOE-2018- 045). The proposed changes will be effective for the July 18, 2018 expiration of Cboe Volatility Index (VIX) derivatives and Cboe Russell-2000 Volatility Index futures. A summary of the rule filing, as well as a process for Market-Makers to submit written policies and procedures to the Regulatory Division, follows.

    7/6/2018

  8. SEC Release IC-33142 Investment Company Liquidity Disclosure

    The Securities and Exchange Commission (“Commission”) is adopting amendments to its forms designed to improve the reporting and disclosure of liquidity information by registered open-end investment companies. The Commission is adopting a new requirement that funds disclose information about the operation and effectiveness of their liquidity risk management program in their reports to shareholders. The Commission in turn is rescinding the requirement in Form N-PORT under the Investment Company Act of 1940 that funds publicly disclose aggregate liquidity classification information about their portfolios. In addition, the Commission is adopting amendments to Form N-PORT that will allow funds classifying the liquidity of their investments pursuant to their liquidity risk management programs required by rule 22e-4 under the Investment Company Act of 1940 to report multiple liquidity classification categories for a single position under specified circumstances. The Commission also is adding a new requirement to Form N-PORT that funds and other registrants report their holdings of cash and cash equivalents.

    6/28/2018

  9. SEC Release 33-10514 Inline XBRL Filing of Tagged Data

    We are adopting amendments to require the use of the Inline eXtensible Business Reporting Language (“XBRL”) format for the submission of operating company financial statement information and fund risk/return summary information. We also are adopting the elimination of the 15 business day XBRL filing period for fund risk/return summaries. The amendments are intended to improve the data’s usefulness, timeliness, ad quality, benefiting investors, other market participants, and other data users and to decrease, over time, the cost of preparing the data for submission to the Commission. The amendments will also eliminate the requirement for operating companies and funds to post “Interactive Data Files” (i.e., machine-readable computer code that presents information in XBRL format) on their websites and terminate the Commission’s voluntary program for the submission of financial statement information interactive data that is currently available only to investment companies and certain other entities.

    6/28/2018

  10. MSRB Notice 2018-13 MSRB Revises Content Outlines for Professional Qualification Examinations

    On Monday, June 25, 2018, the MSRB filed a proposed rule change with the SEC to revise the content outline and selection specifications for the Municipal Securities Representative Qualification Examination (“Series 52 exam”) to remove general securities knowledge content as part of the MSRB’s modifications to its professional qualification examination program. Additionally, the MSRB proposed revisions to the Municipal Advisor Representative Qualification Examination (“Series 50 exam”), Municipal Fund Securities Limited Principal Qualification Examination (“Series 51 exam”) and the Municipal Securities Principal Qualification Examination (“Series 53 exam”) to reflect changes to laws, rules and regulations covered by the examinations, as applicable, and to make technical amendments to delete or update subject-matter topics and references.

    6/25/2018

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