1. Cboe RN 22-013 Requirement to Provide Notification to the Exchange of Disciplinary Action

    Cboe Options, C2 Options, BZX Options and EDGX Options are issuing this regulatory circular to inform Trading Permit Holders and Members (collectively, “Members”) of the process a Member must follow to notify the Exchanges of disciplinary actions by other organizations against the Member or its associated persons as required by Cboe Options and C2 Options Rule 8.81 and BZX Options and EDGX Options Rules 18.5.

    9/8/2022

  2. MSRB Regulatory Notice 2022-09 MSRB Amends Rule G-3 on Dealer Continuing Education Program Requirements

    The MSRB filed with the SEC a proposed rule change to amend Rule G-3 to align continuing education (CE) obligations under MSRB Rule G-3 for brokers, dealers, and municipal securities dealers with commission approved amendments to the FINRA's CE rules, and facilitate the recommendations of the Securities Industry/Regulatory Council on Continuing Education (CE Council) that enhance CE requirements for municipal securities industry professionals. The MSRB proposed rule change does not modify continuing education obligations under Rule G-3 for municipal advisors. The proposed rule change was filed for immediate effectiveness.

    8/30/2022

  3. SEC Release 34-95620 Whistleblower Program Rules

    The SEC is adopting amendments to the Commission’s rules implementing its whistleblower program. Section 21F of the Securities Exchange Act of 1934 (“Exchange Act”) and the Commission’s implementing rules provide that the Commission shall pay an award to eligible whistleblowers who voluntarily provide the Commission with original information about a violation of the federal securities laws that leads to the successful enforcement of a covered judicial or administrative action or a non-SEC related action. The amendments: expand the scope of related actions eligible for an award under the Commission’s whistleblower program; clarify that the Commission may use its statutory authority under Section 21F to consider the dollar amount of a potential award to increase an award but provide that the Commission will not use any statutory authority it might have to decrease the amount of an award; and make several conforming changes and technical corrections.

    8/26/2022

  4. SEC Release 34-95607 Pay Versus Performance

    The SEC is adopting amendments to implement Section 14(i) (“Section 14(i)”) of the Securities Exchange Act of 1934 (“Exchange Act”), as added by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). Section 14(i) directs the Commission to adopt rules requiring registrants to provide disclosure of pay versus performance. The disclosure is required in proxy or information statements in which executive compensation disclosure is required. The disclosure requirements do not apply to emerging growth companies, registered investment companies, or foreign private issuers.

    8/25/2022

  5. FINRA Regulatory Notice 22-19 Enhancement to ACATS “Receiver Delete” Functionality for Alternative Investments

    The NSCC administers ACATS, a system that automates and imposes specified duties and performance timeframes to facilitate the transfer of accounts, in whole or in part, from one firm to another. The NSCC recently announced a change to ACATS that will allow a receiving member (the firm slated to receive the customer’s account) to use the “receiver delete” function to remove alternative investments from an ACATS transfer.

    8/8/2022

  6. FINRA Regulatory Notice 22-18 FINRA Reminds Firms of Their Obligation to Supervise for Digital Signature Forgery and Falsification

    FINRA has received an increasing number of reports regarding registered representatives and associated persons forging or falsifying customer signatures, and in some cases signatures of colleagues or supervisors, through third-party digital signature platforms. Firms have, for example, identified signature issues involving a wide range of forms, including account opening documents and updates, account activity letters, discretionary trading authorizations, wire instructions and internal firm documents related to the review of customer transactions. These types of incidents underscore the need for member firms that allow digital signatures to have adequate controls to detect possible instances of signature forgery or falsification. To help firms address the risks these signature forgeries and falsifications present, FINRA is sharing information in this Notice about: relevant regulatory obligations; forgery and falsification scenarios firms have reported to FINRA; and methods firms have used to identify those scenarios.

    8/3/2022

  7. FINRA Regulatory Notice 22-17 FINRA Requests Comment on a Proposal to Shorten the Trade Reporting Timeframe for Transactions in Certain TRACE-Eligible Securities From 15 Minutes to One Minute

    FINRA is soliciting comment on a proposal to amend Rule 6730 to reduce the Trade Reporting and Compliance Engine (TRACE) trade reporting timeframe for transactions in all TRACE-Eligible Securities that currently are subject to a 15-minute reporting timeframe. Specifically, members would be required to submit a report to TRACE as soon as practicable (as is currently the case), but no later than one minute from the time of execution, for transactions in corporate bonds, agency debt securities, asset-backed securities and agency pass-through mortgage backed securities traded to-be-announced for good delivery. As is the case today, FINRA would make information on the reported transactions publicly available immediately upon receipt of the trade report.

    8/2/2022

  8. MSRB Regulatory Notice 2022-07 Request for Comment on Transaction Reporting Obligations under MSRB Rule G-14

    As part of its ongoing retrospective review of its rules and published interpretations, the MSRB is issuing this Request for Comment (RFC) to solicit comment on a potential amendment to MSRB Rule G-14, on reports of sales or purchases, related to the reporting and public dissemination of information regarding purchase and sale transactions effected in municipal securities. Specifically, the MSRB is seeking input on a potential amendment to Rule G-14 to require that, absent an exception, transactions are reported as soon as practicable, but no later than within one minute of the Time of Trade (“Proposal”). Comments should be submitted no later than October 3, 2022 and may be submitted in electronic or paper form.

    8/2/2022

  9. MSRB Regulatory Notice 2022-05 MSRB to End Regulatory Relief that Extended Certain Professional Qualification Requirements Due to COVID-19

    The MSRB is announcing the expiration date of certain pandemic-related regulatory relief. Specifically, relief that was put into place in April 2020, due to the coronavirus disease (COVID-19 or pandemic), that provided an extension from having to complete certain obligations, under Rule G-3, on professional qualification requirements.

    7/25/2022

  10. FINRA Regulatory Notice 22-16 FINRA Amends Its Rules Regarding Electronic Service and Filing of Documents in Disciplinary and Other Proceedings and Appeals

    FINRA has adopted changes to its rules to permit, and in some instances require, electronic service and filing of documents in disciplinary and other proceedings and appeals.1 FINRA has also amended its rules to require parties in proceedings before the Office of Hearing Officers (OHO) to file and serve the parties with their current email address and contact information at the time of their first appearance, and to file and serve any change in email address or contact information during the course of the proceeding. These amendments will become effective August 22, 2022.

    7/22/2022

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