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. MEMX Regulatory Notice 22-07 Updated Clearly Erroneous Execution Rules

    MEMX LLC, in coordination with all U.S. equities exchanges, has updated the harmonized clearly erroneous execution (“CEE”) rule as outlined below and the updated rule is now effective. Under the revised CEE rule, CEE reviews have been largely eliminated during Regular Trading Hours when Limit Up-Limit Down Price Bands are in effect, except in limited circumstances.

    10/3/2022

  4. NASAA Comment Request 9.22 - Request for Public Comment on Proposed Revisions to the Uniform Application to Register Securities

    The Corporation Finance Section Committee and the Business Organizations and Accounting Project Group (“Project Group”) of the North American Securities Administrators Association, Inc. seek public comment on proposed revisions to the Uniform Application to Register Securities. The Project Group is proposing to amend the Form U-1 to require that preliminary proxy statements, definitive proxy statements, definitive additional materials, and soliciting material be filed with NASAA members within two business days after filing such materials with the SEC.

    9/22/2022

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. 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

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