1. SR-FINRA-2018-036 Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Test Results Information on the Content Outlines of FINRA Qualification Examinations

    Financial Industry Regulatory Authority, Inc. (“FINRA”) is filing with the Securities and Exchange Commission (“SEC” or “Commission”) revisions relating to test results information on the content outlines of certain FINRA representative- and principal-level qualification examinations.

    10/12/2018

  2. SR-NASDAQ-2018-078 Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend, Reorganize and Enhance its Membership, Registration and Qualification Rules

    Nasdaq has adopted registration requirements to ensure that associated persons attain and maintain specified levels of competence and knowledge pertinent to their function. In general, the current rules require that persons engaged in a member’s investment banking or securities business who are to function as representatives or principals register with the Exchange in each category of registration appropriate to their functions by passing one or more qualification examinations, and exempt specified associated persons from the registration requirements. They also prescribe ongoing continuing education requirements for registered persons. The Exchange now proposes to amend, reorganize and enhance its rules regarding registration, qualification examinations and continuing education.

    10/9/2018

  3. FINRA Information Notice 10/02/18 Administrative Changes to the Continuing Education Regulatory Element Programs

    Effective December 8, 2018, the content from the S106 and S901 Regulatory Element Continuing Education (CE) Programs will become part of the S101 Regulatory Element CE Program. The S106 and S901 CE Programs will be retired as stand-alone programs. Individuals who previously completed these programs instead will be required to complete the S101 CE Program. The S101 CE Program will include new personalized modules for each of the following representative categories: Investment Company and Variable Contracts Products, Investment Banking, and Research.

    10/2/2018

  4. Cboe Options Regulatory Circular 18-035 SEC Staff Issues Guidance on Third-Party Recordkeeping Services

    The purpose of this Regulatory Circular is to inform Trading Permit Holders and Members that the SEC staff recently issued guidance regarding contractual arrangements between broker-dealers and third-party recordkeeping service providers. The guidance specifically focuses on contractual arrangements that include provisions under which service providers assume a right to delete or discard the broker-dealer’s records required to be preserved pursuant to Securities Exchange Act of 1934 (“SEA”) Rules 17a-3 and 17a-4, typically in response to non-payment by the broker-dealer of fees due under the contract.

    9/25/2018

  5. MSRB Regulatory Notice 2018-27 MSRB Facilitates Requests for Interpretive Guidance

    The MSRB is publishing a new statement on requesting interpretive guidance (“statement”) that clarifies the various ways regulated entities, including brokers, dealers and municipal securities dealers (collectively, “dealers”) and municipal advisors, as well as issuers, attorneys, investors and other market participants can seek assistance from the MSRB. The statement is better aligned with the MSRB’s strategic goal of facilitating industry understanding of, and compliance with, MSRB rules. The statement on requesting interpretive guidance supersedes the policy on providing interpretive guidance and responds to stakeholder feedback that the MSRB’s previous policy presented challenges in seeking assistance from the MSRB in an effort to comply with MSRB rules. The statement outlines the process for receiving meaningful, effective and responsive assistance. The MSRB’s goal in providing such assistance to regulated entities, examining authorities or other market participants is to promote regulatory certainty essential to an effective regulatory framework.

    9/25/2018

  6. FINRA Information Notice 9/24/18 Presentation Changes and New Functionality in the Central Registration Depository (CRD®) System

    FINRA is introducing enhancements and presentation changes in the Central Registration Depository (CRD) system that relate to the implementation of FINRA’s restructured qualification examination program and the adoption of consolidated FINRA registration rules. These changes, effective October 1, 2018, principally affect the Examination Requests and SRO Registrations sections.

    9/24/2018

  7. FINRA Regulatory Notice 18-32 FINRA Reminds Firms of Their Obligations Regarding Transactions in OTC Equity Securities Quoted Pursuant to a Submitted Form 211

    In consultation with SEC staff, FINRA is reminding members of legal obligations that apply when initiating a quote in an OTC security in addition to filing a Form 211.

    9/24/2018

  8. MSRB Regulatory Notice 2018-26 MSRB Proposes a Municipal Advisor Principal Qualification Examination

    The MSRB is publishing this notice to announce its plan to establish professional qualification requirements for municipal advisor principals. With the Municipal Advisor Representative Qualification Examination (“Series 50 examination”) in place since September 2016 as the baseline representative-level qualification examination, the MSRB has been engaged in an ongoing effort to develop a principal-level qualification examination.

    9/19/2018

  9. MSRB Regulatory Notice 2018-24 MSRB Answers FAQs Regarding Use of Municipal Advisory Client Lists and Case Studies under MSRB Rule G-40

    On June 27, 2018, the MSRB sought public comment on a draft set of frequently asked questions (FAQs) related to the application of MSRB Rule G-40, on advertising by municipal advisors, to the use of municipal advisory client lists and case studies by municipal advisors. The MSRB received three comment letters and revised the draft FAQs to reflect those comments as well as additional insight gained from the MSRB’s ongoing engagement with the industry concerning compliance with Rule G-40.

    9/17/2018

  10. MSRB Regulatory Notice 2018-25 Request for Comment on Application of Content Standards to Advertisements by Municipal Advisors under MSRB Rule G-40

    The MSRB requests comment from market participants and the public on a draft compliance resource regarding the application of the content standards under MSRB Rule G-40, on advertising by municipal advisors. This request seeks information and insight from commenters to further inform the MSRB’s development of the compliance resource for planned publication. The MSRB invites market participants and the public to submit comments in response to this request, along with any other information that they believe would be useful to the MSRB in developing this compliance resource. Information may be submitted through October 17, 2018 in electronic or paper form.

    9/17/2018

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