1. FINRA Regulatory Notice 22-04 FINRA Reminds Member Firms of Obligation to Execute Marketable Customer Orders Fully and Promptly

    In light of the increasingly automated markets for NMS stocks, FINRA is issuing this Notice to remind member firms of their obligation to execute marketable customer orders fully and promptly. We also are reminding firms of their obligation to ensure that their supervisory systems are reasonably designed to achieve compliance with this obligation.

    1/21/2022

  2. FINRA Regulatory Notice 22-03 Security-Based Swaps

    FINRA adopts amendments to clarify the application of FINRA rules to security-based swaps. Effective Dates: February 6, 2022 (Rules 0180, 4120 and 9610) and April 6, 2022 (Rules 4210, 4220 and 4240).

    1/20/2022

  3. FINRA Regulatory Notice 21-45 FINRA Announces Update of the Interpretations of Financial and Operational Rules

    FINRA is updating the imbedded text of Securities Exchange Act (SEA) financial responsibility rules in the Interpretations of Financial and Operational Rules to reflect the effectiveness of amendments the Securities and Exchange Commission (SEC) adopted. The updated imbedded text relates to SEA Rules 15c3-1, 15c3-1a, 15c3-1b, 15c3-1d, 15c3-1e, 15c3-3, 15Fi-1 through 15Fi-5, 17a-3, 17a-4, 17a-5, 17a-11 and 18a-3. FINRA is also making available related updates of the Interpretations of Financial and Operational Rules that have been communicated to FINRA by the staff of the SEC’s Division of Trading and Markets (SEC staff). The updated interpretations relate to SEA Rules 15c3-1, 17a-3, 17a-4 and 17a-5.

    12/28/2021

  4. FINRA Regulatory Notice 21-43 Prohibition on Borrowing From or Lending to Customers

    In August 2019, FINRA launched a retrospective review that, among other things, sought stakeholders’ input on the effectiveness of Rule 3240 (Borrowing from or Lending to Customers). Based on feedback received during the review, FINRA is proposing amendments to Rule 3240.

    12/16/2021

  5. MSRB Information Notice 2021-18 Second Request for Comment on Fair Dealing Solicitor Municipal Advisor Obligations and New Draft Rule G-46

    The Municipal Securities Rulemaking Board (MSRB) is requesting a second round of comments on a new draft Rule G-46 that would codify certain statements in a notice issued in 2017. Those statements relate to the obligations of “solicitor municipal advisors” under MSRB Rule G-17, on conduct of municipal securities and municipal advisory activities (the “G-17 Excerpt for Solicitor Municipal Advisors”) and were originally included in a larger notice regarding the application of MSRB rules to solicitor municipal advisors. In addition to codifying the general substance of the G-17 Excerpt for Solicitor Municipal Advisors, the draft rule, Rule G-46, also would add additional requirements that would better align some of the obligations imposed on solicitor municipal advisors with those applicable to non-solicitor municipal advisors under Rule G-42, on duties of non-solicitor municipal advisors, to underwriters under Rule G-17, on fair dealing, and to certain solicitations undertaken on behalf of third-party investment advisers under the U.S. Securities and Exchange Commission’s marketing rule for investment advisers (the “IA Marketing Rule” or “IA Rule 206(4)-1”).

    12/15/2021

  6. FINRA Regulatory Notice 21-42 FINRA Alerts Firms to “Log4Shell” Vulnerability in Apache Log4j Software

    FINRA is alerting firms to a recently identified vulnerability in Apache Log4J software, which is an open-source, Java-based logging utility widely used by enterprise applications and cloud services. The “Log4Shell” vulnerability presents risk for member firms because they may be using this software in internal applications, or the software may be embedded in third-party software packages. In addition, many applications written in Java are potentially vulnerable.

    12/14/2021

  7. FINRA Regulatory Notice 21-40 FINRA Requests Comment on Amendments to Rule 11880 Shortening the Settlement of Syndicate Account

    FINRA is soliciting comment on a proposal to amend FINRA Uniform Practice Code Rule 11880 (Settlement of Syndicate Accounts). The proposed amendments would reduce the maximum time for the final settlement of syndicate accounts in a public offering of corporate debt securities from 90 days to 30 days following the syndicate settlement date.

    11/11/2021

  8. FINRA Regulatory Notice 21-36 Anti-Money Laundering and Countering the Financing of Terrorism

    The Financial Crimes Enforcement Network (FinCEN) has issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism policy, which was mandated by the Anti-Money Laundering Act of 2020 (AML Act). FinCEN also issued a statement to provide covered non-bank financial institutions (NBFIs), including broker-dealers, with guidance on how to approach the AML/CFT Priorities.

    10/8/2021

  9. FINRA Regulatory Notice 21-35 Order Routing Disclosures for OTC Equity Securities

    FINRA requests comment on a proposal to require members to publish quarterly order routing disclosure reports for held orders in OTC Equity Securities. The proposed new quarterly reports would be similar to those required for NMS stocks under the Securities and Exchange Commission’s (SEC) Rule 606(a) of Regulation NMS, with certain modifications reflecting the different structure of the OTC market. FINRA also requests input on possible steps to further facilitate investor access and understanding of current order routing disclosures for NMS securities.

    10/6/2021

  10. NASAA Model Rule - Notice of Request for Public Comment Regarding Unpaid Arbitration Awards Model Rules

    The Broker-Dealer Market and Regulatory Policy and Review Project Group, the Broker-Dealer Arbitration Project Group, and the Investment Adviser Regulatory Policy and Review Project Group (the “Project Groups”) of the North American Securities Administrators Association, Inc. (“NASAA”) are seeking public comment on proposed model rules (the “Model Rules”) to provide member jurisdictions with an additional tool to address unpaid Financial Industry Regulatory Authority (“FINRA”) arbitration awards by broker-dealers, agents, investment advisers, and investment adviser representatives. Ultimately, the Model Rules will serve as bases for enforcement actions related to unpaid awards and allow member jurisdictions to prevent the registration of firms and individuals, whether as broker-dealers, agents, investment advisers, or investment adviser representatives, if the firm or individual has outstanding FINRA arbitration awards or other regulatory obligations.

    10/5/2021

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