1. FINRA Regulatory Notice 22-11 FINRA Reminds Firms of Their Sales Practice Obligations for Alternative Mutual Funds

    Recently, FINRA took enforcement action against several firms for failing to establish or maintain a reasonably designed supervisory system for recommendations of alternative mutual funds, also sometimes referred to as “alt funds” or “liquid alts” (“Alt Funds”). FINRA is continuing to note such deficiencies in its examinations and communications reviews of such products.

    4/19/2022

  2. FINRA Regulatory Notice 22-08 Complex Products and Options

    FINRA reminds members of their sales practice obligations for complex products and options and solicits comment on effective practices and rule enhancements

    3/8/2022

  3. 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

  4. 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

  5. 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

  6. MSRB Request for Comment 2021-12 - Draft Compliance Resources for Dealers and Municipal Advisors Concerning New Issue Pricing

    The Municipal Securities Rulemaking Board (MSRB) is requesting comment on draft companion compliance resources for brokers, dealers, and municipal securities dealers (collectively, “dealers”) and municipal advisors (together with dealers, “regulated entities”). The goal of the compliance resources is to enhance understanding regarding the existing regulatory standards applicable to regulated entities’ supervision of conduct when pricing a new issuance of municipal securities. The purpose of this notice is to seek information and insight from commenters to further inform the MSRB’s development of the attached drafts prior to any final publication.

    10/5/2021

  7. FINRA Regulatory Notice 21-32 FINRA Requests Comment on Its Policy Relating to the Assignment of OTC Symbols to Unlisted Equity Securities

    FINRA requests comment on a proposed change to its current policy relating to the assignment of OTC symbols to unlisted equity securities. Specifically, FINRA is considering whether it should begin assigning OTC symbols to unlisted equity securities that do not have a valid CUSIP identifier, in the limited circumstance where a member firm demonstrates its best efforts to obtain a CUSIP identifier and provides documentation to identify the security.

    9/14/2021

  8. FINRA Regulatory Notice 21-27 SEC Financial Responsibility Rules

    FINRA is making available updates to interpretations in 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 are with respect to Securities Exchange Act (SEA) Rules 15c3-1 and 15c3-3.

    7/22/2021

  9. FINRA Regulatory Notice 21-25 FINRA Continues to Encourage Firms to Notify FINRA if They Engage in Activities Related to Digital Assets

    For the past several years, FINRA has encouraged firms to keep their risk monitoring analyst informed if the firm, or its associated persons or affiliates, engaged, or intended to engage, in activities related to digital assets, including digital assets that are non-securities. FINRA appreciates members’ cooperation with this request and is encouraging firms to continue to keep their risk monitoring analyst abreast of their activities related to digital assets on an ongoing basis.

    7/8/2021

  10. MSRB Information Notice 2021-02 MSRB to Retire Select Interpretive Guidance for Dealers and Municipal Advisors

    The MSRB is undertaking a retrospective review of the catalogue of interpretive guidance in its rule book. The goal of this comprehensive review is to streamline and modernize the rule book by clarifying, amending and/or retiring guidance that no longer achieves its intended purposes. The MSRB believes that this multi-year initiative will complement the MSRB’s other retrospective rule review initiatives and will be an impactful way to support compliance and reduce unnecessary costs and burdens for regulated entities, while fulfilling the MSRB’s regulatory obligation to protect investors, municipal entities, obligated persons, and the public interest.

    2/11/2021

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