1. SEC Release No. 34-93701 Holding Foreign Companies Accountable Act Disclosure

    The SEC is adopting amendments to finalize interim final rules that revised Forms 20-F, 40-F, 10-K, and N-CSR to implement the disclosure and submission requirements of the Holding Foreign Companies Accountable Act. The final amendments apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board is unable to inspect or investigate completely because of a position taken by an authority in that jurisdiction.

    12/2/2021

  2. FINRA Regulatory Notice 21-41 FINRA Amends Rules 1210 and 1240 to Enhance the Continuing Education Program for Securities Industry Professionals

    FINRA has adopted important changes to its continuing education (CE) and registration rules to train registered persons more effectively while accommodating registered persons, particularly women and underrepresented minorities, whose personal circumstances take them away from the industry for a time. The changes to Rules 1210 and 1240: provide eligible individuals who terminate any of their representative or principal registration categories the option of maintaining their qualification for any terminated registration categories by completing annual CE through a new program, the Maintaining Qualifications Program (MQP); require registered persons to complete CE Regulatory Element annually for each representative or principal registration category that they hold; and expressly allow firms to consider other required training toward satisfying an individual’s annual CE Firm Element and extend the Firm Element requirement to all registered persons.

    11/17/2021

  3. MSRB Approval Notice 2021-13 SEC Approves Amendments to Rules G-10 and G-48 Clarifying Notification Requirements for Dealers

    On October 5, 2021, the Municipal Securities Rulemaking Board (MSRB) received approval from the U.S. Securities and Exchange Commission (SEC) for a rule change consisting of amendments to Rule G-10, on investor and municipal advisory client education and protection, clarifying and aligning the requirements for brokers, dealers and municipal securities dealers (collectively, “dealers”) to provide required notifications under the rule directly to those customers for whom a purchase or sale of a municipal security was effected in the past year and to each customer who holds a municipal securities position. The SEC also approved an accompanying amendment to Rule G-48, on transactions with sophisticated municipal market professionals (SMMPs), allowing dealers to conditionally excluded SMMPs from the requirements under Rule G-10(a). The rules become effective on October 12, 2021.

    10/6/2021

  4. 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

  5. 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

  6. Order Approving a Proposed Rule Change to Amend FINRA Rules 1210 (Registration Requirements) and 1240 (Continuing Education Requirements)

    On June 3, 2021, FINRA filed with the SEC a proposed rule change to amend FINRA Rules 1240 (Continuing Education Requirements) and 1210 (Registration Requirements) to, among other things, require that the Regulatory Element of FINRA’s continuing education program for registered persons of FINRA members (“CE Program”) be tailored to each registration category and completed annually rather than every three years and provide a way for individuals to maintain their qualifications following the termination of registration through continuing education.

    9/21/2021

  7. FINRA Regulatory Notice 21-33 FINRA Adopts Amendments to Rule 6432 Regarding Compliance with the Information Requirements of SEC Rule 15c2-11

    FINRA adopted amendments to Rule 6432 (Compliance with the Information Requirements of SEA Rule 15c2-11) in light of the Securities and Exchange Commission’s amendments to SEC Rule 15c2-11 (SEC Rule 15c2-11). As amended, Rule 6432 will require a qualified inter-dealer quotation system (Qualified IDQS) to submit a modified Form 211 filing to FINRA in connection with each initial information review, and a daily security file to FINRA containing summary information for all securities quoted on its system on each day that it makes a publicly available determination permitted under SEC Rule 15c2-11, among other amendments. The amendments to Rule 6432 will take effect on September 28, 2021—in line with the compliance date for the amendments to SEC Rule 15c2-11.

    9/17/2021

  8. FINRA Regulatory Notice 21-31 FINRA Establishes New Supplemental Liquidity Schedule (SLS)

    FINRA has established a new Supplemental Liquidity Schedule (SLS). The new SLS, which members subject to the requirement will need to file as a supplement to the FOCUS Report, is designed to improve FINRA’s ability to monitor for events that signal an adverse change in the liquidity risk of the members with the largest customer and counterparty exposures. FINRA is issuing this Notice to provide further information on the new requirement, which will become effective on March 1, 2022. For members subject to the requirement, the first SLS must be completed as of the end of March 2022 and will be due by May 4, 2022.

    9/3/2021

  9. MSRB Information Notice 2021-11 MSRB Provides Further Extension of Time to Take the Series 54 Qualification Examination

    The Municipal Securities Rulemaking Board (MSRB) filed a proposed rule change with the U.S. Securities and Exchange Commission (“SEC” or “Commission”) to further extend the date by which persons acting in the capacity of a municipal advisor principal are required to become duly qualified with the Series 54 examination. This brief extension of time pushes out the November 12, 2021, compliance date to November 30, 2021, and is connection with the MSRB’s efforts to facilitate the remote proctoring of the Series 54 examination. Notably, the extension of time provided for under the proposed rule change generally aligns with the number of days taken to launch the Series 54 examination online.

    9/2/2021

  10. MSRB Information Notice 2021-10 MSRB Provides Interim Accommodation for the Municipal Advisor Principal Qualification Examination (Series 54 Exam)

    To address the pandemic-related challenges facing individuals who need to become appropriately qualified as a municipal advisor principal1 before the compliance date, the Municipal Securities Rulemaking Board (MSRB) is providing an interim accommodation to allow such individuals to take the Series 54 exam online.

    8/11/2021

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