1. MSRB Regulatory Notice 2016-27 Interpretive Notice Regarding Rule G-47, on Time of Trade Disclosure

    MSRB Rule G-47, on time of trade disclosure, requires brokers, dealers and municipal securities dealers (collectively, “dealers”) to disclose to their customers, at or prior to the time of trade, all material information known about the transaction, as well as material information about the municipal security that is reasonably accessible to the market. The MSRB has previously provided interpretive guidance, now codified in supplementary material to Rule G-47, on specific types of information that is material where specific scenarios occur and requires time of trade disclosure.

    11/22/2016

  2. FINRA Regulatory Notice 16-43: SEC Approves Rule Amendment to Create a New Academic Corporate Bond TRACE Data Product

    Effective February 27, 2017, FINRA will make available for a fee the Academic Corporate Bond TRACE Data product—an enhanced historical TRACE data product available solely to institutions of higher education. The rule text is available in the online FINRA Manual.

    11/16/2016

  3. SR-Phlx-2016-113 Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Limit Order Protection.

    Effective November 16, 2016 The Exchange amended the Limit Order Protection or “LOP” for members accessing PSX and adding rule text related to a collar applicable to Primary Pegging and Market Pegging Orders.

    11/16/2016

  4. SR-NYSEMKT-2016-98 Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Commentary .05 to Rule 980NY

    NYSE MKT notice of filing and immediate effectiveness of proposed rule change amending commentary .05 to Rule 980NY. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.

    11/1/2016

  5. FINRA Regulatory Notice 16-42: Broker-Dealer, Investment Adviser Firm, Agent and Investment Adviser Representative, and Branch Renewals for 2017

    The 2017 Renewal Program begins on November 14, 2016, when FINRA makes the online Preliminary Statements available to all firms in E-Bill. Firms should note the key dates in the renewal process listed in this Notice.

    11/1/2016

  6. FINRA Regulatory Notice 16-41: SEC Approves Amendments to Rules Governing Communications With the Public

    The SEC has approved amendments to FINRA rules governing communications with the public. The amendments revise the filing requirements in FINRA Rule 2210 (Communications with the Public) and FINRA Rule 2214 (Requirements for the Use of Investment Analysis Tools) and the content and disclosure requirements in FINRA Rule 2213 (Requirements for the Use of Bond Mutual Fund Volatility Ratings).

    10/26/2016

  7. FINRA Regulatory Notice 16-40: SEC Approves FINRA ‘‘Pay-To-Play’’ and Related Rules

    The Securities and Exchange Commission (SEC) approved FINRA Rules 2030 (Engaging in Distribution and Solicitation Activities with Government Entities) and 4580 (Books and Records Requirements for Government Distribution and Solicitation Activities) to establish “pay-to-play” and related rules regulating the activities of member firms that engage in distribution or solicitation activities for compensation with government entities on behalf of investment advisers. The rules become effective August 20, 2017.

    10/24/2016

  8. FINRA Regulatory Notice 16-39: SEC Approves Rule Change to Require Reporting of Transactions in U.S. Treasury Securities to the Trade Reporting and Compliance Engine (TRACE)

    Beginning July 10, 2017, FINRA member firms must begin reporting transactions in U.S. Treasury Securities to FINRA via TRACE. This Notice describes the scope of the term “U.S. Treasury securities” for purposes of the new reporting requirement; the specific transactions in U.S. Treasury securities that are reportable and those that are exempt from the reporting requirement; and the information that must be reported to TRACE when reporting transactions in U.S. Treasury securities, including a new trade indicator and two new modifiers. FINRA is publishing technical specifications concurrently with this Notice, which are available on FINRA’s website. At this time, FINRA will not disseminate information on transactions in U.S. Treasury securities and will not charge transaction-level fees on transactions in U.S. Treasury securities reported to TRACE.

    10/19/2016

  9. FINRA Regulatory Notice 16-38: SEC Approves Amendments to Disseminate Collateralized Mortgage Obligation (CMO) Transactions and to Reduce the Reporting Time for CMO Transactions

    The Securities and Exchange Commission (SEC) approved amendments to the Trade Reporting and Compliance Engine (TRACE) rules and dissemination protocols to provide for dissemination of transactions in collateralized mortgage obligations (CMOs), to reduce the time frame for reporting transactions in CMOs executed after issuance, and to simplify the reporting requirements for transactions in CMOs executed prior to issuance. These amendments will become effective on March 20, 2017. The amended rule text is available on FINRA’s website.

    10/17/2016

  10. FINRA Regulatory Notice 16-37: SEC Approves FINRA’s Capital Acquisition Broker (CAB) Rules

    The Securities and Exchange Commission (SEC) approved FINRA’s rule set for firms that meet the definition of “capital acquisition broker” (CAB) and that elect to be governed under this rule set. CABs are firms that engage in a limited range of activities, essentially advising companies and private equity funds on capital raising and corporate restructuring, and acting as placement agents for sales of unregistered securities to institutional investors under limited conditions. Firms that elect to be governed under the CAB rule set are not permitted, among other things, to carry or maintain customer accounts, handle customers’ funds or securities, accept customers’ trading orders, or engage in proprietary trading or market-making. The CAB rules become effective on April 14, 2017. In order to provide new CAB applicants with lead time to apply for FINRA membership and obtain the necessary qualifications and registrations, CAB Rules 101-125 will become effective on January 3, 2017. FINRA will begin accepting applications for firms that are not broker-dealers but wish to register as CABs, for existing member firms requesting to elect CAB status, and for CAB associated person registration and qualification, on January 3, 2017.

    10/17/2016

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