FINRA Regulatory Notice 11-52
FINRA Reminds Firms of Their Obligations Regarding the Supervision of Registered Persons Using Senior Designations
Date posted:
12/7/2011
MSRB NOTICE 2011-08
REMINDER OF FEBRUARY 14, 2011 EFFECTIVE DATE FOR AMENDMENTS TO RULE G-32 RELATED TO SUBMISSION OF INFORMATION ABOUT CONTINUING DISCLOSURE UNDERTAKINGS UNDER EXCHANGE ACT RULE 15C2-12
Date posted:
6/15/2011
MSRB NOTICE 2010-56 (December 16, 2010)
AMENDMENTS TO RULE G-32 RELATED TO SUBMISSION OF INFORMATION ABOUT CONTINUING DISCLOSURE UNDERTAKINGS EFFECTIVE FEBRUARY 14, 2011
Date posted:
6/15/2011
MSRB NOTICE 2010-32 (August 27, 2010)
MSRB RECEIVES APPROVAL TO MODIFY THE CONTINUING DISCLOSURE SERVICE OF THE ELECTRONIC MUNICIPAL MARKET ACCESS ("EMMA") SYSTEM
Date posted:
6/15/2011
MSRB NOTICE 2010-19 (June 28, 2010)
Reminder on Submissions of Disclosure Documents to EMMA for 529 College Savings Plans
Date posted:
6/15/2011
MSRB NOTICE 2010-15 (June 2, 2010)
MSRB RECEIVES SEC APPROVAL TO MAKE AVAILABLE PRIMARY MARKET AND CONTINUING DISCLOSURE INFORMATION ON EMMA
Date posted:
6/15/2011
MSRB NOTICE 2010-37 (September 20, 2010)
MSRB REMINDS FIRMS OF THEIR SALES PRACTICE AND DUE DILIGENCE OBLIGATIONS WHEN SELLING MUNICIPAL SECURITIES IN THE SECONDARY MARKET
Date posted:
6/15/2011
CBOE/CBSX Regulatory Circular RG10-120
Proposal Regarding Registration and Qualification Requirements for Trading Permit Holders and Associated Persons
Date posted:
6/15/2011
FINRA Regulatory Notice 11-10 - Reporting Requirements
FINRA Reminds Firms of Their Obligation to Electronically Report Specified Events and Quarterly Customer Complaint Information and Provides Additional Guidance on Automated Reporting Under FINRA Rule 4530
Date posted:
6/15/2011
FINRA Regulatory Notice 10-34 - FINRA BrokerCheck
SEC Approves Changes to Expand the Information Released Through BrokerCheck and Establish a Process to Dispute (or Update) Information Disclosed Through BrokerCheck
Date posted:
6/15/2011
FINRA Regulatory Notice 10-48 - Short Sales
Amendments to FINRA Trade Reporting and OATS Rules to Re-institute Short Sale Exempt Marking and to Require Price and Short Exempt Identifier on Route Reports.
Effective Date: November 10, 2010*
*The effective date was extended to February 28, 2011
Date posted:
6/15/2011
FINRA Regulatory Notice 09-54 - Trade Reporting
SEC Approves Amendments Requiring Related Market Center Indicator in Non-Tape Reports Submitted to FINRA.
Effective Date:March 1, 2010
Date posted:
6/15/2011
FINRA Regulatory Notice 10-11 - Amendments to the Arbitration Rules Regarding Deficient Claims
On March 22, 2010, the Codes of Arbitration Procedure for Customer and Industry disputes were amended to clarify that if a claim deficiency is corrected within 30 days from the time a party receives notice of a deficiency, the claim will be considered filed on the date the initial statement of claim was filed.
Date posted:
6/14/2011
FINRA Regulatory Notice 10-40
Effective October 14, 2010, a non-party witness’ attorney may attend an arbitration hearing while the witness is testifying.
Date posted:
6/14/2011
FINRA Regulatory Notice 11-05
Effective immediately, customers in FINRA arbitration have the option to choose an all public arbitration panel in all cases with three arbitrators.
Date posted:
6/14/2011
FINRA Regulatory Notice 10-49 SEC Approval and Effective Date for New Consolidated FINRA Rules
In August and September 2010, the SEC approved three rule filings relating to the Consolidated FINRA Rulebook. FINRA Rule 5121 (Public Offerings of Securities With Conflicts of Interest) and the FINRA Rule 11000 Series (Uniform Practice Code) will take effect on December 15, 2010.
Date posted:
6/14/2011
FINRA Regulatory Notice 10-22 - Regulation D Offerings
FINRA reminds broker-dealers of their obligation to conduct a reasonable investigation of the issuer and the securities they recommend in offerings made under the Securities and Exchange Commission’s Regulation D under the Securities Act of 1933—also known as private placements.
Date posted:
6/14/2011
CBOE Regulatory Circular RG09-141
Alternative Margin Treatment Available for Writing Listed Equity Call Options Against Employee Stock Options
Date posted:
6/14/2011
FINRA Regulatory Notice 08-74
FINRA Provides Guidance on Amendments to FINRA Rules Relating to SEC Regulation M
Date posted:
12/8/2008
FINRA Regulatory Notice 08-73
SEC Approves Amendments to NASD Rule 2220 to Update the Standards for Options Communications
Date posted:
12/5/2008
FINRA Regulatory Notice 07-59
December 12, 2007 - FINRA Provides Guidance Regarding the Review and Supervision of Electronic Communications - In June 2007, FINRA (then NASD and NYSE Member Regulation) issued for comment proposed guidance regarding the review and supervision of electronic communications. FINRA received 16 comment letters, with a majority of commenters supporting the guidance.
Date posted:
12/12/2007
SEC Final Rule: Release No. 33-8869
December 6, 2007 - Revision to Rules 144 and 145 - Rule 144 under the Securities Act of 1933 creates a safe harbor for the sale of securities under the exemption set forth in Section 4(1) of the Securities Act. We are shortening the holding period requirement under Rule 144 for “restricted securities” of issuers that are subject to the reporting requirements of the Securities Exchange Act of 1934 to six months. Restricted securities of issuers that are not subject to the Exchange Act reporting requirements will continue to be subject to a one-year holding period prior to any public resale. The amendments also substantially reduce the restrictions applicable to the resale of securities by non-affiliates.
Date posted:
12/6/2007
MSRB Notice 2007-29
September 25, 2007 - MSRB Publishes Interpretive Letter Relating to Payments to Non-Political Accounts of Political Organizations Under Rule G-37 - The Municipal Securities Rulemaking Board has published an interpretive letter relating to Rule G-37, on political contributions and prohibitions on municipal securities business, with respect to payments to non-political accounts of political organizations. The text of the interpretive letter is included below. Questions regarding the interpretive letter may be directed to Ernesto A. Lanza, Senior Associate General Counsel, Jill C. Finder, Associate General Counsel, or Ronald W. Smith, Senior Legal Associate.
Date posted:
9/26/2007
NASD Notice to Members 07-32
July 25, 2007 - NASD Amends Rule 3013 and Interpretive Material 3013 to Permit Members to Designate Co-Chief Executive Officers and Multiple Chief Compliance Officers - Effective July 16, 2007, NASD member firms may designate co-chief executive officers (co-CEOs) and multiple chief compliance officers (co-CCOs) to discharge the requirements of Rule 3013 (Annual Certification of Compliance and Supervisory Processes and accompanying IM-3013. The text of the rules, as amended, are set forth in Attachment A of this Notice.
Date posted:
7/26/2007
NYSE Information Memo 07-75
July 23, 2007 - Portfolio Margining Suitability - In connection with the recent amendments to NYSE Rule 431 governing Portfolio Margining, the attention of member organizations is directed to the need for care in the determination of suitability for the use of such accounts by individual investors and small institutional clients. This Information Memo will raise certain considerations which may guide this process.
Date posted:
7/23/2007
AMEX Notice - Reg 2007-19
May 20, 2007 - New Requirement for the Reporting of Consolidated Short Interest Positions - On March 6, 2007, the Securities and Exchange Commission (SEC) approved Amex Rule 30A "Periodic Reports" which requires Members and Member Organizations to increase the frequency of short interest reporting for all securities from monthly to twice a month. Amendments were also made to Amex Rule 7. Concurrently, all other U.S. securities marketplace members of the Intermarket Surveillance Group (ISG) have also revised their short interest reporting requirements to correspond to the twice a month reporting cycle (See the attached ISG Notice 07-01). Since the amended short interest reporting requirements become effective 180-days after SEC approval to give Members and Member Organizations adequate time to make any changes necessary to comply with the new requirements, beginning in September 2007 all ISG SROs, including the Amex, will require Members and Member Organizations to submit short interest information twice a month.
Date posted:
5/23/2007
NYSE Information Memo 07-48
May 21, 2007 - Amendments to Rule 440a ("Telephone Solicitations") Pertaining to "Facsimile Advertisements" - On May 10, 2007, the Securities and Exchange Commission (the “Commission”) approved amendments1 to NYSE Rule 440A (“Telephone Solicitations”) to reflect legislation2 passed by Congress concerning unwanted telemarketing communications. Specifically, the legislation restored an exemption from the general prohibition against sending unsolicited faxed advertisements which applies when the sender and the recipient have an established business relationship and other conditions are met. The amendments to Rule 440A are effective immediately.
Date posted:
5/21/2007
NASD Notice to Members 07-25
May 18, 2007 - NASD Provides Guidance Concerning Trade Reporting Obligations for Transactions in Foreign Securities and American Depositary Receipts - NASD is publishing this Notice to provide members with guidance on trade reporting issues involving transactions in foreign securities and American Depositary Receipts (ADRs). NASD is announcing that, on April 20, 2007, NASD filed a rule change with the Securities and Exchange Commission (SEC) for immediate effectiveness to codify existing NASD guidance regarding members’ trade reporting obligations for transactions in foreign equity securities. NASD is also publishing this Notice to provide guidance to members concerning their trade reporting obligations with respect to certain transactions involving ADRs.
Date posted:
5/18/2007
NASD Notice to Members 07-24
May 15, 2007 - New Requirement for the Reporting of Consolidated Short Interest Positions to the Intermarket Surveillance Group (ISG) - This Notice to Members advises member firms that, effective September 2007, they are required to increase the frequency of short interest reporting from monthly to twice a month. Attachment A outlines the revised Short Interest Reporting Schedule for September 2007 through December 2007. Additionally, the short interest reporting rules of certain ISG self-regulatory organizations (SROs) are included as Attachment B.
Date posted:
5/15/2007
CBOE Regulatory Circular RG07-51
May 9, 2007 - Supplement to the Options Disclosure Document - On May 3, 2007, the SEC approved a supplement to the Options Disclosure Document (“ODD”) regarding several issues.
Date posted:
5/9/2007
SEC Final Rule - Release No. 34-55643
April 19, 2007 - Technical Amendments to Form BD and Form BDW - The Securities and Exchange Commission (“Commission” or “SEC”) is making technical amendments to Form BD and Form BDW, the uniform broker-dealer registration form and the uniform request for withdrawal from broker-dealer registration, respectively. The technical amendments will update the current list of self-regulatory organizations (“SROs”) and government jurisdictions listed on Form BD and Form BDW, and make conforming changes to the definition “jurisdiction” in the forms.
Date posted:
4/19/2007
NASD Notice to Members 07-17
April 18, 2007 - NASD and NYSE Joint Release Regarding Special Measures against Specified Banks Pursuant to Section 311 of the USA PATRIOT Act - This is to inform members1 that the Financial Crimes Enforcement Network (FinCEN) has issued a final rule imposing a special measure,2 effective April 18, 2007, against Banco Delta Asia SARL, including its subsidiaries Delta Asia Credit Limited and Delta Asia Insurance Limited (Banco Delta Asia or bank).3 Banco Delta Asia is a commercial bank in Macau, Special Administrative Region, China. This measure is comparable to that imposed against the Latvian bank VEF Banka and its subsidaries, including Veiksmes lizings.
Date posted:
4/18/2007
NYSE Information Memo 07-34
April 18, 2007 - NYSE And NASD Joint Release Regarding Special Measures Against Specified Banks Pursuant To Section 311 Of The USA Patriot Act - This is to inform members1 that the Financial Crimes Enforcement Network (FinCEN) has issued a final rule imposing a special measure,2 effective April 18, 2007, against Banco Delta Asia SARL, including its subsidiaries Delta Asia Credit Limited and Delta Asia Insurance Limited (“Banco Delta Asia” or “bank”).3 Banco Delta Asia is a commercial bank in Macau, Special Administrative Region, China. This measure is comparable to that imposed against the Latvian bank VEF Banka and its subsidiaries, including Veiksmes lîzings.
Date posted:
4/18/2007
SEC Final Notice – April 18, 2007
April 18, 2007 - Covered Securities Pursuant to Section 18 of the Securities Act of 1933 - The Securities and Exchange Commission (“SEC” or “Commission”) is adopting an amendment to a rule under Section 18 of the Securities Act of 1933 (“Securities Act”) to designate securities listed, or authorized for listing, on the Nasdaq Capital Market tier of The NASDAQ Stock Market LLC (“Nasdaq”) as covered securities for purposes of Section 18 of the Securities Act. Covered securities under Section 18 of the Securities Act are exempt from state law registration requirements. The Commission also is making a correction to the rule text to conform it to the language of Section 18 of the Securities Act.
Date posted:
4/18/2007
NYSE Information Memo 07-32
April 16, 2007 - Recission of the Series 12 Examination - This Information Memo is to advise member organizations of the forthcoming rescission of the Securities Manager (“Series 12”) qualification examination. NYSE Rule 342 (“Offices - Approval, Supervision and Control”) requires that member organizations be appropriately supervised. Rule 342.13 prescribes specific qualification standards for supervisors. It requires that a Branch Office Manager (“BOM”) pass the General Securities Sales Supervisor (“Series 9/10”) examination or another examination acceptable to the Exchange. Alternatives to the Series 9/10 examination include the Securities Manager (“Series 12”) examination and the General Securities Principal Examination (“Series 24”). The Series 12 examination qualifies a candidate as a Securities Manager (“SM”) and has generally been utilized by individuals employed by a broker/dealer whose business is limited solely to equity and non-municipal fixed income securities.
Date posted:
4/16/2007
CBOE Regulatory Circular RG07-45
April 12, 2007 - Supplement to the Options Disclosure Document - On April 4 2007, the Securities and Exchange Commission (“SEC”) approved a Supplement to the Options Disclosure Document (“ODD”) regarding non-rate modified cash-settled foreign currency options and rate-modified cash-settled foreign currency options. This supplement supersedes and replaces the January 2007 supplement. A current copy of the ODD as amended to include the supplement must be delivered to all new options customers.
Date posted:
4/12/2007
CBOE Regulatory Circular RG07-43
April 5, 2007 - Margin Requirements, Strategy-Based Margin Relief for Additional Types of Complex Spreads - In order to utilize the margin requirement prescribed in the Exchange margin rules for the above-named strategies, Exchange Rule 12.3(a) provides, among other things, that the interval between exercise prices is equal. For purposes of applying this provision, the Exchange has determined that, provided the interval between the 1st & 2nd exercise prices is equal to the interval between the 3rd and 4th exercise prices, the interval between the two middle exercise prices may be any amount greater than zero. In addition, the call exercise price may not be below the put exercise price in the case of the Short Iron Condor and Short Calendar Iron Condor spreads.
Date posted:
4/5/2007
NYSE Information Memo 07-27
March 20, 2007 - Sample Portfolio Margining Risk Disclosure And Acknowledgment Statements - This Information Memo provides sample “portfolio margining risk disclosure” and “customer acknowledgement” text that member organizations may use to satisfy the requirements of NYSE Rule 431(g). As discussed more fully below, Rule 431(g) requires that such material (or “substantially similar” material) be provided to customers prior to opening a portfolio margin account.
Date posted:
3/20/2007
NASD Notice to Members 07-14
March 20, 2007 - Portfolio Margin Risk Disclosure Statement and Written Acknowledgement to be Furnished to Customers Using a Portfolio Margin Account - As announced in Notice to Members (NTM) 07-11 (February 2007), recent amendments to NASD Rule 2520 (Margin Requirements) permit members to margin certain products according to a prescribed portfolio margin methodology on a pilot basis. Related amendments to Rule 2860 (Options) require that a disclosure statement and written acknowledgement for use with the proposed portfolio margin program be furnished to customers using a portfolio margin account.1 This Notice sets forth the language required for the written disclosure statement and acknowledgment pursuant to Rule 2860(c).
Date posted:
3/20/2007
CBOE Regulatory Circular RG07-34
March 19, 2007 - Portfolio Margining - Disclosure Statement Required to be Furnished to Customers - The purpose of this Regulatory Circular is to prescribe a risk disclosure statement and acknowledgement form that is acceptable to the Exchange for delivery by member organizations to customers opening a portfolio margin account.
Date posted:
3/19/2007
NYSE Information Memo 07-18
February 20, 2007 - Updated Supplement to The Options Disclosure Document - Recently, the Securities and Exchange Commission approved a Supplement (see Attachment) to the Options Disclosure Document (“ODD”). The Supplement is related to U.S. dollar-denominated foreign currency options (“USD FCOs”). These options are traded on the Philadelphia Stock Exchange (“Phlx”). The Supplement provides additional disclosure with regard to U.S. dollar settled foreign currency options. The Exchange is advising member organizations, pursuant to Rule 726.30 (“Delivery of Options Disclosure Documents and Prospectuses”), that the ODD Supplement has been amended.
Date posted:
2/20/2007
NASD Notice to Members 07-06
February 14, 2007 - Special Considerations When Supervising Recommendations of Newly Associated Registered Representatives to Replace Mutual Funds and Variable Products - Registered representatives with an established customer base may, from time to time, change their association from one firm to another and may wish to bring with them customer assets, including mutual funds and variable products. In some cases these mutual funds or variable products may be held directly with the product issuer or they may be proprietary to the representative’s prior firm and the sponsor may not permit them to be transferred into the customer’s account at the new firm. Even nonproprietary products may not be freely transferable if the sponsor does not have a dealer or servicing agreement with the new firm.
Date posted:
2/14/2007
MSRB Notice 2007-08
February 12, 2007 - MSRB Files Amendment to Rule Filing Relating to Advertisements of Municipal Fund Securities - The MSRB has filed with the Securities and Exchange Commission (“SEC”) an amendment to a previously filed proposed rule change consisting of (i) amendments to Rule G-21, on advertising, and Rule G-27, on supervision, and (ii) an interpretation on general advertising disclosures, blind advertisements and annual reports relating to municipal fund securities (the “proposed interpretive notice”).[1] The MSRB has filed this amendment after consultation with SEC staff.
Date posted:
2/12/2007
NASD Notice to Members 07-04
January 24, 2007 - Codification of Interpretations to Rule 2711 - NASD has filed for immediate effectiveness a proposed rule change to codify certain interpretations under Rule 2711 (Research Analysts and Research Reports). The interpretations include many that previously were set forth in two joint interpretive memoranda. The proposed rule changes also include additional interpretations regarding the definition of research report, the distribution of third-party research through soft-dollar arrangements, and the supervisory requirements with respect to the distribution of both member research and third-party research. This Notice also contains two additional interpretations of the Rule 2711 provisions that prohibit research analysts from participating in the solicitation of investment banking business and road show presentations.
Date posted:
1/24/2007
NYSE Information Memo 07-11
January 24, 2007 - Codification of Interpretations To Rule 472 - On September 27, 2006, the NYSE filed with the SEC for immediate effectiveness amendments to NYSE Rule 472 (“Communications With The Public” or the “Rule”). This rule filing (the “Filing”) was done in coordination with the National Association of Securities Dealers (“NASD”), which made substantially similar changes to NASD Rule 2711. The amendments to Rule 472 codify existing NYSE interpretive guidance contained in previously circulated joint NYSE/NASD memoranda and make certain non-substantive, technical changes, where necessary, to clarify the rule's intended meaning. The Filing also codifies Exchange interpretations regarding the definition of “research report,” the distribution of third-party research reports through soft dollar arrangements and the requirements regarding the supervisory review and approval of third-party research reports, which were not contained in the joint memoranda. This Information Memo contains additional NYSE interpretations with respect to research analyst participation in pitch meetings and restrictions on sales and marketing activity.
Date posted:
1/24/2007
NYSE Information Memo 2005-20
REMINDER -- Amendments to Rule 345A Rescinding All Exemptions From Participation in Continuing Education Regulatory Element Programs Become Effective on April 4, 2005
Date posted:
3/18/2005
NASD Notice to Members 05-20
NASD Announces Effective Date of April 4, 2005 for Amendments to Rule 1120 to Eliminate Exemptions from the Continuing Education Regulatory Element Requirements; Effective Date: April 4, 2005
Date posted:
3/14/2005
NASD Notice to Members 04-78
SEC Approves Amendments to Rule 1120 to
Eliminate Exemptions from the Continuing Education Regulatory Element Requirements; Effective Date: Anticipated April 2005; Specific Date to be Announced in Future Notice to Members
Date posted:
10/28/2004
MSRB NOTICE 2004-27
Amendments Filed by MSRB to Remove Exemptions from Regulatory Element of Continuing Education Program
Date posted:
8/6/2004
NYSE Information Memo 04-12
Regulatory Element Continuing Education - Supervisors Program (S201) Available for Foreign Delivery
Date posted:
3/12/2004
NYSE Information Memo 04-7
Industry Qualifications Exams and Continuing Education Regulatory Element Now Available at Pearson VUE Professional Centers
Date posted:
2/9/2004
NASAA Notice
Changes to Series 63 Exam
Date posted:
2/1/2002
NASD Notice to Members 02-12
Continuing Education - NASD Regulation Adopts Amendments to Relieve Registered Representatives Serving in the Armed Forces from Continuing Education Requirements
Date posted:
1/29/2002
NYSE Information Memo 02-2
Continuing Education - New Program for Series 6 Registered Persons
Date posted:
1/4/2002
NASD Notice to Members 01-71
Continuing Education - Content Outline for new Series 6 Program Regulatory Element (S106) for Investment Representatives
Date posted:
10/30/2001
NYSE Information Memo 01-32
Continuing Education - New Program for Series 6 Registered Persons
Date posted:
10/4/2001
