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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Rules & Regulations
FINRA Governors Approve 4 Rule Proposals
FINRA's Board of Governors met in New York on September 26 and 27 and approved 4 rule proposals for comment of filing with the SEC.
EXPAND TIME FOR NON-PARTIES TO RESPOND IN ARBITRATION. FINRA propose to: (i) extend the response time for non-parties to object to an order or subpoena from 10 calendar days of service to 15 calendar days of receipt of the order or subpoena; and (ii) exclude first-class mail as an option to serve documents on the non-party and as an option for the non-party to file the objection to the scope or propriety of the order or subpoena.
EXPAND TRACE TO INCLUDE FOREIGN SOVEREIGN DEBT. FINRA will seek comment on amendments to expand TRACE rules to include transactions in U.S. dollar-denominated foreign sovereign debt securities. Issuance in these securities has accelerated in recent years and FINRA believes the proposal would provide important regulatory information on an increasingly active segment of the market. As proposed, trades in foreign sovereign debt securities would be subject to same-day reporting and would not be disseminated publicly.
AMEND MARGIN REQUIREMENTS FOR COVERED AGENCY TRANSACTIONS. FINRA will revise the Covered Agency Transaction margin requirements by: (i) eliminating the 2% maintenance margin requirement; (ii) allowing firms to take a capital charge in lieu of collecting margin for mark-to-market losses, subject to specified limitations and conditions; and, (iii) streamlining rule language. The revisions respond to competitive impact concerns raised by small firms in connection with recent changes in these requirements.
AMEND FINRA’S MARGIN RULE TO CLARIFY TREATMENT OF “WHEN ISSUED” AND OTHER EXTENDED SETTLEMENT TRANSACTIONS. FINRA will seek comment on amendments to margin requirements that would clarify and incorporate into the rule current interpretations regarding “when issued” and other extended settlement transactions, and would provide relief to facilitate the practical application of the rule to extended settlement transactions.