FINRA (and Selected SEC) Regulatory Matters At A Glance .
FINRA (and Selected SEC) Regulatory Matters at a GlanceWhat Compliance Officers Need to KnowFINRA Regulatory Notices, Rule Filings and Guidance for the Period August 2015 through July 2016Prepared by Glen Barrentine, Partner, Winston & Strawn, gbarrentine@Winston.com or 212.294.3543.Questions or suggestions? Please contact Glen or your usual Winston & Strawn contact.To be added to the distribution list, send a request to gbarrentine@Winston.com.INTERNAL LINKS:ChartColor KeyFINRA Regulatory NoticesFINRA Rule FilingsExemptive & Interpretive LettersTargeted Examination LettersReports and StudiesSelected SEC and Other Matters of InterestFINRA CalendarAction May Be Required (doesnot include continuingeducation levantRule*HeadingNotifications / Request forCommentContinuing EducationCommentsRelevantDateImpact onMemberFINRA Regulatory NoticesNew Regulatory NoticesRegulatoryNotice16-26NMS StocksLimit Up/Limit DownTrading PauseLimit Up/Limit Down: FINRAAdopts Amendments Relatingto the Regulation NMS Plan toAddress Extraordinary MarketVolatilityRegulatory HaltResumption of TradingAttorney advertising materials – 2016 Winston & Strawn LLPFINRA Rule 6121(Trading HaltsDue toExtraordinaryMarket Volatility)The notice announces theapproval by the SEC ofamendments to FINRA Rule6121.01 (Trading Halts Due toExtraordinary Market Volatility) toprovide that following a TradingPause or Regulatory Halt in anNMS Stock that is subject to theRegulation NMS Plan, a membermay resume trading otherwisethan on an exchange if tradinghas commended on the primaryEffective Date:August 22,2016Members may want toconsider whether to makeconforming changes intheir procedures, systemsand practices.* Other rules may also apply.
antDateImpact onMemberlisting exchange (or on anothernational securities exchange inthe case of the resumption oftrading following a ten-minutetrading pause) and either (1) amember has received the PriceBanks from the Processor; or (2)if immediately following aTrading Pause or Regulatory haltthe member has not yetreceived the Price Bands fromthe Processor, the member hascalculated an upper price bankand lower price band consistentwith the methodology providedfor in Section V of the Plan andensures that any transactionprior to the receipt of the PriceBands from the Processor arewithin the provided ranges.RegulatoryNotice16-25ArbitrationForum SelectionCustomer DisputesAssociated PersonDisputesForum Selection Provisions:Forum Selection ProvisionsInvolving Customers,Associated Persons andMember FirmsFINRA Rule12200 (ArbitrationUnder anArbitrationAgreement or theRules of FINRA)FINRA Rule 13200(RequiredArbitration)The notice “reminds” membersthat customers have a right torequest arbitration at FINRA’sarbitration forum and do notforefeet that right by signing anyagreement with a forumselection provision specifyinganother dispute resolutionprocess or arbitration venue.Effective Date:ImmediatelyMembers may want tocompare the forumselection provisions incustomer agreements andagreements withassociated personsagainst the guidanceprovided by RegulatoryNotice 16-25Similarly, the notice remindsmembers that FINRA rules donot permit member firms torequire associated persons towaive their right to arbitrationunder FINRA’s rules in apredispute agreement.The notice also warns membersthat failure to comply with theforegoing would violate FINRA’srules and could lead todisciplinary action. 2016 Winston & Strawn LLPPage 2* Other rules may also apply.
antDateImpact onMemberThe notices take exception torecent court cases that havetaken a contrary view.RegulatoryNotice16-24ReportingBlue SheetData ElementsElectronic Blue SheetSubmissions: FINRA and ISGModify Certain Electronic BlueSheet Data ElementsEquityOptionsRegulatoryNotice16-23Computer ClocksNMS SecuritiesOTC SecuritiesFINRA Rule 8211(AutomatedSubmission ofTrading DataRequested byFINRA)FINRA Rule 8213(AutomatedSubmission ofTrading Data forNon-ExchangeListed SecuritiesRequested byFINRA)Lock Synchronization: SECApproves Rule Change toReduce the ClockSynchronization Tolerance forComputer Clocks Used toRecord Events in NMSSecurities and OTC EquitySecuritiesOATS TechnicalSpecificationsThe notice announces revisionsto certain equity and option dataelements for Electronic BlueSheets. In part, these revisionsare designed to ensureconsistency with NYSERegulation InformationMemorandum Number 16-2 andNYSE Arca Equities RegulatoryBulletin Number 16-39 and inresponse to the SEC’s approvalof the Investors Exchange, LLC(IEX).Effective Date:December 30,2016Members should considerwhether system changesare necessarily to complywith the updated datareporting requirements.The notice announces the SEC’sapproval of a new clocksynchronization standard thatreduces the drift tolerance forcomputer clocks that recordevents in covered securitiesfrom one second to 50milliseconds.Effective Date:August 15, 2016Members should considerwhether system changesare necessarily to complywith the announcedstandard.ImplementationDate:Phase 1(applicable tosystems thatcapture inmilliseconds):February 20,2017Phase 2(systems thatdo not capturein milliseconds):February 19,2018 2016 Winston & Strawn LLPPage 3* Other rules may also apply.
antDateImpact onMemberPreviously Reported Regulatory NoticesRegulatoryNotice16-22SupervisionAssociated PersonsTransactionsAccounts at Other BrokerDealers and FinancialInstitutions: SEC ApprovesConsolidated FINRA Rule3210 (Accounts At OtherBroker-Dealers and FinancialInstitutions)FINRA Rule 3210(Accounts atOther BrokerDealers andFinancialInstitutions)FINRA Rule 3210 addressessecurities accounts in which anassociated person of a memberhas a beneficial interest that areopened or established at firmsother than the firm at which theassociated person is associated.Effective Date:April 3, 2017,Rule 3210.02(a)(-(d) wouldestablish a rebuttablepresumption that an associatedperson has a beneficial interestin accounts held by a listedindividual. This presumptioncould be overcome bydemonstrating that theassociated person derives noeconomic benefit from theaccount and exercises nocontrol over the account.RegulatoryNoticeAlgorithmic urities TradersSeries 57 2016 Winston & Strawn LLPPage 4Qualification and Registrationof Associated PersonsRelating to AlgorithmicTrading: SEC Approves Ruleto Require Registration ofAssociated Persons Involvedin the Design, Developmentor Significant Modification ofAlgorithmic Trading StrategiesFINRA Rule 3110(Supervision)NASD Rule 1032(f)(LimitedRepresentative –Equity Trader)The notice describes anamendment to NASD Rule1032(f) that expands the scope ofpersons required to registeredas a Security Trader. Specifically,the amendment requirespersons that are responsible forthe design, development orsignificant modification of analgorithmic trading strategyrelating to equity, preferred orconvertible debt securities, orwho is responsible for the dayto-day supervision or direction ofsuch activities must pass theSeries 57 exam and register as aSecurities Trader.Effective Date:January 30,2017In light of the differencesbetween newly approvedFINRA Rule 3210 andexisting NASD Rule 3050,Members should considerwhether changes arenecessary to their policiesand procedures.Members that design,develop or modifyalgorithms for use in atrading strategy involvingequity, preferred orconvertible debt securitiesshould consider whetherany of its associatedpersons may be subject tothese new registrationrequirements.All members shouldconsider whether revisionsmay be necessary to theirpolicies and procedures asa result of theamendments to NASDRule 1032(f).* Other rules may also apply.
ItemRegulatoryNoticeSubjectMatterData ReportingOATs e16-18TradingStop OrdersVolatile MarketConditionsSales PracticeCustomer NoticeTransfer of AssetsRegisteredRepresentative 2016 Winston & Strawn LLPPage 5HeadingRelevantRule*Order Audit Trail System(OATS): SEC Approves OATSAmendments to RequireIdentification of Non-FINRAMember Broker-DealersFINRA Rule 7410(Recording ofOrderInformation)Stop Orders: FINRA IssuesGuidance Regarding the Useof Stop Orders During VolatileMarket ConditionsRecruitment Practices: SECApproves Rule RequiringDelivery of an EducationalCommunication to Customersof a ct onMemberThe amendments require FINRAmembers to identify on theirOATS reports the identify ofcertain broker-dealers that arenot FINRA members when themember has received an orderfrom such a broker-dealer.Effective Date:August 1, 2016Members that report toOATS and that receiveorders from certain nonmember broker-dealersshould consider revisingtheir policies andprocedures to provide forthe identification on theirOATs reporting of suchnon-FINRA memberbroker-dealers as requiredby amendments FINRARule 7410 and FINRA Rule7440.FINRA Rule 5350(Stop Orders)The notice encouragesmembers to educate registeredrepresentatives on advising theircustomers regarding the use ofstop orders; disclose riskprominently where investors areable to enter stop orders directlyonline; review their customerbase to determine whether anysafeguards should be put intoeffect around the availability anduse of stop orders; and considerwhether systemic safeguardsaround the use of specific ordertypes is appropriate.ImmediatelyMembers may want tocompare the guidance setforth in Notice 16-19 totheir practices and writtenpolicies and procedures.FINRA Rule 2273(EducationalCommunicationRelated torecruitmentPractices andAccountTransfers)The notice describes new FINRARule 2273 which establishes anobligation to deliver aneducational communication tocustomers in connection withfirm recruitment practices andaccount transfers.Effective Date:November 11,2016Members that contactformer customers of newrepresentatives or thatreceive transferredaccounts from formercustomers of newrepresentatives, where theaccount is to be assignedto the new representativeFINRA Rule 7440(Recording ofOrderInformation)* Other rules may also apply.
antDateImpact onMemberChange in e ReportingOptionsLarge OptionsPositions Reporting(LOPR) SystemFeesGASB AccountingSupport Fee16-16FINRARegulatoryNoticeTrade Reporting16-15Fixed IncomeTRACEExemption 2016 Winston & Strawn LLPPage 6should consider revisingtheir policies andprocedures to provide forthe giving of the noticerequired by new FINRARule 2273.Options Position Reporting:FINRA Reminds Firms of TheirObligations When ReportingLarge Options PositionsFINRA Rule 2360(Options)The notice provides a summaryof previously issued guidancerelating to the reporting ofstandardized and conventionaloption positions, aggregation ofaccounts and positions,reporting format andspecifications, changes toaccount information, in concertreporting, position maintenancerecords, rejections and effectivesupervision practices.ImmediatelyMembers that are subjectto LOPR reporting maywant to compare theguidance set forth inNotice 16-17 to theirpractices and writtenpolicies and procedures.GASB Accounting SupportFee): 2016 GASB AccountSupport Fee to Fund theGovernmental AccountingStandards BoardSection 14 toSchedule A toFINRA’s By-Laws(AccountingSupport Fee forGovernmentalAccountingStandards Board)THE GASB Accounting SupportFee is assessed quarterly byFINRA against members basedupon a member’s portion of thetotal par value of municipalsecurities transactions reportedto the MSRB by all FINRAmembers. The notice announcesthe total and quarterly GASBAccounting Support Fee thatFINRA will collect from itsmembers in the aggregate eachquarter beginning in April 2016.The notice also announces theestimated fee rate per 1,000par value.Effective Dateof the NewAssessmentRate: Calendarquarterbeginning April2016.NoneTrade Reporting andCompliance Engine (TRACE):Exemption from TradeReporting Obligation forCertain Transactions onAlternative Trading SystemsFINRA Rule 6720(Participation inTRACE)The notice describes new FINRARule 6732, which providesFINRA with authority to exemptcertain transactions by an ATSfrom the transaction reportingobligations of FINRA Rule 6730.Effective Date:July 18, 2016NoneFINRA Rule 6730(Transaction* Other rules may also apply.
levantDateImpact onMemberReporting)FINRA Rule 6732(Exemption fromTrade ReportingObligation forCertainTransactions onan AlternativeTrading System)FINRA Rule 7730(Trade Reportingand ComplianceEngine (TRACE)FINRARegulatoryNotice16-14Alternative TradingSystems (ATS)Equity SecuritiesVolume and TradeCount InformationFINRARegulatoryNoticeFinancial Reporting16-13Foreign EquitySecuritiesNet CapitalAlternative Trading Systems(ATSs): FINRA AnnouncesImplementation Date forPublication of ATS Block-SixeTrade DataFINRA Rule 6110(TradingOtherwise thanon an Exchange)Beginning on October 3, 2016,FINRA will expand its alternativetrading system (ATS)transparency initiative to publishmonthly information on blocksize trades occurring on ATSs.ImplementationDate: October3, 2016NoneForeign Equity Securities:Revised SEC No-ActionGuidance Expanding theDefinition of “Ready market”for Certain Foreign EquitySecuritiesSEA Rule 15c3-1(Net CapitalRequirements forBrokers andDealers)The notices announces theissuance by the SEC’s Division ofTrading and Markets of a newno-action letter that sets forthconditions under which brokerdealers may treat certain foreignequity securities as having aready market for purposes of thenet capital rule. The no-actionletter replaces the previous SECno-action letter on this topic.ImmediatelyMembers may want toconsider whether changesto their written policies andprocedures are warranted.Typically, Pension incomestream products involve an upfront lump sum payment to apensioner in exchange for therights to the future pensionImmediatelyMembers may want toconsider whether changesto their written policies andprocedures are warrantedto cover pension incomeReady MarketRegulation TFINRA Rule 4210(MarginRequiremetns)FINRARegulatoryNoticeSales PracticesPension IncomeStream Products16-12 2016 Winston & Strawn LLPPage 7Pension Income StreamProducts: FINRA ProvidesGuidance on FirmResponsibilities for Sales ofPension Income StreamFINRA Rule 3110(Supervision)FINRA Rule 3270(Outside Business* Other rules may also apply.
ities ofRegisteredPersons)FINRA Rule 3280(Private SecuritiesTransactions ofan AssociatedPerson)FINRARegulatoryNoticeFinancial Reporting16-11SupplementalInformationFOCUS ReportsFINRARegulatoryNoticeMunicipal Securities16-10Bank LoansDirect Purchases 2016 Winston & Strawn LLPPage 8Supplemental FOCUSInformation: SEC ApprovesExpanded Application ofSupplemental Schedule forDerivatives and Other OffBalance Sheet ItemsSEA Rule 15c3-1(Net CapitalRequirements forBrokers andDealers)Municipal Securities: DirectPurchases and Bank Loans asAlternatives to Public Financein the municipal SecuritiesMarketsVarious SEC,FINRA and MSRBRulesFINRA Rule DateImpact onMemberincome payments. The noticeprovides guidance regardingsales practice issues related topension income streamproducts.stream products.The notice identifies certainissues and concerns involvingthe purchase and sale ofpension income streamproducts, including whether suchproducts are securities, and therelated questions concerningapplication of FINRA’srequirements relating to outsidebusiness activities and/or privatesecurities transactions, andsupervisory responsibilities.The notice informs members ofthe approval by the SEC ofFINRA’s proposal to amendFINRA Rule 4524, which requirescertain non-carrying/nonclearing firms that havesignificant amounts of offbalance sheet obligations to filethe Derivatives and Other OffBalance Sheet Items Schedule(“OBS”) with their FOCUS report.ImplementationDate:The notice provides guidanceregarding the practice ofprivately placing municipalsecurities directly with a singlepurchaser and the use of bankloans as alternatives totraditional public financings.ImmediatelyThe Schedulefor the periodended June 30,2016 must befiled with FINRAon or beforeAugust 2, 2016.Members may want toconsider whether changesto their written policies andprocedures are warranted.Members that may engagein the placement ofmunicipal securitiesdirectly with a singlepurchaser or the use ofbank loans as alternativesto traditional publicofferings in the municipalsecurities market maywant to compare theguidance set forth inNotice 16-10 to theirpractices and written* Other rules may also apply.
antDateImpact onMemberpolicies and procedures.FINRARegulatoryNoticeSettlement Cycle16-09Regular WayFINRARegulatoryNoticeOfferingsContingent Offerings16-08FINRARegulatoryNoticeBooks and Records16-07Private PlacementsNotificationsChange of Control 2016 Winston & Strawn LLPPage 9Shortening the SettlementCycle for Securities to T 2:FINRA Requests Comment onProposed Amendments toFINRA Rules to Support theIndustry Initiative to Shortenthe Settlement Cycle forSecurities in the U.S.Secondary market from T 3to T 2SEA Rule 15c6-1In anticipation of the SEC’schange to SEA Rule 15c6-1 tofacilitate settlement no later thanT 2, The proposed changeswould amend the definition of“regular way” settlement asoccurring on T 2.CommentPeriod ExpiresApril 4, 2016None.Contingency Offerings:Private Placements and PublicOfferings Subject to aContingencySEARule 10b-9(Prohibitedrepresentations inconnection withcertain offerings)and SEA Rule15c2-4(Transmission ormaintenance ofpaymentsreceived inconnection withunderwritings)The notice provides guidance onthe contingency offeringrequirements of SEARule 10b-9and SEA Rule 15c2-4.ImmediatelyMembers that may engagein contingency offeringsmay want to compare theguidance set forth inNotice 16-08 to theirpractices and writtenpolicies and procedures.Jumpstart Our BusinessStartups (JOBS) Act: SECApproval of FINRA Rule 4518(Notification to FINRA inConnection with the JOBSAct)FINRA Rule 4518(Notification toFINRA inConnection withthe JOBS ActThe notice informs members ofthe approval by the SEC ofFINRA Rule 4518, which requiresmembers to notify FINRA prior toengaging for the first time in atransaction involving the offer orsale of securities in reliance onSection 4(a)(6) of the SecuritiesAct or within 30 days ofcontrolling or being controlled orunder the common control of afunding portal as definedpursuant to Rule 300(e)(2) ofSEC Regulation Crowdfunding.Effective Date;January 29,2016Members may want toconsider whether theyneed to update theirpolicies and procedures toreflect FINRA Rule 4518.Various FINRARulesThis Notice is informationalonly and for the purposeof soliciting comments ona proposed rule change.* Other rules may also apply.
ItemFINRARegulatoryNoticeSubjectMatterJOBS ActFunding Portal Rules16-06FINRARegulatoryNoticeFinancial Flings16-05Annual andSupplemental ReportsElectronic ReportingHeadingRelevantRule*Internal ted Securities16-03Mark Ups andCommissionsGovernment SecuritiesImpact onMemberFINRA FundingPortal RulesThe notice announces the SEC’sapproval of Funding Portal Rules,which implement therequirement of Section 3(h)(1)(B)of the Exchange Act andRegulation Crowdfunding thatfunding portals are required tobecome members o f a nationalsecurities association.Effective Date;January 29,2016The Funding Portal Rulesapply to funding portalsand not to broker-dealermembers of FINRA.Electronic Filing of BrokerDealer Annual Reports: SECNo-Action Guidance onElectronic Filing of BrokerDealer Annual ReportsSEA Rule 17a-5(Reports to bemade by certainbrokers anddealers)The notice provides informationregarding a recent SEC noaction letter that allows brokerdealers and OTC derivativedealers to file annual andsupplemental reports under SEARule 17a-5 and SEA Rule 17a-12electronically through the SEC’sEDGAR system.ImmediatelyNoneThe notices announces theapproval of the merger of FINRADispute Resolution, Inc. into andwith FINRA Regulation, Inc.ImplementationDate:NoneThe Notice informs membersthat the SEC has approvedapplication of FINRA Rule 2121pertaining to FINRA’s markup/commission policy togovernment securities.ImplementationDate:Merger of FINRA DisputeResolution: SEC ApprovesProposed Rule Change toMerge FINRA DisputeResolution, Inc. into and withFINRA Regulation, Inc.NoneMARK-UP RULE AND EXEMPTEDSECURITIES: SEC ApprovesAmendment to Apply FINRARule Governing Mark-ups toTransactions in ExemptedSecurities that areGovernment SecuritiesFINRA Rule 0150(Application ofRules toExemptedSecurities ExceptMunicipalSecurities)FINRA Rule 2121(Fair Prices andCommissions) 2016 Winston & Strawn LLPPage 10RelevantDateJumpstart Our BusinessStartups (JOBS) Act: SECApproval of FINRA FundingPortal Rules and relatedFormsSEA Rule 17a-12(Reports to bemade by certainOTC cember 20,2015Theamendmentbecameeffective at thetime of theSEC’s approval.Members should ensuretheir practices and policiesand procedures areconsistent with the rulechange.* Other rules may also apply.
cationExaminationsGeneral SecuritiesSales SupervisorHeadingQUALIFICATION EXAMINATIONS:FINRA Revises the Series 9/10Examination ProgramContent ice15-52CustomersCommunications withCustomersStock QuotesNASD Rule 1021(RegistrationRequirements)NASD Rule 1022(Categories ofPrincipalRegistration)Series 9/10FINRARegulatoryNoticeRelevantRule*BD AND IA RENEWALS FOR 2016:Final Renewal Statements forBroker-Dealers, InvestmentAdviser Firms, Agents andInvestment AdviserRepresentatives, andBranchesNot ApplicablePROVIDING STOCK QUOTATIONSTO CUSTOMERS: SEC StaffProvides Insight Into Firms’Obligations When ProvidingStock Quote Information toCustomersRule 603 ofRegulation NMS(Distribution,consolidation,and display ofinformation withrespect toquotations forand transactionsin NMS stocks)FINRA Rule 5310(Best 15-51Trade ReportingFINRA Equity TradeReporting FacilitiesEquityOver the Counter(OTC) 2016 Winston & Strawn LLPPage 11EQUITY TRADE REPORTING:Submission of “Clearing-Only,Non-Regulatory Reports” tothe FINRA Equity TradeReporting FacilitiesFINRA Rule7130(g) (TradeReport Input)FINRA Rule7230A(i)) (TradeReport Input)FINRA RuleCommentsRelevantDateImpact onMemberNoneThe Notice informs membersthat FINRA has revised thecontent outline for the GeenralSecurities Sales Supervisor(Series 9/10) ExaminationProgram.ImplementationDate:This Notice is provided to helpfirms review, reconcile andrespond to their FINAL RenewalStatements and reports currentlyavailable in Web CRD/IARD forthe annual registration renewalprocess.PaymentDeadline:The notice reminds membersthat, when they provide aquotation to a customer that canbe used to assess the currentmarket or the quality of tradeexecution, Rule 603(c) ofRegulation NMS requires theyprovide the customer with aconsolidated display of marketdata and not rely on nonconsolidated market information.ImmediatelyMembers should ensuretheir practices and policiesand procedures areconsistent with theprovided guidance.The notice announces a rulechange that allows a member tosubmit a clearing-only, nonregulatory report to a FINRAFacility for a previously executedtrade from which a tape reporthas been submitted to theFacility, or for the offsettingEffective Date:February 1,2016NoneThe contentchanges will bereflected inexaminationsadministeredon or afterMarch 7, 2016.None.This Notice is informationalonly.January 15,2016* Other rules may also apply.
ItemSubjectMatterHeadingRelevantRule*7230B(h) (TradeReport Input)FINRA Rule7330b(h) (TradeReport iceCommunication withthe PublicWebsiteBrokerCheckForm U5BrokerCheck15-49FINRARegulatoryNotice15-48Trade ReportingAlternative DisplayFacility (“ADF”)Trade ReportingFacilities (“TRFs”) 2016 Winston & Strawn LLPPage 12Impact onMemberportion of a riskless principal oragency transaction for which anon-tape, non-clearing reportalready has been submitted tothe Facility satisfying FINRAregulatory requirements.FINRA Rule 2210(Communicationswith the Public)This notice announces a rulechange that requires members’websites to include a readilyapparent reference andhyperlink to BrokerCheck on thehome page and any otherwebpage that includes aprofessional profile of one ormore registered persons thatconduct business with retailinvestors.Effective Date:June 6, 2016Members should revisetheir websites and policiesand procedures inaccordance with the rulechange.BROKERCHECK: SEC ApprovesChanges to Reduce theWaiting Period for theRelease of InformationReported on Form U5Through BrokerCheckFINRA Rule 8312(BrokerCheckDisclosure)The notice announces a rulechange that reduces the waitingperiod for the disclosure onBrokerCheck of informationreported on Form U5 from 15 tothree days.ImplementationDate:NoneEQUITY TRADING INITIATIVES: SECApproves Amendments toPublish OTC Equity VolumeExecuted Outside AlternativeTrading SystemsFINRA Rule 6110(TradingOtherwise thanon an Exchange)Effective Date:April 2, 2016None other than thepublication of firm tradevolume by FINRAFINRA Rule 6610(General)The notice announces anapproved rule change thatauthorizes FINRA to publish nonATS OTC volume information bymember firm and security on atwo week basis for NMS stocksin Tier 1 of the NMS Plan toAddress Extraordinary MarketVolatility and a four weekdelayed basis for all other NMSstocks and OTC EquitySecurities.TRADE REPORTING ANDCOMPLIANCE ENGINE (TRACE):FINRA Rule 6730(TransactionThe notice announces a rulechange that requires the use ofImplementationDate:Members that report toTRACE will need to complyOTC Equity SecuritiesTrade ReportingRelevantDateBROKERCHECK: SEC ApprovesRule Requiring Members’Websites to Include a ReadilyApparent Reference andHyperlink to BrokerCheckNMS StocksFINRARegulatoryCommentsDecember 12,2015* Other rules may also apply.
ItemSubjectMatterNoticeTRACE15-47Fixed IncomeFINRARegulatoryNoticeCustomers15-46Best tions15-45Order HandlingEquity TraderRegistrationSeries 55Proprietary TraderSeries 56Securities ct onMemberSEC Approves Amendmentsto Require Firms to ReportTransactions in TRACEEligible Securities As Soon AsPracticableReporting)an indication when a TRACEreport does not reflect acommission or mark-up or markdown.May 23, 2016with the rule change.BEST EXECUTION: Guidance onBest Execution Obligations inEquity, Options and FixedIncome MarketsFINRA Rule 5310(Best ExecutionandInterpositioning)The notice provides guidanceregarding the best executionobligations of members thatreceive, handle, route orexecute customer orders inequities, options and fixedincome securities.ImmediatelyThe notice states thatmembers that receive,handle, route or executecustomer orders inequities, options or fixedincome securities “shouldreview their systems andprocedures to ensure thatthey are designed toincorporate and reflect thebest execution principlesand the guidance provided[t]herein.”SECURITIES TRADER REGISTRATIONAND QUALIFICATIONEXAMINATION: FINRAAnnounces Approval of andImplementation Date forSecurities trader andSecurities Trader PrincipalRegistration Categories andRelated QualificationExamination, Fees andContinuing EducationRequirementsNASD Rule1022(a) (GeneralSecuritiesPrincipal)The notice announces a rulechange that replaces the EquityTrader registration category andqualification examination (Series55) with a new Securities Traderregistration category andqualification examination (Series57) and establish a SecuritiesTrader Principal registrationcategory.ImplementationDate:None. An associatedperson registered as anequity trade on theeffective date of theproposed rule change willbe grandfathered as asecurities trader withouthaving to take anyadditional examinations.ELECTRONIC BLUE SHEETSUBMISSIONS: FINRA and ISGExtend Effective Date forCertain Electronic Blue SheetData ElementsFINRA Rule 8211(AutomatedSubmission ofTrading DataRequested byFINRA)The extension is being grantedto be consistent with theexemptive relief recently grantedby the SEC, which extended thecompliance date for certainbroker-dealer recordkeepingand reporting requirements ofExtensionDate:NASD Rule 1032(f)(LimitedRepresentative –Equity Trader)January 4, 2016Series 57Securities TraderPrincipalFINRARegulatoryNoticeTrade ReportingElectronic Blue SheetSubmissions15-44 2016 Winston & Strawn LLPPage 13NoneNovember 1,2017* Other rules may also apply.
ItemFINRARegulatoryNoticeSubjectMatterBusiness ContinuityDisaster Recovery15-43FINRARegulatoryNotice15-42Net 15-41Fixed IncomeFINRARegulatoryRegistrationTRACE 2016 Winston & Strawn LLPPage 14Impact onMemberSEA Rule 13h-1 (Large TraderRule).BC/DR TESTING UNDERREGULATION SCI: FINRA FilesRule with SEC for Authority toDesignate Firms forMandatory Participation inFINRA’s BusinessContinuity/Disaster RecoveryTesting, as Required byRegulation SCIFINRA Rule 4380(MandatoryParticipation inFINRA BC/DRTesting UnderRegulation SCI)The notices announces theadoption of a new FINRA rulethat authorizes FINRA todesignate firms that mustparticipate in FINRA’s businesscontinuity/disaster recoverytesting under Regulation SCI.Effective Date:SUBORDINATION AGREEMENTS:FINRA to Require ElectronicSubmission of SubordinationApproval RequestsSEA Rule 15c3-1Appendix D(SatisfactorySubordinationAgreements)The notice informs m
FINRA Regulatory Notices, Rule Filings and Guidance for the Period August 2015 through July 2016 . Electronic Blue Sheet Submissions: FINRA and ISG Modify Certain Electronic Blue Sheet Data Elements FINRA Rule 8211 . The notice announces revisions to certain equity and option data elements for Electronic Blue Sheets. In part, these .
If you do not have access to the FINRA Order Form, please contact your firm's Super Account Administrator. The FINRA Order Form is available from the FINRA Firm Gateway: https://firms.finra.org FINRA Contact Information For questions regarding the FINRA Order Form please contact: FINRA Market Operations 866-776-0800 FINRAOperations@finra.org
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the Final Report of the task force, including its recommendations to FINRA’s National Arbitration and Mediation Committee (NAMC). BACKGROUND FINRA is, for all practical purposes, the sole arbitration forum in the United States for resolving disputes between broker-dealers, associated persons, and customers. FINRA requires arbitration of disputes between customers and broker-dealers and .
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PRINCIPLES OF COUNSELLING HANDOUT Introduction Counseling is a process, as well as a relationship, between persons. Contrary to what some people believe, counseling is not concentrated advice-giving. The aim of the counselor is usually to assist the person or persons (client or clients) to realize a change in behavior or attitude, or to seek achievement of goals. Often there are varieties of .
