FINRA Fall 2012 Firm Element Advisory — Part II

In this two-part series on the continuing education counsel's fall 2012 firm element advisory, FINRA is providing guidance on several regulatory and sales practice issues that firms should consider when creating their training programs. Topics include:

Municipal Securities

• An issued guidance stating that G17 also applies to underwriters of municipal securities;
• A new MSRB Rule (eff. 12/22/2012) affirms duty of a broker's broker to make a reasonable effort to obtain a fair, reasonable price for municipal securities;
• MSRB amended its record-keeping rule;
• MSRB revised definition of a Sophisticated Municipal Market Professional (SMMP);
• CBOE restated its policy on pre-arranged trading.

Trading Practices and Supervision

• FINRA Rule 5310 is the new consolidated rule governing firms' best execution requirements (based largely on NASD rule it replaces)

Transaction Reporting and Data Decimalization

• FINRA amended rules about TRACE to improve transparency in the markets;
• New Electronic Submission Process under TRADE Reporting Rules.

Click here to listen at FINRA's website or you may download the podcast directly.See also: FINRA Firm 2012 Firm Element Advisory - Part I Podcast