SEC Commissioner Elad L. Roisman reviewed the existing SEC regulatory frameworks for the handling of retail orders - including payment for order flow, best execution, execution quality measurements and public price discovery - and suggested potential improvements.
A broker-dealer settled SEC charges for short sale violations related to the firm's merger arbitrage trading. The SEC determined that the firm mismarked short sales as long sales, and failed to obtain and document a locate prior to effecting short sales.
The SEC issued a no-action letter to FINRA stating that it will not take enforcement action against member firms that do not comply with quotation rules on fixed income securities until January 3, 2022.
The SEC charged an online crypto lending platform, its founder, and its leading promoter and his company with carrying out a $2 billion fraudulent, unregistered securities offering. In a related action, the leading promoter pled guilty to DOJ charges of conspiracy to commit wire fraud and criminal forfeiture for his involvement in the fraudulent offering.
An investment adviser, its principal and a trader settled SEC charges "for causing the executing brokers of a hedge fund to violate [short sale] order-marking and locate requirements, and . . . causing the hedge fund to act as a dealer without registering with the Commission. . . ."
The SEC Division of Trading and Markets staff stated that as of September 28. 2021, "broker-dealers will no longer be able to publish proprietary quotations for the securities of any issuer for which there is no current and publicly available information."