The Federal Reserve Bank and the Office of the Comptroller of the Currency fined a bank for failing to monitor firm and client trading activities.
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An SEC final rule expanding the definition of "broker-dealer" under the Securities Exchange Act was published in the Federal Register.
The SEC adopted two new rules requiring certain market participants that "play an increasingly significant liquidity providing role," to register with the SEC as broker-dealers or as government securities broker-dealers under the Securities Exchange Act.
The SEC adopted two new rules under the Securities Exchange Act to further define the term "as a part of a regular business." The new rules expand the scope of firms that are required to register as broker-dealers and as government securities broker-dealers.
In a new Bulletin, which replaced and rescinded previous guidance, the Office of the Comptroller of the Currency advised regulated banks to prepare for the reduction in the settlement cycle for regular way trades.