A broker-dealer agreed to pay $250,000 to settle various FINRA reporting violations, including failing to disclose its sales compensations on preferred securities transactions to customers.
SEC Office of Compliance Inspections and Examinations Director Peter Driscoll highlighted key risks facing retail investors caused by bad actors and poor internal controls.
The SEC Division of Trading and Markets granted the Financial Information Forum and its registered broker-dealer members an exemption from the requirement to issue trade-by-trade confirmations for orphaned fractional share trades.
In a Compliance Advisory, the MSRB highlighted several factors for broker-dealers and municipal securities dealers to consider when evaluating internal policies and procedures.
The MSRB provided an additional resource to assist dealers in complying with their obligations under new disclosure rules on markups and markdowns on municipal securities transactions.
MSRB published investor education materials on mark-up and mark-down disclosures in municipal securities trade confirmations. The materials provide additional guidance for complying with new rules scheduled to take effect May 14, 2018.
FINRA and the MSRB issued guidance on new confirmation disclosure requirements that apply to transactions with retail customers in corporate debt, agency debt and municipal securities.
The CFTC Divisions of Market Oversight and Clearing and Risk extended no-action relief allowing swap execution facilities and designated contract markets to continue correcting trades that were rejected for clearing due to operational and clerical errors.
FINRA reminded member firms that funding for the Governmental Accounting Standards Board ("GASB") comes from the GASB Account Support Fee, collected on a quarterly basis from member firms that report trades to the MSRB.
FINRA notified member firms that the SEC approved FINRA rule amendments requiring the disclosure of markups on certain transactions in corporate debt or agency securities with retail customers.
At an upcoming webinar, MSRB will review "key provisions" of amendments to requirements concerning (i) confirmation, clearance, settlement and other uniform practices and (ii) prices and commissions related to disclosure of markups and markdowns.
The MSRB provided guidance to investment advisers on the application of certain investor/customer protections. The new guidance relates to transactions for managed accounts in which a registered investment adviser is exercising discretion to buy and sell municipal securities on behalf of the account holder.
MSRB rule amendments requiring broker-dealers and municipal dealers to disclose certain markups or markdowns on retail customer confirmations will become effective on May 14, 2018.
The MSRB issued an interpretive notice concerning the "Time of Trade Disclosure" rule, stating that a municipal security bearing a market discount is material information and must be disclosed.
The SEC extended the 45-day review period for a FINRA proposal requiring members to disclose markups on retail customer confirmations of certain transactions in fixed-income securities. The SEC notice of designation for an extended review period was published in the Federal Register.
The CFTC simultaneously filed and settled charges with a bank for failing to create, maintain and promptly produce required confirmations for a significant number of "Exchange for Related Position" trades.
