The Federal Reserve Bank of New York analyzed the potential impact of a cyberattack transmitted through a payment system against a (i) single large bank, (ii) group of smaller banks and (iii) common service provider.
The SEC final rule establishing recordkeeping and financial reporting requirements applicable to broker-dealers and security-based swap dealers was published in the Federal Register. The final rule becomes effective on February 14, 2020.
A broker-dealer and a registered representative settled FINRA charges for failing to establish and enforce procedures to record and review phone calls between the firm and existing or potential customers.
NFA proposed amendments to (i) expand obligations involving discretionary customer accounts, and (ii) clarify rules and interpretations on discretionary accounts, customer information, risk disclosures and bunched orders.