FINRA fined a muni dealer for MSRB Rule violations including (i) failing to timely cancel or close out inter-dealer municipal securities transactions after settlement; (ii) failing "to take prompt steps to obtain physical possession or control of 247 short positions resulting from failed inter-dealer municipal securities transactions;" and (iii) related supervisory violations.
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The SEC charged an online crypto asset trading platform for failing to register with the SEC as an exchange, as a clearing agency and as a broker-dealer of crypto asset securities.
House Financial Services Committee Chair Patrick McHenry (R-NC) asked FINRA and the SEC for information on the process used to approve the application of the first "special purpose broker-dealer" eligible to transact and provide custody for digital asset securities.
The SEC published in the Federal Register proposed amendments to SEA Rule 15c3-3 (the customer protection rule) that would require broker-dealers to perform their cash reserve account calculations daily and top up their reserve accounts balances. Comments are due by September 11, 2023.
The SEC proposed rule amendments to require broker-dealers that carry over $250 million of customer credit to perform their cash reserve account calculations daily and top up their reserve accounts balances. The current requirement is weekly, although some firms already perform daily calculations.