In comments in response to FINRA's and MSRB's proposal to shorten the time allowed for post-trade reporting in debt securities, SIFMA recommended that FINRA and MSRB reconsider if a one-minute trade reporting requirement is appropriate for fixed income markets.
News & Insights
A broker-dealer settled SEC charges for failing to comply with Regulation Best Interest in connection with recommendations to retail brokerage customers purchasing mutual fund shares in their IRAs.
An investment adviser settled charges with the SEC for failing to disclose to the Board of an ETF managed by the adviser, the terms of a contract with a social media influencer.
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.
The SEC approved an amendment to MSRB Rule G-12 ("Uniform Practice") to require the completion of allocations, confirmations, and affirmations by the end of trade date for municipal securities transactions.