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November 17, 2015

FINRA proposed FINRA Rule 6191 (Compliance with Regulation NMS Plan to Implement a Tick Size Pilot Program) to implement the quoting and trading requirements of the Regulation NMS (Regulation of the National Market System) Plan to implement a Tick Size Pilot Program. The purpose of the program is to increase tick sizes for a group of smaller companies. FINRA specified that the proposed rule would: set forth the requirements necessary for FINRA and its members to meet their quoting and trading obligations, as applicable, under the Plan; require members to establish, maintain and enforce written

November 20, 2015
Commentary by Steven Lofchie

In the first installment of a four-part series covering its new research rules, FINRA reviewed consolidated Rule 2241 provisions governing conflicts of interest in equity research reports. In the podcast, FINRA noted that the new rule: broadens firms' obligations to identify and manage research-related conflicts of interest; imposes an overarching requirement on firms to establish written policies and procedures to identify and effectively manage conflicts of interest related to the preparation, content and distribution of research reports and public appearances by research analysts; strikes

November 25, 2015

The SEC requested comment on FINRA's proposed rule amendments to allow it to gather information in connection with the Tick Size Pilot Program. More specifically, FINRA's proposal to adopt FINRA Rule 6191(b) ("Compliance with Regulation NMS Plan to Implement a Tick Size Pilot Program") and to amend FINRA Rule 7440 ("Recording of Order Information") was published for comment in the Federal Register. Separately, FINRA published for comment in the Federal Register its proposal to adopt FINRA Rule 6191(a) to implement the quoting and trading requirements of the Regulation NMS Plan to Implement a

December 01, 2015

FINRA's request for comments on its proposal to extend the Tier Size Pilot program until June 10, 2016 was published in the Federal Register. The current program is scheduled to expire on December 11, 2015. The Tier Size Pilot was filed with the SEC originally on October 6, 2011 to amend the minimum quotation sizes for OTC Equity Securities. The purpose of the extension is to provide FINRA with additional time to finalize its recommendation concerning the pilot. The proposed rule change amends FINRA Rule 6433 ("Minimum Quotation Size Requirements for OTC Equity Securities").