A broker-dealer settled FINRA charges for failing to (i) implement reasonably designed AML policies, (ii) identify and respond to potentially manipulative trading and (iii) establish sufficient market access controls and procedures.
FINRA proposed amendments to update references to the new arbitrator list selection process in the Codes of Arbitration Procedure.
SIFMA criticized FINRA's proposal to require daily trade reporting for OTC options transactions, saying that it lacked regulatory clarity as to its scope and would leave broker-dealers ill-equipped to timely implement any changes necessary for compliance.
A broker-dealer settled SEC charges for operating as an unregistered municipal advisory firm by providing advice to a municipality regarding securities that were purchased with the proceeds from an issuance of bonds.
In a blog post, SIFMA asserted that the SEC did not anticipate the negative impact that applying the SEA rule on quotations without specific information to fixed income securities would have on the market for securities that are sold in reliance on certain exemptions.