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The MSRB announced that it is hosting a free educational webinar to explain the upcoming rule changes to consolidated fair-dealing obligations for dealers on June 26, 2014 from 3 to 4 p.m. ET. The webinar will explain revisions to MSRB Rule G-19 ("Suitability of Recommendations and Transactions; Discretionary Accounts"), key provisions of MSRB Rule G-47 on time of trade disclosure obligations, and MSRB Rules G-48 as well as D-15 on sophisticated municipal market professionals. The rules will become effective on July 5, 2014. C l ick here to register for the webinar. Related news: MSRB

FINRA issued a regulatory notice to provide additional information on how trades in certain securities that have both debt- and equity-like features, or "hybrid" securities, must be reported. Specifically, the SEC approved an interpretation regarding the appropriate trade reporting facility to which firms should report transactions in the following three types of hybrid securities: unlisted depositary shares having a liquidation preference of $1,000 or more; unlisted non-convertible, preferred securities having a liquidation preference of $1,000 or more; and unlisted capital trust securities

FINRA issued a regulatory notice to announce the SEC approval of amendments to FINRA Rule 5110 ("Corporate Financing Rule-Underwriting Terms and Arrangements") to expand circumstances where termination fees and rights of refusal are permissible. The amendments provide a greater degree of flexibility in negotiating the terms of their agreements for terminated offerings while providing protection for issuers if a firm fails to perform the underwriting services. Additionally, the amendments add an exemption for exchange-traded funds that are not investment companies from the Rule 5110 filing

FINRA issued a regulatory notice to announce the SEC approval of amendments to FINRA rules governing the reporting of (i) OTC transactions in equity securities to the FINRA facilities, and (ii) orders in NMS stocks and OTC equity securities to the Order Audit Trail System ("OATS"). The OATS amendments were implemented April 7, 2014, and the OTC Reporting Facility amendments will be implemented September 15, 2014. Additionally, the implementation date for the requirement related to reporting in milliseconds to the Alternative Display Facility ("ADF") and Trade Reporting Facilities ("TRFs") is

SIFMA submitted comments to the SEC in support of a proposal for the adoption of new FINRA Rule 2081, which would prohibit member firms and associated persons from conditioning or seeking to condition the settlement of a dispute with a customer on, or to otherwise compensate the customer for, their agreement to consent to the firm or associated person's request to expunge such customer dispute information from the Central Registration Depository System. According to SIFMA, the proposed rule is "appropriately tailored and designed to discourage the practice of conditioning settlement agreements