The SEC final rules governing security-based swap activity in a cross-border context and the associated deadlines were published in the Federal Register. The compliance date for registration of SBSDs will be October 6, 2021.
The SEC final rule establishing recordkeeping and financial reporting requirements applicable to broker-dealers and security-based swap dealers was published in the Federal Register. The final rule becomes effective on February 14, 2020.
A broker-dealer and a registered representative settled FINRA charges for failing to establish and enforce procedures to record and review phone calls between the firm and existing or potential customers.
NFA proposed amendments to (i) expand obligations involving discretionary customer accounts, and (ii) clarify rules and interpretations on discretionary accounts, customer information, risk disclosures and bunched orders.
A broker-dealer settled FINRA charges of failure to "establish, maintain and enforce a sufficient supervisory system ... reasonably designed to achieve compliance with applicable securities laws and regulations."