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SIFMA Executive Vice President Randy Snook discussed issues impacting fixed income market structure and liquidity and "market-based" solutions. He delivered his remarks at the SIFMA Fixed Income Market Structure Conference. Mr. Snook explained that not all liquidity issues can be attributed to regulation. He advocated for market-based solutions to enhance liquidity and promote transparency in capital markets. He mentioned that PWC was undertaking a study regarding market liquidity, which may provide "a more comprehensive review of how our markets are functioning and how many aspects of

The SEC's "Notice of Designation of a Longer Period for Commission Action" was published in the Federal Register. The notice concerns FINRA's proposal to adopt Rule 2241 regarding research analysts and reports. The proposal would incorporate, with modifications, NASD Rule 2711 ("Research Analysts and Research Reports") into the FINRA Rulebook as new FINRA Rule 2241, and would amend NASD Rule 1050 ("Registration of Research Analysts") to create an exception from the research analyst qualification requirement. Previously, the SEC issued an order to determine whether to approve or disapprove

An SEC order instituting proceedings to determine whether to approve or disapprove FINRA's proposal to adopt Rule 2241 was published in the Federal Register. The proposal would incorporate, with modifications, NASD Rule 2711 ("Research Analysts and Research Reports") into the FINRA Rulebook as new FINRA Rule 2241 and amend NASD Rule 1050 ("Registration of Research Analysts") to create an exception from the research analyst qualification requirement. The SEC received four comments on the proposal since its filing, with three out of the four expressing general support. One commenter objected to

Three FINRA-proposed rules regarding (i) debt research, (ii) research analysts and (iii) research reports were published in the Federal Register. The FINRA proposal to adopt FINRA Rule 2242 ("Debt Research Analysts and Debt Research Reports") would address conflicts of interest relating to the publication and distribution of debt research reports. The proposed debt research rule is based on FINRA's existing equity research rule, NASD Rule 2711 ("Research Analysts and Research Reports") , but contains important modifications that FINRA considers necessary to reflect the differences between the

FINRA filed with the SEC a proposed rule change to adopt, with modifications, NASD Rule 2711 ("Research Analysts and Research Reports") into the FINRA Rulebook and amend NASDRule 1050 ("Registration of Research Analysts") to create an exception from the research analyst qualification requirement. FINRA proposed to incorporate NASD Rule 2711 into new FINRA Rule 2241 with the following: minor changes to the definition of "investment banking services" to clarify that such services include all acts in furtherance of a public or private offering on behalf of an issuer; clarification of the