FINRA increased margin requirements for exchange-traded notes and options in order to address the complexity of these products, as well as confirming that exchange-traded notes and options on them are not allowed for portfolio margining.
SIFMA advocated for "full disclosure and transparency by benchmark sponsors" in response to an MSRB request for feedback on the accessibility, methodology and utility of indices, yield curves and benchmarks in the municipal market.
A dual-registered broker-dealer and adviser, along with its employees, agreed to settle SEC charges for supervisory failures regarding recommendations to customers to purchase and hold "non-traditional ETFs."
Cadwalader attorneys reviewed new BCBS-IOSCO criteria for identifying "simple, transparent and comparable" short-term securitizations. The memorandum also covers a standard on the capital treatment of STC short-term securitizations issued by the BCBS.
The D.C. Court of Appeals ruled in favor of the Loan Syndications and Trading Association in its litigation against the SEC and the Federal Reserve Board over the application of risk retention rules to managers of collateralized loan obligations.
A U.S. broker-dealer agreed to pay restitution to settle FINRA charges of making unsuitable recommendations in connection with volatility-linked exchange-traded products. FINRA reminded firms of sales practice obligations for such products.
At a co-sponsored conference held at New York University, SEC Commissioner Michael Piwowar encouraged examination of (i) the effect of exchange-traded investment products on financial markets, (ii) implications for investors and (iii) the future of ETPs.
Morgan Stanley Smith Barney, LLC agreed to pay an $8 million penalty to settle SEC charges alleging that the firm, which was dually registered as an investment advisor and broker-dealer, had failed to implement written compliance policies and procedures.
The SEC and FINRA settled charges that a financial services firm failed to adequately disclose certain regularly occurring fees and commissions in the offering materials the firm provided to retail investors.
The SEC announced that its Equity Market Structure Advisory Committee will hold a meeting on October 27. The meeting will focus on NMS Rule 610 ("Access to Quotations") and the regulatory structure of trading venues. At the meeting, the SEC will discuss the impact of the access fees and rebates...