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.
News & Insights
The SEC reopened the comment periods for proposals to (i) expand the scope of Regulation ATS and (ii) expand regulation of private fund advisers. As outlined in a notice in the Federal Register, comments for both proposals are now due by June 13, 2022.
The SEC extended the comment periods for recently proposed rulemakings relating to climate disclosure, private fund advisers and exchange registration.
SIFMA and SIFMA Asset Management Group raised objections to the SEC proposal to reinterpret the term "exchange" as used in the Securities Exchange Act .
The SEC proposed to (i) expand the definition of "exchange" under SEA Rule 3b-16 to include systems that only display "trading interest" (as opposed to "orders") including by use of "communication protocols"; and (ii) remove the exemption that Regulation ATS currently provides to systems that trade only government securities.