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On November 2, the Securities and Exchange Commission adopted amendments to Rule 606 of Regulation NMS in order to require broker-dealers to provide certain individualized disclosures to customers with respect to the firm’s handling and execution of orders. This disclosure would only be required upon the request of a customer in connection with certain orders that grant discretion to the firm with respect to the price and time of execution. The SEC also adopted amendments…
On October 9, the Commodity Futures Trading Commission approved proposed rules intended to simplify regulations for commodity pool operators (CPOs) and commodity trading advisors (CTAs) generally by codifying existing staff advisory and no-action letter relief and streamlining registration requirements for CPOs that operate in multiple jurisdictions.…
On October 11, the National Futures Association (NFA) issued a notice to its members that amendments to NFA Bylaw 1303 take effect on October 31. NFA Bylaw 1303 allows the NFA to deem an NFA member’s failure to pay certain fees as a request for withdrawal from NFA membership. Bylaw 1303 will be deemed amended, effective as of October 31, to specify that failure to pay fees related to NFA Financial Requirements Section 10 (Late…
Amended Financial Industry Regulatory Authority registration, qualification and continuing education rules will become effective on October 1. The amended rules, which the Securities and Exchange Commission approved on October 13, 2017, will consolidate and replace the National Association of Securities Dealers, Incorporated New York Stock Exchange and existing FINRA registration rules.…
On July 31, the Commodity Futures Trading Commission’s Division of Clearing and Risk extended no-action relief to the Shanghai Clearing House (SHCH). Originally set to expire on February 28, 2019, the relief is extended until July 31, 2021. The no-action relief, originally granted in May 2016 and renewed several times, permits SHCH to continue to clear certain swaps subject to mandatory clearing in China for the proprietary trades of SHCH clearing members that are United…
On February 15, the Commodity Futures Trading Commission published and requested comment on an interim final rule to amend the CFTC’s primary definition regulation in an attempt to make such regulation user-friendly. Specifically, the CFTC amended Regulation 1.3 to remove lettered paragraphs and reorder defined terms in alphabetical order. Related cross-references to Regulation 1.3 in other CFTC regulations were revised to remove references to the lettered paragraphs. Comments on the interim final rule must be…
On February 12, the Commodity Futures Trading Commission issued an Order of Registration (Order) granting ICE Futures Singapore Pte. Ltd. (ICEFS) registration as a foreign board of trade. The Order permits ICEFS to provide its identified members and other participants located in the United States with direct access to its electronic order entry and trade matching system. The Order is subject to continued compliance by ICEFS with the regulatory supervision of the Monetary Authority of…
On January 8, the Financial Industry Regulatory Authority (FINRA) requested comment on proposed amendments to FINRA Rule 4521. Currently, Rule 4521(c) requires each carrying or clearing firm to notify FINRA after tentative net capital has declined 20 percent or more from the amount reported on the most recent Financial and Operational Combined Uniform Single (FOCUS) Report or notification filed with FINRA. The proposed amendments would also require certain firms (i.e., carrying or clearing firms with…