Corporate & Commercial

On May 18, the Financial Industry Regulatory Authority (FINRA) published an Information Notice regarding enhancements to FINRA’s disclosure review process (Information Notice). The enhancements will allow member firms to rely on FINRA’s verification process to comply with the requirement to conduct public searches related to bankruptcies, judgments and liens. View Full Post
On May 18, the Financial Industry Regulatory Authority (FINRA) filed a rule change with the Securities and Exchange Commission to amend the by-laws of FINRA Regulation, Inc. (FINRA Regulation)—FINRA’s regulatory subsidiary. The rule change would reorganize FINRA Regulation’s District Committees (Rule Change), converting FINRA Regulation’s District Committees into Regional Committees, which mirror the regions covered by FINRA’s districts. View Full Post
On May 22, Brett Redfearn, the Director of the Securities and Exchange Commission’s Division of Trading and Markets spoke at the Financial Industry Regulatory Authority’s Annual Conference regarding the newly proposed Regulation Best Interest. (For a more complete discussion of Regulation Best Interest, please refer to Katten’s “SEC Proposes Fiduciary Rule for Broker-Dealers” advisory, available here.) Director Redfearn noted that he views Regulation Best Interest as a “significant change from the status quo for broker-dealers that provide advice” that builds upon current regulations. View Full Post
On May 17, the Commodity Futures Trading Commission released a proposed rule to amend the CFTC’s margin requirements for uncleared swaps for swap dealers and major swap participants. The proposed rule amendments are intended to make the same changes to the CFTC margin requirements that federal banking regulators recently proposed for the margin rules for swap dealers that are subject to prudential regulation (for more information, please see the Corporate & Financial Weekly Digest edition of February 12, 2018). View Full Post
On May 21, the Commodity Futures Trading Commission released a staff advisory that provides guidance to designated contract markets (DCMs) and swap execution facilities (SEFs) that plan to list virtual currency derivatives for trading and clearing organizations (DCOs) intending to clear virtual currency derivatives. View Full Post
On May 15, the Commodity Futures Trading Commission issued an order granting Australian Securities Exchange Limited (ASX24) registration as a foreign board of trade (FBOT). As a registered FBOT, ASX24 is authorized to permit members and other exchange participants to trade directly on its platform without having to trade through an intermediary. View Full Post