On April 8, the Market Participants Division (MPD), Division of Clearing and Risk (DCR), Division of Data (DOD) and Division of Market Oversight (DMO) of the Commodity Futures Trading Commission jointly issued no-action relief, effective immediately, to maintain the regulatory
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CFTC Staff Issues Continuation of Certain No-Action Relief to Market Participants in Response to COVID-19
On April 14, the Commodity Futures Trading Commission’s Market Participants Division (MPD) and Division of Market Oversight (DMO) jointly issued CFTC Staff Letter 21-10 to extend, for a limited time, parts of the temporary no-action relief granted in response to…
NFA Issues Notice Regarding Effective Date of NFA’s Rules Regarding CPO Notice Filing Requirements
On April 13, the National Futures Association (NFA) issued Notice I-21-15 advising members firms that new NFA Compliance Rule 2-50 and its related Interpretive Notice become effective June 30. (The proposal of the new rule and Interpretive Notice was discussed…
SEC Corp Fin Staff Issues Statement on SPAC Transactions
On March 31, the staff of the Division of Corporation Finance (the Staff) of the Securities and Exchange Commission issued a staff statement (the Staff Statement) relating to accounting, financial reporting and governance issues for private companies to consider before…
SEC Issues Notice of Substituted Compliance Application and Proposed Substituted Compliance Order for United Kingdom and Reopens Comment Period for Notice and Proposed Substituted Compliance Order for France
By Susan Light
On April 5, the Securities and Exchange Commission voted to take two actions in the implementation of security-based swap regulation under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).…
Compliance Issues Related to Suspicious Activity Monitoring and Reporting at Broker-Dealers
By Susan Light
On March 29, the Securities and Exchange Commission Division of Examinations (EXAMS) issued a risk alert to remind broker-dealers of their obligations related to anti-money laundering (AML) rules and regulations, as well as to provide the staff’s observations of compliance…
FINRA Modifications to TRACE Dissemination Protocols for Specified Pool Transactions (MBS)
By Susan Light
On April 6, the Financial Industry Regulatory Authority (FINRA) announced further updates to its Trade Reporting and Compliance Engine (TRACE) dissemination protocols for specified pool transactions, as described in Regulatory Notice 21-02 published on February 2.…
FINRA Proposes Extension of Temporary COVID-19 Related Amendments
By Susan Light
On March 31 and April 1, the Financial Industry Regulatory Authority (FINRA) proposed rule changes that would extend the expiration date for temporary amendments that (1) provide relief to individuals functioning as a principal or operations professional, (2) provide relief…
FINRA Updated and New Supervision FAQ for Rule 3120 and Rule 3120 Reports
By Susan Light
On April 7, the Financial Industry Regulatory Authority (FINRA) issued updated Supervision Frequently Asked Questions to clarify differences between the Rule 3120 Report and the Rule 3130 Report. FINRA also drafted a new Frequently Asked Question to address how member…
CFTC Issues Customer Advisory on Trading Based on Information Communicated Online
On April 6, the Commodity Futures Trading Commission’s (CFTC) Office of Customer Education and Outreach (OCEO) issued a Customer Advisory, reminding investors to understand fully how commodity futures markets, physical markets and securities markets differ before engaging in trading activity…