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
Corporate & Financial Weekly Digest
The Corporate & Financial Weekly Digest, published by Katten Muchin Rosenman, covers legal developments and regulatory updates relevant to corporate and financial sectors. It addresses topics such as securities regulation, broker-dealer compliance, derivatives markets, digital assets, corporate transparency laws, and financial industry oversight by agencies like the SEC, FINRA, and CFTC. The digest also discusses legislative changes impacting corporate governance and financial reporting, as well as case studies and firm news related to mergers, acquisitions, and capital markets transactions. It serves as a resource for legal professionals and industry participants seeking information on evolving financial regulatory frameworks and corporate law issues.
Latest from Corporate & Financial Weekly Digest - Page 6
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…
FCA Update on Reporting LEIs of Non-EEA Third Country Issuers Under UK SFTR
On April 6, the UK Financial Conduct Authority (FCA) announced that legal entity identifiers (LEIs) of non-EEA third country issuers will not need to be reported under the UK version of the European Union’s Regulation on reporting and transparency of…
2021 Advisory Committee Overview and Engagement Notice
On March 26, the Financial Industry Regulatory Authority (FINRA) published a notice encouraging employees of member firms and other interested persons to apply for upcoming vacancies on FINRA’s advisory and ad hoc committees. The Notice provides a general description of…
FINRA Alerts Firms to Recent Increase in ACH “Instant Funds” Abuse
On March 25, the Financial Industry Regulatory Authority (FINRA) issued a notice warning member firms that there appears to be an increase in new customers opening online brokerage accounts and engaging in Automated Clearing House (ACH) “instant funds” abuse to…
FINRA Announces Updates to the Interpretation on FINRA’s Margin Rule for Day Trading
On March 24, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 21-13 (Notice) announcing updates to its interpretations regarding FINRA’s Margin Rule 4210(f)(8)(B)(ii) (Rule). The Rule provides (1) the numerical determination of when a customer is classified as a…
CFTC Staff Issues Guidance Regarding Risk Assessment of Customer Accounts for Futures Commission Merchants
On March 29, the Division of Clearing and Risk (DCR) of the Commodity Futures Trading Commission issued guidance regarding the implementation of revised Regulation 39.13(g)(8)(ii). Regulation 39.13(g)(8)(ii) provides that a derivatives clearing organization (DCO) must require its clearing members to…
NFA Issues Notice Regarding Effective Date of NFA’s Swap Dealer Capital Requirements
On March 31, the National Futures Association (NFA) issued Notice I-21-14 advising member firms that are registered with the Commodity Futures Trading Commission as swap dealers (SDs), that NFA rules adopting minimum capital and financial reporting requirements will become effective…
AML: HM Treasury Updates Advisory Notice on Money Laundering and Terrorist Financing Controls in Higher-Risk Jurisdictions
On March 24, HM Treasury revised its advisory notice on money laundering and terrorist financing controls in overseas jurisdictions (AML/CTF). This replaces all previous notices issued by HM Treasury on this subject. The updated notice follows two statements published by…