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Welcome to the Regulatory Roundup. Each month, Eversheds Sutherland Investment Services attorneys review significant regulatory developments (including notable rulemakings and guidance from securities regulators) from the...more
FINRA proposes a new rule to simplify requirements in Rules 3270 and Rule 3280, aiming to reduce unnecessary burdens. The structure of Proposed FINRA Rule 3290 requires prior written notice for investment-related activity...more
This amendment builds on FINRA’s recent willingness to relax the prohibition on the use of projections and targeted returns in the marketing materials broker-dealers deliver to institutional investors and qualified...more
Regulatory Developments - Federal Reserve Invites Public Comment on Proposed Principles for Large Banking Organizations to Manage Climate-Related Financial Risks - On December 2, the Federal Reserve announced that it...more
Katten’s Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds. ...more
On 8 March 2022, the Financial Industry Regulatory Authority, Inc. (FINRA) issued Notice to Members No. 22-08 (NtM 22-08) to “remind members of their sales practice obligations” for complex products and options and to...more
FINRA’s Request for Comments - Based on concerns regarding complex products as expressed in Regulatory Notice 22-08, FINRA is seeking comments from member firms by May 9, 2022, including, how firms identify complex...more
In This Issue. The Financial Crimes Enforcement Network (FinCEN) announced (1) a notice of proposed rulemaking for beneficial ownership information reporting requirements and (2) a regulatory process for new real estate...more
The Financial Industry Regulatory Authority (FINRA) published a regulatory notice (RN 21-32) on September 14, 2021 requesting comment on its policy relating to the assignment of OTC symbols to unlisted equity securities....more
In This Issue. The federal bank regulators published frequently asked questions concerning the London Interbank Offered Rate transition; the Consumer Financial Protection Bureau (CFPB) confirmed an effective date for two...more
The Financial Industry Regulatory Authority, Inc. (FINRA) filed a proposed rule change with the Securities and Exchange Commission (SEC) on December 22, 2020, to once more delay the implementation of amendments to FINRA Rule...more
In setting forth its rationale, FINRA observed that private placement retail communications reviewed by AdReg have “revealed significant and pervasive” violations of FINRA Rule 2210. On October 28, 2020, the Financial...more
FINRA recently published a paper on the development of Artificial Intelligence (AI) in the financial services industry. The paper follows a July 2018 request for comments from the industry on the potential challenges...more
In This Issue. The Federal Deposit Insurance Corporation (FDIC) released a new guide to help financial technology companies and others partner with banks; the Financial Industry Regulatory Authority (FINRA) announced that it...more
Last week FINRA issued a 51 page (with 85 Footnotes) Regulatory Notice (#18-23) which proposes major and far reaching changes to the rules and procedures for New Membership Applications and Continuing Membership Applications....more
On July 30, 2018, the Financial Industry Regulatory Authority (“FINRA“) published a Special Notice, in response to requests from the public, “seeking comments on how FINRA can support fintech development consistent with [its]...more
FINRA currently requires registered representatives to inform their broker-dealer of any proposed outside business activities that they may be engaging in so that the firms can determine whether to permit the representative...more
In December 2017, FINRA issued Regulatory Notice 17-42 to request comments on its proposed amendments to the procedures relating to requests to expunge customer dispute information from the Central Registration Depository...more
In February, the US Financial Industry Regulatory Authority (“FINRA”) proposed amendments to its rule regarding communications with the public, Rule 2210, that would allow broker-dealers to distribute a customized...more
If adopted as proposed, the rules will largely expand supervisory resources needed to oversee compliance. After a two-year silence, the Financial Industry Regulatory Authority (FINRA) has proposed amendments to Rule 3220...more
On August 5, 2016, FINRA in Regulatory-Notice 16–29 proposed revisions to its regulation of broker-dealer gifts, entertainment and non-cash compensation (the “proposal”) and requested comment to the same. The comment period...more
On March 29, 2016, the Securities and Exchange Commission (SEC) filed an order instituting proceedings (the Order) intended to determine whether to approve or disapprove Financial Industry Regulatory Authority (FINRA)...more
For many years, the private fund industry and the securities bar have called for a limited rule set to govern broker-dealers solely engaged in raising capital for private funds or other issuers of unregistered securities or...more
Regulatory Developments - SEC Grants Exemption from Registration as a Clearing Agency to Two Matching Service Providers - On Nov. 24 the SEC approved applications by Bloomberg STP LLC and SS&C Technologies, Inc....more
The Financial Industry Regulatory Authority is requesting comment on a revised proposal to consolidate and clarify certain National Association of Securities Dealers (NASD) and New York Stock Exchange rules into new FINRA...more