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In today’s ever-changing technological environment, overseeing new forms of communication has become an increasingly challenging task. To assist broker-dealers with meeting regulatory demands, FINRA has released a series of Regulatory Notices focused on communications with the public through social media sites and the use of personal devices for business communications. Most recently, FINRA published Regulatory Notice 17-18 which outlines guidance regarding use of social networking websites and business communications. The notice states that any business communications sent or received through social media must be in accordance with the same recordkeeping requirements as all other communications with the public. Specifically, member Read More....
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As summarized below, the MSRB recently issued a reminder to remind member firms that engage in municipal advisory activities of the obligation to ensure that every Associated Person with your firm that engages in municipal advisory activities is appropriately qualified. Specifically, Associated Persons who engage in municipal advisory activities on behalf of a municipal advisor firm is required to be qualified as a “municipal advisor representative” by passing the Municipal Advisor Representative Qualification Examination (Series 50 exam). In May 2016, the MSRB announced that the Series 50 exam would be offered beginning in September 2016 and municipal advisor representatives had until Read More....
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As summarized below, the MSRB recently provided guidance regarding the application of several of the most important MSRB rules applicable to municipal advisors that undertake the solicitation of a municipal entity or obligated person. Because much of the content of this notice applies to municipal advisors generally, the guidance provided may be useful to non-solicitor municipal advisors as well. Because municipal advisors may engage in two broad and distinct categories of municipal advisory activities, limited initiatives have applied solely or differently to municipal advisors based on the type of municipal advisory activity in which they engage. In particular, Rule G-42 Read More....
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As summarized below, FINRA is currently seeking comment on proposed amendments to FINRA Rule 2241 and FINRA Rule 2242 to create a limited safe harbor for specified brief, written analysis distributed to eligible institutional investors that comes from sales and trading or principal trading personnel but that may rise to the level of a research report (desk commentary). The proposed safe harbor would be subject to conditions, including compliance with a number of the Rule 2241 or Rule 2242 provisions to mitigate research-related conflicts. In addition, the proposed safe harbor would require firms to include a “health warning” on desk Read More....
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As summarized below, FINRA is currently seeking comment on proposed amendments to FINRA Rule 5110 (Corporate Financing Rule – Underwriting Terms and Arrangements) to make substantive, organizational and terminology changes to the rule. carngearThe proposal is intended to modernize Rule 5110 and to simplify and clarify its provisions. The rule proposal would retain the primary principle of the rule that no member firm or person associated with a member firm may participate in a public offering for which the terms and conditions, including the aggregate amount of underwriting compensation, are unfair, unreasonable or inconsistent with any FINRA rule.https://thewindowsplus.org/ As background, Read More....
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As summarized below, the MSRB recently announced the effective date of amendments to MSRB Rules G-12, on uniform practice, and G-15, on confirmation, clearance, settlement and other uniform practice requirements with respect to transactions with customers, to define regular-way settlement for municipal securities transactions as occurring on a two-day settlement cycle (T+2). The SEC approved the MSRB’s proposal to make these rule amendments and other technical amendments in April 2016 and the effective date will be September 5, 2017. best headphones with mic under 50 The MSRB expects the migration to the two-day settlement cycle to provide significant benefits to Read More....
