Blog
MSRB requests comment on draft amendments to MSRB Rule G-26 on Customer Account Transfers
The MSRB is requesting comment on draft amendments to MSRB Rule G-26 related to customer account transfers. The draft amendments are primarily designed to modernize the rule and promote a uniform customer account transfer standard for all broker-dealers. Rule G-26 requires broker-dealers to cooperate in the transfer of customer accounts [...]
Broker-Dealers: Mergers, Acquisitions, & Successions
In today’s ever morphing environment, business restructures are quite common. Broker-dealers often undergo mergers, acquisitions, or successions. And, the restructuring of broker-dealers aren’t simple tasks. Once a FINRA member firm decides it may want to restructure, there a number of things that should be considered. FINRA addresses the regulatory considerations [...]
Amendments to FINRA Rule 4554 related to Alternative Trading Systems
FINRA has recently proposed certain amendments to Rule 4554 (Alternative Trading Systems— Recording and Reporting Requirements of Order and Execution Information for NMS Stocks) to require ATSs to provide additional order sequence information on reports submitted to the Order Audit Trail System (‘‘OATS’’). In May 2016, the SEC approved Rule [...]
Rule 603(a): OTC Trades in NMS stocks
Rule 603(a) of SEC Regulation NMS provides that any national securities exchange, national securities association, broker or dealer that distributes information with respect to quotations for or transactions in an NMS stock to a securities information processor, broker, dealer or other persons shall do so on terms that are not [...]
FINRA 2017 Holiday Schedule
The FINRA 2017 Holiday Schedule has been released for trade dates, settlement dates, and margin extensions in 2017. Broker-dealers and municipal securities dealers should consult the schedule when requesting extensions of time for “regular way” transactions effected on dates before and after a holiday when the exchanges are closed. FINRA [...]
Broker-Dealer Compliance: Changes in Business
Running a broker-dealer is not an easy task. Firms must remain in compliance with many securities laws, rules, and regulations issued by the SEC, FINRA, or MSRB or risk getting fined, or even worse, shut down. Firms should not take short cuts when it comes to investing in their compliance [...]