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The SEC Division of Examinations' Fiscal Year 2025 Priorities

On October 21, 2024, the Securities and Exchange Commission Division of Examinations published its examination priorities for fiscal year 2025.1 In this alert, we offer ten observations for broker-dealers. Our observations...more

FINRA Introduces Two Fixed Income Initiatives

The Financial Industry Regulatory Authority, Inc. (FINRA) introduced two new initiatives related to the fixed income markets. FINRA proposed to establish a central depository for the public dissemination of new issue...more

FINRA Issues New Guidance on Cooperation

On July 11, 2019, the Financial Industry Regulatory Authority (“FINRA”) restated and supplemented prior guidance regarding the circumstances under which FINRA will award credit for “extraordinary cooperation” in...more

FINRA Requests Comment on Proposed New Outside Business Activities Rule

FINRA is seeking comment on a proposed new rule, FINRA Rule 3290 (the “Proposed Rule”), which governs the outside business activities and private securities transactions of registered persons. The Proposed Rule would replace...more

FINRA and the MSRB Issue FAQs on Bond Mark-Up Disclosure

On July 12, 2017, the Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB) published new implementation guidance on the bond mark-up disclosure requirements set to take effect...more

Registration of Associated Persons with Algorithmic Trading Responsibilities

On April 7, 2016, the Securities and Exchange Commission (“SEC”) approved the Financial Industry Regulatory Authority's (“FINRA”) proposal to amend NASD Rule 1032 (Categories of Representative Registration) to require...more

SEC Approves NMS Plan to Implement Tick Size Pilot for Small Cap Stocks

In June 2014, the Securities and Exchange Commission (“SEC” or “Commission”) issued an order directing the national securities exchanges and the Financial Industry Regulatory Authority (collectively, the “Participants”) to...more

Expanding Oversight of Active, Proprietary Trading Firms: SEC Proposes Amendments to Rule 15b9-1

Overview - On March 25, 2015, the Securities and Exchange Commission ("SEC" or "Commission") proposed an amendment to Rule 15b9-1 (the “Proposal”) under the Securities Exchange Act of 1934 ("Exchange Act") that, if...more

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