Search Results for keywords:"regulatory change"

The U.S. Department of Labor is proposing to stop issuing certificates that allow employers to pay subminimum wages to workers with disabilities under the Fair Labor Standards Act (FLSA) Section 14(c). This decision is based on the conclusion that such wages are no longer necessary due to improved employment opportunities and legal protections for individuals with disabilities. If enacted, the proposal would phase out new certificates immediately and existing ones over three years, ensuring that all affected workers transition to being paid at least the regular minimum wage. The Department believes that this change reflects broader societal shifts towards equality and inclusion for workers with disabilities.

The Securities and Exchange Commission (SEC) is reviewing a proposal by the Fixed Income Clearing Corporation (FICC) to modify the calculation of the VaR (Value at Risk) Floor for its Mortgage-Backed Securities Division. The change aims to incorporate a "Minimum Margin Amount" to better account for market volatility and ensure adequate risk management. This proposal was developed after the COVID-19 pandemic revealed that the existing calculations did not sufficiently cover risks, particularly during periods of extreme market changes, and the SEC is inviting public comments on this advance notice. The proposed enhancements are designed to limit FICC's exposure by ensuring that its systems account for recent and more volatile market conditions.

The Miami International Securities Exchange (MIAX) has filed a proposed rule change with the Securities and Exchange Commission (SEC) to amend Rule 1308 regarding the supervision of accounts. The change aims to align MIAX's reporting requirements with those of FINRA and the New York Stock Exchange, allowing members more flexibility by removing the specific April 1st deadline and only requiring reports to be submitted annually. This proposal intends to make compliance processes more efficient for MIAX members who are also members of other exchanges. The SEC is inviting public comments on this proposed rule change.

The U.S. Department of Homeland Security (DHS) has delayed the implementation of a new rule regarding the H-1B visa selection process until December 31, 2021. This rule intended to change how H-1B visa applications are selected, focusing on using wage levels for prioritization. The delay allows U.S. Citizenship and Immigration Services (USCIS) additional time to update and test their systems and train their staff to ensure a smooth transition, avoiding confusion and operational disruptions. During this delay, H-1B registrations for the fiscal year 2022 will follow the existing random selection process.

Nasdaq BX, Inc. proposed a rule change to amend Rule 4759, altering its data feeds for handling and executing orders. This adjustment involves using a direct feed from the Long-Term Stock Exchange as the primary source, with CQS/UQDF as a backup. The Securities and Exchange Commission (SEC) allowed this change to become effective immediately, aiming to improve transparency without significantly affecting competition or the public’s interest. The SEC invites public comments on this rule change, seeking input through its website or email by January 2, 2025.

The National Marine Fisheries Service (NMFS) has issued a final rule that modifies the duration limits on permits and Letters of Confirmation (LOCs) under the Marine Mammal Protection Act. Previously, these permits and LOCs were limited to five years, but now NMFS can issue them for longer periods if deemed appropriate. This change aims to make the permitting process more efficient and less burdensome for researchers and other permit holders. Public comments regarding the proposed change have been considered, and any new permits will continue to be subject to a public comment period before issuance.

The Fixed Income Clearing Corporation (FICC) has proposed changes to the way it calculates Maintenance Fees for its Mortgage-Backed Securities Division (MBSD) and Government Securities Division (GSD). Starting January 1, 2025, instead of charging a fee only on the cash deposit balance, FICC will calculate the fee based on the total Required Fund Deposit while lowering the fee rate from 0.25% to 0.085%. This change aims to encourage members to deposit more cash by removing disincentives, potentially enhancing FICC's liquidity. Although the change is intended to be revenue neutral for FICC, different members might see increases or decreases in their fees depending on their deposit sizes and risk profiles.

The Securities and Exchange Commission (SEC) has received a rule change proposal from the NYSE American LLC that extends the expiration date of temporary amendments to certain rules, allowing hearings to be held via video conference due to COVID-19 public health concerns. These amendments, originally set to expire on December 31, 2020, will now be extended to April 30, 2021, aligning with similar adjustments made by the Financial Industry Regulatory Authority (FINRA). This temporary change is intended to ensure that disciplinary hearings can continue safely and without interruption during the ongoing pandemic. The SEC is inviting public comments on this proposed rule change.

The Securities and Exchange Commission published a notice regarding a proposed change submitted by the NYSE American LLC. The change aims to update the NYSE American Options Fee Schedule by modifying the Floor Broker Fixed Cost Prepayment Incentive Program. This includes changes like increasing required volumes for certain credits and introducing new rebates. The proposal, filed on January 15, 2025, is intended to take immediate effect, and the Commission is seeking public comments on this proposal by February 13, 2025.

The Nasdaq Stock Market LLC has filed a proposed rule change with the Securities and Exchange Commission (SEC) to remove its requirement for board diversity disclosures. This move comes after a federal court overturned the SEC's previous order that had approved these rules. Nasdaq requested that the usual 30-day waiting period be waived so that the change could take effect immediately, in sync with the court's decision on February 4, 2025. The SEC is inviting the public to submit comments on this proposed rule change until February 20, 2025.