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The Financial Industry Regulatory Authority (FINRA) submitted a proposed rule change to update the Private Placement Filer Form, which members use for private placement filings under FINRA Rules 5122 and 5123. The proposed changes aim to enhance the quality and clarity of information collected, helping FINRA better understand risks in private placements, like contingency offerings and disciplinary histories. The changes include the addition of new questions and updates to existing ones, with a focus on improving efficiency and reducing follow-up inquiries. These changes are filed for immediate effectiveness, with an anticipated implementation date of May 22, 2021.

In a document published by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) proposed adding IntelligentCross as a new entrant to the Alternative Display Facility (ADF). This proposal includes modifications to IntelligentCross's ASPEN Fee/Fee matching model, updating its match priority criteria to align more closely with other trading venues. The changes aim to simplify the matching process and ensure fairer execution of trades by prioritizing orders based on price, display type, and the time of receipt. The SEC has opened the proposal for public comment to gather opinions from interested parties.

The Securities and Exchange Commission (SEC) has granted Green Impact Exchange, LLC (GIX) approval to register as a national securities exchange. GIX will be responsible for its trading system's regulations and oversight, although some regulatory functions will be outsourced to the Financial Industry Regulatory Authority (FINRA) through a regulatory services agreement. The exchange will operate as an electronic trading platform without a physical trading floor, and its corporate governance and ownership structures align with industry standards to maintain independence and meet SEC requirements. Additionally, GIX plans to utilize technology provided by MEMX Technologies to facilitate trading operations while ensuring compliance with federal securities laws.

The Financial Industry Regulatory Authority, Inc. (FINRA) has proposed a new rule to update fees under FINRA Rule 6897 related to the National Market System Plan's Consolidated Audit Trail for 2025. The updated fee, termed "CAT Fee 2025-1," will be $0.000022 per executed equivalent share. This fee adjustment aims to cover approximately half of the planned costs for 2025 and will replace the existing fee rate of $0.000035. The rule change is effective immediately and seeks public comments on its consistency with the Securities Exchange Act of 1934.

The Securities and Exchange Commission is considering a proposed rule change submitted by the Financial Industry Regulatory Authority, Inc. (FINRA). This change aims to exempt certain business development companies (BDCs) from existing restrictions on buying and selling initial public offerings (IPOs). Specifically, non-traded BDCs will be allowed to purchase new IPOs more easily, just like publicly traded BDCs and other investment companies. This move is designed to give these non-traded BDCs and their investors better access to diverse investment opportunities, potentially improving their portfolio balance and investments in new stock issues.

The Financial Industry Regulatory Authority (FINRA) has proposed changes to its arbitration process to enhance the fairness and efficiency of selecting arbitrators. The new rules would give non-chair-qualified public arbitrators more opportunities to be selected and improve the list selection process's transparency. The proposal also introduces clear timelines for removing arbitrators and aligns rules with existing practices, ensuring better protection of investors and public interest by making the arbitration process more predictable and equitable. The Securities and Exchange Commission is inviting the public to comment on these proposed changes.

The Securities and Exchange Commission has approved the application of 24X National Exchange LLC to register as a national securities exchange. 24X plans to operate an automated trading platform for trading listed stocks during extended hours, including overnight sessions on weekdays. The exchange will be supported by technology from MEMX Technologies and will use FINRA for certain regulatory functions. To protect investors, 24X must join several national market system plans and implement enhancements like customer risk disclosures before commencing operations.

The Financial Industry Regulatory Authority, Inc. (FINRA) proposed a rule change to its compliance rules to align with an exemption granted by the Securities and Exchange Commission (SEC). This amendment focuses on allocation reporting requirements related to trading activities. Under the proposed changes, brokers who actually perform allocations will be responsible for reporting these activities to a central repository, rather than brokers who do not have this information. This change aims to reduce the reporting burden on brokers while still providing regulators with necessary information to oversee market trades. The amendment is intended to improve efficiency without imposing additional costs on industry members.

The Securities and Exchange Commission (SEC) is evaluating changes proposed by the Financial Industry Regulatory Authority (FINRA) to the arbitration process they use to settle disputes. FINRA wants to modify the rules to improve how arbitrators are selected and address issues like list selection, requests for more information, and removal of arbitrators. This includes giving non-chair-qualified public arbitrators a better chance to be selected, setting clear deadlines for requests related to arbitrators, and updating outdated references in their rules. The SEC is seeking public comments to decide whether to approve or disapprove these changes by April 2025.

The Securities and Exchange Commission (SEC) has approved a rule change by the Financial Industry Regulatory Authority (FINRA) to create a New Issue Reference Data Service for corporate bonds. This service will require underwriters to report specific data on new corporate bond issues to FINRA, which will then make this information publicly available. The goal is to reduce information asymmetry and improve market efficiency by ensuring all market participants have timely access to essential bond reference data. The SEC found that this change is consistent with the requirements of the Securities Exchange Act of 1934 and will enhance transparency and competition in the corporate bond market without imposing unnecessary burdens on competition.