Search Results for keywords:"FINRA"

The Financial Industry Regulatory Authority, Inc. (FINRA) submitted a proposed rule change to the Securities and Exchange Commission (SEC) on December 20, 2024. This proposal aims to update FINRA Rule 6897(b) to include a new cost recovery fee for the Consolidated Audit Trail (CAT), covering the year 2025. The primary goal of this fee is to allow FINRA to recover a portion of the costs associated with the National Market System Plan governing the CAT. The SEC invites public comments on the rule change and has provided various methods for submission, including online and mail, with a deadline for comments set for January 27, 2025.

The Nasdaq Stock Market LLC has proposed a rule change to allow hearings to be held via video conference under certain conditions. This change aims to make it easier and safer for participants when in-person hearings are impractical due to situations like health risks or unforeseen events. While in-person hearings will still be the default, video conferencing could be used if it helps ensure the safety and efficiency of the proceedings. This proposal seeks to modernize Nasdaq’s processes and align them more closely with similar rules by the Financial Industry Regulatory Authority (FINRA).

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 Nasdaq Stock Market LLC has proposed a rule change to the Securities and Exchange Commission that would allow it to take over the responsibility from the Financial Industry Regulatory Authority (FINRA) for litigating contested disciplinary proceedings related to Nasdaq-led investigations. This shift aims to improve the efficiency and speed of handling such cases by leveraging Nasdaq's expertise and avoiding the need for FINRA to get involved. Nasdaq also proposes changes to its rules to enable its regulation department to directly serve complaints and memoranda in disciplinary cases. The proposal does not alter the existing procedural protections and would still involve FINRA’s Office of Hearing Officers in administering the hearing process.

The New York Stock Exchange LLC (NYSE) filed a proposal with the Securities and Exchange Commission (SEC) to extend the temporary changes to NYSE's Rules 9261 and 9830 until April 30, 2021. These amendments, initially set to expire on December 31, 2020, allow for hearings to be conducted via video conference due to the COVID-19 pandemic, mirroring similar actions by the Financial Industry Regulatory Authority (FINRA). The proposal aims to ensure that disciplinary hearings can continue safely during the ongoing health crisis without causing delays. The SEC has agreed to expedite the processing of this proposal so it can take effect immediately.

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.

The Securities and Exchange Commission (SEC) is reviewing a proposed rule change by the Financial Industry Regulatory Authority (FINRA). The rule is meant to speed up arbitration proceedings for parties who are at least 70 years old or have serious health conditions. This involves setting shorter deadlines for various procedural steps in the arbitration process. The SEC is seeking public comments on whether the proposed rule aligns with existing regulations, and comments are due by April 8, 2025.

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 (SEC) has requested the Office of Management and Budget (OMB) to approve an extension for collecting fingerprint information as required by Rule 17f-2(c) under the Securities Exchange Act of 1934. This rule involves the submission of fingerprints by certain people in the securities industry to the FBI through registered exchanges or associations, known as self-regulatory organizations (SROs). About 3,900 entities submit roughly 281,804 fingerprints annually, which takes around 70,451 hours in total. Fees for processing these fingerprints amount to over $7 million per year, ensuring careful handling and confidentiality.