Search Results for keywords:"FINRA"

MIAX Sapphire, LLC, an exchange, filed a Minor Rule Violation Plan (MRVP) with the Securities and Exchange Commission. This plan allows the exchange to handle minor rule violations internally, imposing fines up to $2,500 without needing formal disciplinary proceedings, provided they report these violations to the Commission quarterly. The Commission approved this plan, stating it supports efficient enforcement while maintaining compliance with important regulations. The MRVP includes certain rule violations that don't warrant formal proceedings, giving MIAX Sapphire flexibility in its enforcement actions.

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 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 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 has approved a rule change proposed by the Financial Industry Regulatory Authority (FINRA) to amend the rules about removing members from FINRA's National Adjudicatory Council (NAC). This change aligns the reasons for removing a NAC member with those for removing a governor from the FINRA Board, including removal "for any cause affecting the best interests" judged by the FINRA Board. This is intended to enhance governance and assure fair representation of FINRA members, supporting investor protection and public interest through fair and impartial adjudication processes. The decision emphasizes the importance of the NAC's independence, integrity, and freedom from conflicts of interest.

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.

MIAX PEARL, LLC ("Exchange") applied to the Securities and Exchange Commission (SEC) for an exemption from certain rule filing requirements. This request allows changes to MIAX PEARL Equities Rules, which include references to Financial Industry Regulatory Authority (FINRA) and Miami International Securities Exchange (MIAX) rules, to be updated automatically without the need for additional filings. The SEC granted this exemption, reasoning it would keep the rules consistent across different regulatory bodies and avoid duplicate filings. This decision requires MIAX PEARL to notify its members whenever there are changes to the rules they incorporate by reference.

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.

The Securities and Exchange Commission (SEC) has extended the deadline for smaller broker-dealers to file their annual reports by 30 days, due to challenges these firms face in securing audit services within the crowded audit season following the fiscal year end. According to FINRA, this extra time will help alleviate the pressure on smaller broker-dealers, who often rely on manual processes and face limited availability of independent auditors. The extension is available to broker-dealers who meet specific conditions, such as having less than $50 million in capital and liabilities, being in compliance with certain rules, and using electronic filing to submit reports. This move aims to ensure quality in financial reporting without compromising investor protections.