Search Results for keywords:"broker-dealers"

The NYSE Arca, Inc. has submitted a proposed rule change to the Securities and Exchange Commission (SEC) to amend Rule 2.4. This amendment aims to clarify the procedures for broker-dealers involved in a statutory disqualification, allowing them to become or remain members of the exchange. The proposal seeks to bring NYSE Arca's rules in line with other exchanges and the SEC's guidelines, ensuring a consistent approach. The SEC has quickly approved the rule change to address an urgent situation where a firm facing disqualification is applying for membership during its relief process.

The Securities and Exchange Commission (SEC) has submitted a request to the Office of Management and Budget (OMB) to extend the approval for information collection under Rule 204, which is part of the Securities Exchange Act of 1934. Rule 204 requires broker-dealers to follow specific procedures to address failures to deliver securities on time, aiming to manage and reduce such failures. This includes several notification and demonstration requirements intended to ensure compliance. The SEC has outlined the expected annual burden hours for these requirements and invited the public to comment on this information collection request by January 27, 2025.

The Securities and Exchange Commission (SEC) has implemented new rules for certain broker-dealers to enhance customer protection. These amendments mandate that broker-dealers with more than $500 million in average total credits must compute and deposit reserve requirements daily, rather than weekly, for funds that belong to customers and other broker-dealers. This change aims to better safeguard customer funds and reduce the risk of financial shortfalls if a broker-dealer were to fail. Additionally, broker-dealers performing daily computations are allowed to reduce their aggregate debit items by 2%, instead of the previous 3%, in their reserve calculations.

In an order by the Securities and Exchange Commission (SEC), exemptive relief is granted from certain reporting requirements related to the Consolidated Audit Trail (CAT). This ruling allows national securities exchanges and associations to stop collecting sensitive personal information like names, addresses, and years of birth from customers using transformed Social Security Numbers (SSNs) or Tax Identification Numbers (ITINs). Instead, the focus is on using a system that uniquely identifies customers without storing sensitive data, aiming to balance regulatory needs and personal data security. Broker-dealers will still manage and transform these identifiers, while regulators can request specific information directly when needed.

The Securities and Exchange Commission (SEC) has announced that Nasdaq MRX, LLC, is planning to stop offering two specific types of trading orders: Qualified Contingent Cross (QCC) with Stock Orders and Complex QCC with Stock Orders. These orders were used by members to automatically handle the stock portion of certain complex trades. However, these functionalities were never actually used, so Nasdaq MRX will remove them, allowing members to still conduct similar trades but with the responsibility of handling the stock part themselves. The change is expected to take effect by February 15, 2025, and the SEC has fast-tracked the approval process to support Nasdaq MRX's efficient operation.

The NYSE American LLC has proposed a rule change to Rule 342, addressing membership processes for broker-dealers facing statutory disqualification. The change aims to clarify the procedures for such firms to become or remain members of the Exchange if they are undergoing a statutory disqualification review by another self-regulatory organization (SRO). This proposal seeks to align NYSE American's rules with other exchanges and SEC guidelines, ensuring a consistent approach while safeguarding investors and public interests. The Exchange has requested an immediate effect from filing to handle an ongoing case promptly.

The Securities and Exchange Commission (SEC) is seeking approval from the Office of Management and Budget (OMB) to extend the collection of information required under Rule 15c3-4. This rule demands that certain broker-dealers and security-based swap dealers create and maintain a system of internal risk management controls. It is estimated that currently 17 firms must comply with this rule, with an additional 6 firms expected to join in the next three years, resulting in an annual burden of approximately 8,600 hours. The SEC is also inviting public comments on this information collection until January 21, 2025.

The Securities and Exchange Commission (SEC) has requested the Office of Management and Budget (OMB) to approve an extension of the existing data collection required under Rule 15c2-8. This rule mandates that broker-dealers deliver prospectuses to certain individuals during securities offerings, including initial public offerings (IPOs), with a specific "48-hour rule" for IPOs. Broker-dealers must also maintain accurate records to identify those requesting prospectuses. The SEC estimates significant time and cost burdens for compliance, and a 30-day public comment period for this request is open until January 2, 2025.

The Securities and Exchange Commission (SEC) is requesting approval from the Office of Management and Budget (OMB) to extend the information collection related to an exemption for certain transactions in money market funds. This exemption, issued in 2015, allows broker-dealers to send transaction information to investors on a monthly basis instead of immediately, in specific cases. As of the end of 2023, around 206 broker-dealers would need to provide these notifications, and the SEC estimates this will only require about 1.8 hours of work per broker-dealer each year. The public is invited to comment on this request by March 31, 2025.

The Securities and Exchange Commission (SEC) is asking for public comments regarding the information collection involved in Rule 13h-1 and Form 13H, which concern the registration of large traders. These are rules that help the SEC gather data about traders who engage in substantial trading activities. The rules require large traders to identify themselves and provide certain information to the SEC, and also require specific broker-dealers to maintain and report transaction records related to these traders. The SEC estimates that complying with these requirements will take about 185,200 hours each year. The public can provide feedback on the necessity and effectiveness of this information collection, aiming to minimize the burden of the process.