Securities Industry/Regulatory Council on Continuing Education Issues Firm Element Advisory Update
<p>Rule 2740 would not prohibit an underwriter in a fixed price offering from paying to another broker/dealer that is unable to participate in the underwriting syndicate an advisory fee or a referral fee to the extent that such payment does not directly or indirectly discount the fixed offering price for any purchaser in the offering.</p>
FINRA (f/k/a National Association of Securities Dealers, Inc. ("NASD")) is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to amend FINRA's NYSE Rule 342.13 (Acceptability of Supervisors) to eliminate the requirement that the General Securities Principal Examination ("Series 24 Examination") be passed
INFORMATIONAL
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KEY TOPICS
Legal and Compliance
Senior Management
Operations
Trading and Market Making
Electronic Communications
Communications with the Public
Recordkeeping
Executive Summary
NASD is clarifying for members their supervisory obligations and recordkeeping requirements
Proposed Rule change to Amend the Discovery Guide and to Make
Other Conforming Changes to Rules in the Arbitration Codes
SR-FINRA-2008-042 - Financial Industry Regulatory Authority, Inc. ("FINRA") (f/k/a National Association of Securities Dealers, Inc. ("NASD")) is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to codify FINRA's interpretation of the portfolio margin program set forth in NASD Rule 2520(g) and Incorporated NYSE Rule 431(g) regarding (1) monitoring concentrated equity positions and (2) timing of day trading margin calls.
Continuing Education Planning
FINRA reminds firms that on Monday, June 16, 2014, specific “covered hybrid securities” will move from the OTC Reporting Facility (ORF) to the Trade Reporting and Compliance Engine (TRACE).
Exemptive relief is granted based on the following: (1) Name was not an MFP at the time the Contribution was made and was not engaged in, and did not supervise, municipal securities business; (2) the Firm took action once it became aware of the Contribution by retaining outside counsel to review the proposed reorganization and the possibility of municipal securities business restrictions as a result of the Contribution; (3) the Firm notified Name that when the municipal activities of certain retail sales brokers and MFP’s become part of the Business Unit on Month Day, 2003, the Firm will consider her to be an MFP and her municipal securities business activities will be restricted as a result of her Contribution and of her responsibilities3; (4) the Firm has agreed to restrict Name’s municipal securities activities, minimizing the potential for a quid pro quo resulting from the Contribution; and (5) although a less weighty factor, the Contribution has been returned.
April 16, 2004NASD is publishing this article to provide further guidance regarding proper OATS supervision. Specifically, this article is designed to educate firms on the difference between operational and supervisory procedures.OATS is a highly technical application, as a result, many firms utilize operational procedures to give their staffs guidance on such tasks as how to create and send a
