1. Securities and Exchange Release No. 33-10786 Amendments to Financial Disclosures about Acquired and Disposed Businesses

    The SEC is adopting amendments to our rules and forms to improve their application, assist registrants in making more meaningful determinations of whether a subsidiary or an acquired or disposed business is significant, and to improve the disclosure requirements for financial statements relating to acquisitions and dispositions of businesses, including real estate operations and investment companies. The changes are intended to improve for investors the financial information about acquired or disposed businesses, facilitate more timely access to capital, and reduce the complexity and costs to prepare the disclosure.

    5/20/2020

  2. FINRA Regulatory Notice 20-14 Sales Practice Obligations With Respect to Oil-Linked Exchange-Traded Products

    This Notice reminds firms of their sales practice obligations in connection with oil-linked ETPs, including that recommendations to customers must be based on a full understanding of the terms, features, and risks of the product recommended; communications with the public must be fair and accurate; firms must have reasonably designed supervisory procedures in place to ensure that these obligations are met; and firms that offer oil-linked ETPs must train registered representatives who sell these products about the terms, features and risks of these products.

    5/15/2020

  3. Securities and Exchange Release No. 34-88890 Amendments to the National Market System Plan Governing the Consolidated Audit Trail

    The SEC is adopting amendments to the national market system plan governing the consolidated audit trail. The amendments impose public transparency requirements on the self-regulatory organizations that are participants in the plan. Under the amendments, plan participants are required to publish and file with the SEC a complete implementation plan for the consolidated audit trail and quarterly progress reports. The amendments also establish financial accountability provisions.

    5/15/2020

  4. FINRA Regulatory Notice 20-13 FINRA Reminds Firms to Beware of Fraud During the Coronavirus (COVID-19) Pandemic

    The COVID-19 pandemic is affecting most aspects of our society and daily lives, as well as the U.S. economy and markets. Events with such profound impact routinely create opportunities for financial fraud. Firms and their associated persons should be aware of and take appropriate measures to address the increased risks and challenges presented during the COVID-19 pandemic. In addition to new scams focusing on COVID-19, previous scams may also find new life as fraudsters adapt to and exploit recent events and related vulnerabilities, especially those related to the remote working environment.

    5/5/2020

  5. FINRA Regulatory Notice 20-12 FINRA Warns of Fraudulent Phishing Emails Purporting to Be From FINRA

    FINRA warns member firms of a widespread, ongoing phishing campaign that involves fraudulent emails purporting to be from FINRA officers, including Bill Wollman and Josh Drobnyk (see Attachment A). These emails have a source domain name “@broker-finra.org” and request immediate attention to an attachment relating to your firm. In at least in some cases, the emails do not actually include the attachment, in which case they may be attempting to gain the recipient’s trust so that a follow-up email can be sent with an infected attachment or link, or a request for confidential firm information. In other cases, what appears to be an attached PDF file may direct the user to a website which prompts the user to enter their Microsoft Office or SharePoint password. FINRA recommends that anyone who entered their password change it immediately and notify the appropriate individuals in their firm of the incident. The domain of “broker-finra.org” is not connected to FINRA and firms should delete all emails originating from this domain name. In addition, FINRA has requested that the Internet domain registrar suspend services for “broker-finra.org”.

    5/4/2020

  6. SR-NYSE-2020-17 Order Approving a Proposed Rule Change to Amend its Rules to Add New Rule 7.19

    In order to assist member organizations’ efforts to manage their risk, the Exchange proposes to amend its rules to add new Rule 7.19 (Pre-Trade Risk Controls) to establish a set of pre-trade risk controls by which Entering Firms and their designated Clearing Firms may set credit limits and other pre-trade risk controls for an Entering Firm’s trading on the Exchange and authorize the Exchange to take action if those credit limits or other pre-trade risk controls are exceeded. Proposed Rule 7.19(a) would set forth the definitions that would be used for purposes of the Rule.

    4/29/2020

  7. SR-NYSE-2020-03 New Exchange Rule 46B to Permit the Appointment of Regulatory Trading Officials and Amend Exchange Rule 47 to Permit Regulatory Trading Officials to Review Whether a Bid or Offer is Eligible for Inclusion in the Closing Auction

    The Exchange proposes a new Rule 46B to permit the appointment of Regulatory Trading Officials and corresponding amendments to Rule 47 to permit Regulatory Trading Officials to review whether a bid or offer is eligible for inclusion in the Closing Auction. This Amendment No. 1 to SR-NYSE-2020-03 replaces SR-NYSE-2020-03 as originally filed and supersedes such filing in its entirety.

    4/29/2020

  8. SR-NASDAQ-2020-011 Order Approving Proposed Rule Change to Amend Rules 4702(b)(14) and (b)(15) to Shorten the Holding Period Requirements for Midpoint Extended Life Orders and Midpoint Extended Life Orders Plus Continuous Book

    On February 26, 2020, The Nasdaq Stock Market LLC filed with the SEC, pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) and Rule 19b-4 thereunder, a proposed rule change to amend Nasdaq Rules 4702(b)(14) and (b)(15) to shorten the holding period requirements for Midpoint Extended Life Orders (“M-ELOs”) and Midpoint Extended Life Orders Plus Continuous Book (“M-ELO+CBs”).

    4/24/2020

  9. Cboe Regulatory Circular 20-033 SEC Exemptive Order Related to CAT Implementation Deadlines

    This Regulatory Circular is being issued to advise Trading Permit Holders/Members that the SEC has issued an order granting conditional exemptive relief which, among other things, has extended the consolidated audit trail (CAT) reporting compliance deadlines specified in the no action relief previously provided by the SEC’s Division of Trading and Markets to the Cboe-affiliated Exchanges (and other Participants to the CAT NMS Plan) with respect to enforcing related CAT Compliance Rules with regard to CAT implementation deadlines against Industry Members.The SEC exemptive order, in part, provides that the Participants’ CAT Compliance Rules (applicable to Industry Members) may require Phase 2a reporting (equities) to commence on June 22, 2020 and Phase 2b reporting (options) to commence on July 20, 2020, provided that Industry Members who elect to report to CAT prior to such dates be permitted to report to the CAT as early as April 20, 2020 for Phase 2a reporting and as early as May 18, 2020 for Phase 2b reporting.

    4/23/2020

  10. SR-NASDAQ-2020-001 Order Approving a Proposed Rule Change to Modify the Delisting Process for Securities with a Bid Price at or Below $0.10 and for Securities that Have Had One or More Reverse Stock Splits with a Cumulative Ratio of 250 Shares or More to One over the Prior Two-Year Period

    On January 2, 2020, The Nasdaq Stock Market LLC filed with the SEC, pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) and Rule 19b-4 thereunder, a proposed rule change to modify the delisting process for securities with a bid price at or below $0.10 in certain circumstances as described below and for securities that have had one or more reverse stock splits with a cumulative ratio of 250 shares or more to one over the prior two-year period.

    4/21/2020

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