WASHINGTON—The Financial Industry Regulatory Authority (FINRA) marked the 75th anniversary of the creation of the National Association of Securities Dealers (NASD) in 1939. In 1938, the Maloney Act amended the Securities Exchange Act of 1934 to provide for the creation of a regulatory entity that would create and enforce securities rules and promote just and equitable principles of trade. NASD
Rulemaking topics discussed include:
equity trading initiatives,
ATS order book information,
expansion of ATS transparency,
trade sequencing,
clock synchronization,
oats non-member reporting,
supervision of algorithmic trading strategies,
registration of associated persons involved in the preparation of algorithmic strategies,
fixed income quotation information,
fixed income pricing disclosure,
identification of transactions with affiliated entities in TRACE,
gross income assessment methodology,
recruitment practices, and
securities trader and securities trader principal registration categories.
Proposed Rule Change to Adopt FINRA Rule 3110(e) (Responsibility of Member to Investigate Applicants for Registration) in the Consolidated FINRA Rulebook
FINRA Announces Elimination of OTC Bulletin Board Historical Research Reports; Fees for ORF Trade Reporting and Data
FINRA Requests Comment on a Revised Proposal to Adopt Consolidated FINRA Rule 2231 (Customer Account Statements)
The FINRA Board of Governors will consider the following rulemaking item at its September 2014 meeting. After the September 19 meeting, FINRA will notify firms via email about the Board’s actions on this item and anticipated next steps, if any.
Equity Trading Initiatives
ATS Order Book Information
The Board will consider a proposal to require alternative trading systems (ATSs) to provide FINRA
Proposed Rule Change to Adopt FINRA Rules 0190 (Effective Date of Revocation, Cancellation, Expulsion, Suspension or Resignation) and 2040 (Payments to Unregistered Persons) in the Consolidated FINRA Rulebook, and Amend FINRA Rule 8311 (Effect of a Suspension, Revocation, Cancellation, or Bar)
FINRA is issuing this OATS Report to clarify a firm’s OATS reporting obligations when receiving an instruction to reduce the shares quantity of an order. FINRA understands that a customer’s wish to reduce the shares quantity of an order may be communicated to firms in one of two ways as explained in further detail below. Firms should report to OATS in accordance with the customer’s instruction.
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Citigroup Global Markets Inc. $1.85 million for failing to provide best execution in approximately 22,000 customer transactions involving non-convertible preferred securities, and for related supervisory deficiencies for more than three years. FINRA also ordered Citigroup to pay more than $638,000
WASHINGTON — The Financial Industry Regulatory Authority (FINRA) today announced that Linda D. Fienberg, President, FINRA Dispute Resolution, and Chief Hearing Officer is planning to leave the organization at the end of November. Ms. Fienberg joined FINRA in June 1996 and has responsibility for FINRA's dispute resolution and disciplinary hearing programs.
Under Ms. Fienberg's
