Equity Markets Advisory Content

Attached for your review is a draft comment letter that ICI plans to file with FINRA on Wednesday, August 4 regarding potential enhancements to its short interest reporting program and a reporting framework for stock lending. We previously provided a summary of FINRA's Regulatory...

Chair Gensler recently announced that Corey Klemmer, Adam Large, Mika Morse, Sirimal Mukerjee, and Sai Rao had joined the SEC, reporting to Policy Director Heather Slavkin Corzo. The background and responsibilities of the new personnel are summarized below.

FINRA issued a notice last week reminding broker-dealer member firms of SEC and FINRA rules and guidance that state that payment for order flow must not interfere with their duty of best execution. FINRA notes that "payment for order flow" broadly includes different practices such as...

Chair Gensler delivered prepared remarks yesterday on the SEC's rulemaking agenda, including those related to ESG, market structure, short sales, and securities lending. His remarks are summarized below.

Earlier this month, FINRA issued a Regulatory Notice requesting comment on potential enhancements to its short sale reporting program. Should FINRA determine to pursue these enhancements, it would then file a proposed SRO rule change with the SEC. FINRA states that the enhancements...

We wanted to provide an update on recent developments regarding implementation of the SEC's May 2020 NMS Equity Data Governance Order. Last Wednesday, the SEC announced that it has extended the proceedings for reviewing the proposed CT Plan for an additional 60 days to August 9th.[1]...

On May 26, the Market Participants Division of the Commodity Futures Trading Commission (CFTC or "Commission") issued updated responses to frequently asked questions (FAQs) regarding CFTC Regulation 4.27 and CFTC Form CPO-PQR.[1] The FAQs are summarized briefly below.

On Tuesday, the staff of the Securities and Exchange Commission's Division of Investment Management issued a statement on registered fund investments in cash-settled Bitcoin futures traded on CFTC-regulated exchanges ("Bitcoin futures").[1] The statement cautions funds investing in...

[33497] April 24, 2021 TO: ICI Members ICI Global Members Derivatives Markets Advisory Committee ICI Global Regulated Funds Committee ICI Global Trading & Markets Committee SUBJECTS: Derivatives International/Global Investment Advisers Trading and Markets RE: European Commission...

In December, the SEC adopted new Rule 2a-5 (the “fair value rule”) under the Investment Company Act, which addresses the fair valuation responsibilities of funds and their boards and advisers.