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🧱 Market Reform

SEC Alert! SEC Proposes to Expand and Update Regulation SCI to include registered security-based swap data repositories

all clearing agencies that are exempt from registration; and certain large broker-dealers, in particular, those that exceed a total assets threshold or a transaction activity. Proposed Rule (410 pages): The Securities and Exchange Commission (“Commission” or “SEC”) is proposing amendments to Regulation Systems Compliance and Integrity (“Regulation SCI”) under the

SEC Alert! Proposal request for approval of extension for Rule 607, which requires disclosure on each new account and on a yearly basis thereafter, on the annual statement, the firm's policies regarding receipt of payment for order flow.

Source: https://public-inspection.federalregister.gov/2023-04825.pdf Rule 607 requires disclosure on each new account and on a yearly basis thereafter, on the annual statement, the firm's policies regarding receipt of payment for order flow from any market makers, exchanges or exchange members to which it routes customers&

SEC Alert! In filing with Federal Register, SEC is adopting rule amendments to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (“T+2”) to one business day after the trade date (“T+1”).

Source: https://public-inspection.federalregister.gov/2023-03566.pdf (277 pages to review) SUPPLEMENTARY INFORMATION: First, the Commission is amending paragraph (a) of 17 CFR 240.15c6-1 (“Rule 15c6-1”) under the Securities Exchange Act of 1934 (“Exchange Act”) to This document is scheduled to be published in the Federal Register on 03/

SEC Alert! SEC has request for approval of extension of the previously approved collection of information provided for in Rules 901, 902, 903(a), 904, 905, 906, 907, and 908 of Regulation SBSR.

Regulation SBSR provides generally for the reporting of security-based swap information. OPEN for comment! Source: https://public-inspection.federalregister.gov/2023-02830.pdf * Regulation SBSR consists of ten rules, Rules 900 to 909 under the Exchange Act. Regulation SBSR provides generally for the reporting of security-based swap information to a registered security-based

FINRA Alert! Proposed rule would require broker-dealers to publicly disclose specified information about their order routing practices for Securities.

Source: https://www.sec.gov/rules/sro/finra/2022/34-96415.pdf Additional Materials: Exhibit 2a, Exhibit 2b, Exhibit 3, Exhibit 5 Submit Comments on SR-FINRA-2022-031 FINRA is proposing to adopt FINRA Rules 6151 (Disclosure of Order Routing Information for NMS Securities) and 6470 (Disclosure of Order Routing Information for OTC

SEC Alert! The Securities and Exchange Commission today filed insider trading charges against Stephen Buyer, a former U.S. Representative for Indiana's 4th Congressional District.

Source: https://www.sec.gov/news/press-release/2022-128 According to the SEC’s complaint, after leaving Congress in 2011, Buyer formed a consulting firm, the Steve Buyer Group, which provided services to, among other clients, T-Mobile. In March 2018, Buyer attended a golf outing with a T-Mobile executive, from whom

NSCC Alert! Notice of Filing of Proposed Rule Change to Adopt Intraday Volatility Charge and Eliminate Intraday Backtesting Charge.

SR-NSCC-2022-009 34-95286Additional Materials: Exhibit 5 * Submit Comments on SR-NSCC-2022-009 Purpose NSCC is proposing to enhance its Clearing Fund methodology by implementing an intraday volatility charge that may be collected by NSCC to mitigate the risks presented by Members’ adjusted intraday Net Unsettled Positions and Net Balance Order Unsettled Positions (“Net