The SDDco Client Update
The SDDco Client Update is an action oriented email prepared in-house, tailored to client needs, and sent as an adjunct to our online newsletter. Verified newsletter subscribers receive our Client Update once each month.
The SDDco Client Update is intended to provide general information only. It is not intended as, and should not be taken as, financial, tax, accounting, legal, consulting or any other type of advice specific to you or your firm. Users of the SDDco Client Update should not act or refrain from acting on the basis of information provided on the sddco.com website. Always check with your accountant and/or attorney.
On March 25, 2015, the Securities and Exchange Commission (“SEC”) unanimously adopted final rules to enable smaller issuers of securities to offer and sell up to $50 million of securities (up from $5 Million) in a year without registering. Change came in response to the Jumpstart Our Business Startups Act (“JOBS Act”) Title IV directive to
FINRA proposes rules designed to regulate high-speed trading developers employed by FINRA member firms (“members”). The rules would require FINRA registration as a Securities Trader of the member associated persons who are primarily responsible for the development, design, or significant modification of algorithmic trading strategies. Unregulated Trading Area High-frequency trading (“HFT”), which uses automated
The Municipal Securities Rulemaking board (“MSRB”) issued three recent member updates: MSRB Creates Professional Qualification Standards for Municipal Advisors~ March 2, 2015 MSRB’s EMMA Website to Provide Access to Moody’s Public Finance Ratings ~ March 3, 2015 MSRB Publishes New Fact Book of Municipal Market Data and Invites User Feedback ~ February 25, 2015 Municipal Advisor Professional Qualifications
The SEC approved FINRA’s adoption of NASD Rule 3010(e) on background checks for registration applicants as FINRA Rule 3110(e) (Responsibility of Member to Investigate Applicants for Registration) in the consolidated FINRA rulebook. FINRA Rule 3110(e) : Is based on NASD Rule 3010(e) (Qualifications Investigated) and Incorporated NYSE Rule 345.11 (Investigation and Records) Includes new provisions for verifying info in Form U4—Uniform
SDDCO Regulatory Services LLC (“SDDCO-RS”) of The SDDCO Group announces the hire of senior executive Julian Krukowski. In his role as Associate Director, Julian provides a deliberate and consultative approach to regulatory compliance and is uniquely prepared to deliver consistent and reliable advice to SDDCO-RS’s valued clients. “Julian has spent the last sixteen years honing his
What is required to become a securities professional? Who must register? What is the registration process? FINRA, the Financial Industry Regulatory Authority, assembled five key points for investors: Registration: Any person working for a brokerage firm who is involved in an investment firm’s business—buying and selling stocks—must register with FINRA. This includes securities sales people, branch managers and department
The National Futures Association (“NFA”) issued notices to Swaps dealers (“SDs”) and major swap participants (“MSPs”) regarding filing requirements and all members regarding the Annual Questionnaire: Notice I-15-11 (March 5, 2014) NFA Issues Notice to SDs and MSPs Regarding Changes to EasyFile Registration Documentation Submission System In the registration process, SDs and MSPs must submit documentation to EasyFile
This SEC Investment Management Update Guidance highlights conflicts of interest that arise when personnel of a fund’s investment adviser are offered gifts, favors or entertainment in the conduct of doing business. The receipt of gifts or entertainment by fund advisory personnel, among others, acting as agent is prohibited. Such behavior should be addressed by firm appropriate compliance
FINRA filed with the SEC a proposed rule change, effective immediately, to amend FINRA Rule 3110.15 (Temporary Program to Address Underreported Form U4 Info) to extend the sunset date of the refund program under that rule from July 31, 2015, until December 1, 2015. The goal is to give firms additional time to ID and report
In June of 2014, the IRS adopted a Taxpayer Bill of Rights by grouping the existing rights within the tax code into 10 distinct categories. To flesh out each right, the IRS has thus far released a fact sheet on the first 6 rights; four more will follow. Taxpayer Bill of Rights: #6, The Right to