Resources/ Updates - September 2016

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.

Sep30

SEC Initiatives on Equity Market Structure

In a jam packed keynote speech on September 14, 2016, SEC  Chair Mary Jo White covered several SEC initiatives toward optimizing equity market structure. Chair White addressed the Security Traders Association 83rd Market Structure Conference in Washington, D.C.  Chair White’s speech focused on operational integrity, market transparency, and algorithmic trading, and commends the  Equity Market Structure Advisory

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Sep28

SEC Forum on Fintech Innovation

The Securities and Exchange Commission (SEC) will host a public forum on November 14, 2016, to discuss financial technology (Fintech) innovation in the financial services industry.  The goal is to “foster greater collaboration and understanding among regulators, entrepreneurs and industry experts into Fintech innovation and evaluate how the current regulatory environment can most effectively address

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Sep20

OCIE to Review RIA’s with Blemished Members

Sweep exams review a compliance issue the SEC considers an industry risk involving multiple firms. Beginning October 1, 2017, the SEC’s Office of Compliance Inspections and Examinations (OCIE) plans to conduct a sweep exam of registered investment advisors (RIAs) that have either employed or contracted persons with a disciplinary event in their past. Since individuals with

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Sep06

Summer’s End Updates for Commodity Firms

The National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC) recently issued notices impacting Futures Commission Merchants, Introducing Brokers, Swap Dealers, Major Swap Participants, and Commodity Pool Operators. NFA Notice I-16-18: Designation of an Executive Representative for electronic voting purposes ~ Aug 24, 2016 Beginning with the 2017 election of members of NFA’s

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Sep03

SEC Rides FINRA’s New CAB ~ the Capital Acquisition Broker

On August 18, 2016, the Securities Exchange Commission (“SEC”) approved a proposed FINRA rule set covering a new member category—the capital acquisition broker (CAB)— to ease the reporting obligations of broker-dealers engaged in certain limited activities. These firms are unlike more traditional registered broker-dealers in that they do not handle customer funds or securities, or

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Sep03

New Form ADV Approved ~ Changes to Investment Adviser Reporting

On August 25, 2016 The SEC adopted amendments to rules impacting Form ADV Part 1A, the form used by investment advisers (“advisers”) to register and remain compliant with the rules of the SEC and their state securities authorities.  The SEC uses this collected data to conduct risk-based adviser exams and investigations and, in aggregate, to monitor industry

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Sep02

MSRB Rule G-37 Clarity ~ Political Contributions Look Back Period

On August 3, 2016, the MSRB filed an amendment to Rule G-37, its rule on political contributions, to clarify the look back period.  G-37(h) now makes clear that political contributions by persons who become associated with a dealer and become municipal finance professionals of the dealer, if made prior to August 17, 2016, are subject

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Sep02

MSRB Guides on Rule G-14 ~ Report of Muni Sales/Purchases

Consider the new MSRB Guidance on amended MSRB Rule G-14 (Reports of Sales or Purchases of Municipal Securities).  The amendments were SEC approved on May 22, 2015, and became effective July 18, 2016. Rule G-14 require that brokers, dealers and municipal securities dealers (all “dealers”) report “all executed transactions in most municipal securities to the

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