SEC Proposes Rules to Enhance Order Handling Information Available to Investors
The Securities and Exchange Commission today voted to propose rules that for the first time would require broker-dealers to disclose the handling of institutional orders to customers. The proposed rules also would expand the information included in existing retail order disclosures. “These proposed rules are intended to bring order handling disclosure in line with modern technology and market practice, providing valuable information to retail and institutional investors about how their orders are treated,” said SEC Chair Mary Jo White. “This information should provide investors more transparency and a powerful new tool to more effectively monitor broker-dealer routing decisions, especially…
Read MoreSEC Adopts Additional Rules Related to Security-Based Swap Transaction Reporting
The Securities and Exchange Commission today announced that it has adopted amendments and guidance related to rules regarding the regulatory reporting and public dissemination of security-based swap transactions, known as Regulation SBSR. The new rules and guidance are designed to increase transparency in the security-based swap market. The rules and guidance implement mandates under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. “This action ensures the public’s accessibility to transaction information, extends the scope of Regulation SBSR to additional entities and transactions and completes an important mandate under Title VII of the Dodd-Frank Act,”…
Read MoreSEC: Citigroup Provided Incomplete Blue Sheet Data for 15 Years
The Securities and Exchange Commission today announced that Citigroup Global Markets has agreed to pay a $7 million penalty and admit wrongdoing to settle charges that a computer coding error caused the firm to provide the agency with incomplete “blue sheet” information about trades it executed. According to the SEC’s order instituting a settled administrative proceeding, the coding error occurred in the software that Citigroup used from May 1999 to April 2014 to process SEC requests for blue sheet data, including the time of trades, types of trades, volume traded, prices, and other customer identifying information. During that 15-year…
Read MoreSEC Announces New Investor Advisory Committee Members
The Securities and Exchange Commission today announced the appointment of three new members to its Investor Advisory Committee, and the reappointment of five members whose terms recently expired. The Committee was established under the Dodd-Frank Wall Street Reform and Consumer Protection Act to advise the Commission on regulatory priorities, regulation of securities products, trading strategies, fee structures, disclosure effectiveness, and initiatives to protect investors and promote investor confidence and the integrity of the U.S. securities markets. “I welcome the new members and thank all members who have served and continue to serve on the Investor Advisory Committee,” said SEC Chair Mary…
Read MoreSean McKessy, Chief of Whistleblower Office, to Leave SEC
The Securities and Exchange Commission today announced that Sean McKessy, Chief of the SEC’s Office of the Whistleblower, is planning to leave the agency later this month. Mr. McKessy became the first head of SEC’s whistleblower program in February 2011 and helped establish the whistleblower office that assesses and reviews all whistleblower tips received by the agency, evaluates whistleblower award claims, and makes recommendations to the Commission on whether claimants have satisfied eligibility requirements to receive an award. “The SEC’s whistleblower program has had a transformative impact on the agency, and Sean’s service as the first head of…
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