FINRA T+2 Rules Are Approved2017-06-282019-05-27https://www.foreside.com/wp-content/uploads/2017/01/logo_small.pngForesidehttps://www.foreside.com/wp-content/uploads/2017/09/foreside-finra-t2-rules-are-approved2.jpg200px200px
In May 2017, Regulatory Notice 17-19, FINRA announced the SEC approval of a variety of its proposed rule amendments relating to the upcoming move of the U.S. securities markets to the T+2 settlement cycle.
To coincide with the effective date of the revisions to SEC Rule 15c6-1(a), these amendments will take effect on September 5, 2017, and relate to the following FINRA rules:
Rule 2341 (Investment Company Securities);
Rule 11140 (Transaction in Securities “Ex-Dividend”, “Ex-Rights”, or “Ex-Warrants”);
Rule 11150 (Transactions “Ex-Interest” in Bonds Which Are Dealt in “Flat”);
Rule 11210 (Sent by Each Party);
Rule 11320 (Dates of Delivery) (This provision includes the definition of “Regular way,” and refers to the new two business day delivery cycle);
Rule 11620 (Computation of Interest);
Rule 11810 (Buy-In Procedures and Requirements); and
Rule 11860 (COD Orders)
These were previously discussed in amendments in December 2016, at the time of their proposal. FINRA has also issued an investor alert, entitled “T+2 is Coming“, to help explain to investors the impact of the upcoming market-wide changes.
For more information regarding this change, please reach out to Jennifer DiValerio at (484) 320-6231 or firstname.lastname@example.org.
Foreside Acquires Compliance Advisory Services to Expand Compliance and Regulatory Services Offerings
Foreside Acquires Compliance Advisory Services to Expand Compliance and Regulatory Services Offerings….
IAA Newsletter – Tips for Filing Form ADV: Annual Updating Amendments
It’s that time of year again when most Registered Investment Advisers are preparing their Annual Updating Amendments to Form ADV. Please click below to read the article that was featured in the February 2019 issue of the IAA Newsletter.
Foreside has seen an uptick in the number of interval funds hitting the market. The five areas below outline the basics of these non-traditional closed-end mutual funds. Limited Redemption Opportunities – Interval funds typically price daily at net asset value (NAV), however, redemptions are limited. Rather than trade in the secondary market, they periodically offer […]
Marketing to Multi-Family and Single Family Offices
Are you marketing to the Multi-Family Office (“MFO”) or Single Family Office (“SFO”) space? Below are some considerations to keep in mind as you focus your distribution strategy on this target market. Relationships: Most family offices take a holistic approach to investment opportunities, with a focus on the personal rapport with the manager and other […]
Intermediary Transaction Fee Platform vs. No Transaction Fee Platform
Unless you have recently onboarded mutual funds to a major intermediary platform, the acronyms “TF” and “NTF” may not mean much. With the industry’s focus on fee compression, these terms reflect an important aspect of how shareholders access mutual funds. Once approved for a trading platform, one question a Fund Sponsor will likely be asked […]
Q3 FORESIDE CONNECTIONS: ETF ROUNDTABLE: DEVELOPING AND LAUNCHING YOUR ETF
Foreside hosted Steve Feinour, Partner at Stradley Ronon Sevens & Young, LLP, Ryan Sullivan, Vice President of Global ETF Services at Brown Brothers Harriman, Scott Szever, Director of Exchange-Traded Products at the NYSE, and Christopher Lanza…
Do you have a firm conference strategy? Are you attending conferences with purpose? In today’s world, you can find a specialized event on almost any topic. There are numerous conferences falling within the financial services umbrella, which is why it is essential to develop a firm strategy around how to best spend your time at these […]
During Foreside’s May 22, 2018 webinar “Actionable Ideas for Marketing Success“, a panel of experts sat down to provide best practices when it comes to our clients brand, social media, and content creation.These ideas included what asset managers can do to make a difference in the immediate future, tips for content development, and how firms […]
There are close to 80,000 CFP professionals nationwide who are required by the CFP Board’s CE policy to complete 30 CE credit hours each reporting period. These 30 credit hours are broken down by 28 credit hours of General CE and two credit hours of Board-approved Ethics CE. A majority of the 80,000 CFP professionals complete 94% of their […]
Do you have a strategy when covering broker-dealers? We believe getting to know the mindset of the intermediary is critical for asset managers to ensure your firm is approaching and covering them correctly. With hundreds of broker-dealers in the industry, we recommend breaking the broker-dealers into four quadrants which will help you successfully understand and […]
Q2 Foreside Connections: Actionable Items For Marketing Success!
Foreside hosted Sunstar Strategic and Sondhelm Partners, two innovative marketing and Public Relations firms in the financial industry, who provided best practices when it comes to your brand, social media, and content creation of your marketing collateral. Marilyn Dale, VP, Creative & Digital Services at Sunstar Strategic and Dan Sondhelm, CEO at Sondhelm Partners provided […]
SEC released their 2018 examination priorities which they have organized around five themes. Although they believe the below areas are critical, this list is not comprehensive. The Office of Compliance Inspections and Examinations (“OCIE”) remains flexible in order to cover emerging and exigent risks to investors and the marketplace as they arise. All examinations will […]
European Union General Data Protection Regulation Update
As you are likely aware, the EU General Data Protection Regulation (“GDPR”) will become effective May 25, 2018. This regulation will enhance the EU’s current data privacy regulations. One key piece of GDPR is that, unlike its predecessor regulations, it applies to certain organizations outside of the EU. Foreside has analyzed the GDPR and its […]
The Fiduciary Duty of Investment Advisers – Understanding its Murky Roots and a Guidepost
The term “fiduciary” has received great attention in investment-services compliance recently. It should not be unexpected. There is discord surrounding the fiduciary obligation: the notion is at the foundation of investment adviser regulation, but the term “fiduciary” does not appear in the Investment Advisers Act (“Act”) nor in its Rules. Understanding how the fiduciary duty […]
Did You Know Foreside Offers More Than One Broker-Dealer Service Option?
Foreside provides broker-dealer services to more than 275 asset managers chaperoning, legal underwriting, registered representative licensing services, NSCC, marketing material review and various other compliance functions…
In a 2-1 decision, the US Court of Appeals for the Fifth Circuit struck down the US Department of Labor’s (“DOL”) fiduciary rule, deciding in favor of a number of leading financial services industry trade associations. The court found that the DOL unlawfully expanded the definition of the term “fiduciary” to be overly broad and […]
Foreside Partners with NICSA: Penetrating the RIA/Family Office Space
Foreside was excited to partner with NICSA to host Matthew Babcock, Assistant Vice President at Pacific Life, Aaron Gilman, Chief Investment Officer at Independent Financial Partners and Wayne Yi, Head of Manager Research at Massey Quick Simon for an informative discussion on working with key investment research teams. The panelist spent their time discussing best […]
Q1 Foreside Connections: A Closer Look with UBS: ETP Platform Overview
Foreside hosted both Gregory Trinks, Executive Director of Exchange-Traded Products and Derivatives at UBS Financial and Chris Mitchell, Associate Director of Business Development at NextShares Solutions for our Q1 Foreside Connections call. Gregory provided insights into UBS’s ETP platform and their recent announcement to offer exchange-traded managed funds (“ETMF”) to their advisors. He provided insight […]
Q4 Foreside Connections: Embrace the Changing Investor
Foreside hosted Amanda Smith, Senior Vice President at Fidelity Investments for an informative discussion around changing investor needs and how you and your firm can engage this changing investor. Fidelity conducts proprietary studies on investors and the advisors that service them and she shared actionable insights into how to better serve this next generation and […]
Foreside attends the 2017 Advertising Regulation Conference
Foreside is pleased to announce we will be a sponsor of the 2017 Advertising Regulation Conference October 5-6, 2017 in Washington, DC. Please stop by our booth to learn more about Foreside’s proprietary marketing material review software, Foreside AdCompliance™ and how our firm can help you! We will be demoing the software which is a system that […]
Q3 Foreside Connections: Penetrating the RIA/Family Office Space
Foreside hosted Mark Yusko, Chief Executive Officer and Chief Investment Officer of Morgan Creek Capital Management, James McGrath, Partner and Director of Research at Forbes Family Trust, and Roger Scheffel, Principal and Portfolio Manager at Wilbanks, Smith & Thomas for an informative discussion on working with key investment research teams. They discussed best practices penetrating […]
Foreside in partnership with Delta Data is pleased to offer a robust, comprehensive solution designed to help asset managers gain added insight into their intermediary relationships and distribution fees. Delta Data’s Oversight Solution Platform is a suite of oversight products that leverage distribution transparency data integrated with reporting, analytics, and counterparty management. This platform allows […]
Investment Company Reporting Modernization – Are you ready?
In October 2013 the Securities and Exchange Commission (“SEC”) voted to adopt changes to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and Exchange Traded Funds (ETFs).The new rules will enhance the quality of information available to investors and will […]
FINRA’s Capital Acquisition Broker Rules Offer Reduced Regulatory Burdens
FINRA’s Capital Acquisition Broker (“CAB”) rules took effect on April 14, 2017. CABs are defined as firms engaged in limited activities including advising companies and private equity funds on capital raising and corporate restructuring and acting as a placement agent for sales of unregistered securities to institutional investors under limited conditions. As such, FINRA applies […]
Big changes are coming to the Financial Industry Regulatory Authority (“FINRA”) qualification exams. FINRA recently announced that it had filed a proposal to streamline exams and provide opportunities for individuals to demonstrate a fundamental knowledge of the industry before joining a firm by creating a Securities Industry Essentials Exam (“SIE”). The SIE does not need to be […]
Q2 Foreside Connections: Merrill Lynch Platform Rationalization and Impact Call
Foreside hosted Mary Beth Swisher of the Merrill Lynch Managed Solutions Group for our Q2 Foreside Connections conference call. As Vice President of the Managed Solutions Group/Global Funds, Ms. Swisher provided critical insight into Merrill’s rationalization process and their new research coverage model. To instantly listen to the replay, enter your information below.
Recent enforcement actions and public statements reflect increased scrutiny by the SEC on whether private fund managers should register as broker-dealers. Foreside provides “chaperoning” services to asset managers located outside the United States that want to market private funds to U.S. institutional investors under SEC Rule 15a-6 and avoid the need for broker-dealer registration with […]
Fund sponsors who have bootstrapped their way from initial registration through to the profitable operation of a mutual fund or ETF will likely appreciate the pressures associated with juggling multiple roles and responsibilities within their organization. In the early days of growing a 1940 act fund business, one or two individuals might be forced to […]
The DOL fiduciary rule is accelerating and requiring broker-dealers to commit to the type of fee models their advisors can operate under, as well as require rationalization of the over 24,000 CUSIPs available today. With that, the industry has seen the introduction of a new commission share class, better known as the transactional or “T” […]
Are you a Registered Representative, licensed with Foreside or another broker dealer? Did you know you can access your Form U4 directly from FINRA’s website? Visit www.finra.org and search for “snapshot” or visit www.finra.org/industry/web-crd/snapshot-reports to access your personal registration and licensing information including examination scores, continuing education data, and previous registration history. Are you […]