The US federal banking and functional regulators (“Agencies”) have finalized revisions to the proprietary trading and compliance program provisions of the Volcker Rule, which implement some, though not all, of the changes that had been proposed by the Agencies in a May 2018 notice of proposed rulemaking. This Legal Update discusses the revisions.

On October 30, 2018, the Financial Industry Regulatory Authority, Inc. (“FINRA”) filed a proposed rule change to amend FINRA Rule 5110 (Corporate Financing Rule – Underwriting Terms and Arrangements) (the “Rule”), which is the main FINRA rule regarding compensation in securities offerings, with the Securities and Exchange Commission (“SEC”).

The proposed Rule includes the following

The New York Stock Exchange LLC (“NYSE”) proposes to amend Rule 2 to remove the FINRA or other national securities exchange membership requirement for member organizations.  Rule 2 was previously amended in 2007 to require FINRA membership as part of the transition plan for the consolidation of NYSE Regulation, Inc. and the National Association of

Last month’s announcement by FINRA marks the completion of the consolidation of FINRA’s enforcement functions under the leadership of Susan Schroeder.  One of the key outcomes of FINRA360,  the new structure is designed to ensure a more consistent enforcement program.  Schroeder noted, “The consolidation of our enforcement function enables us to better target developing issues