FINRA
Topic Update Date

Rule change to FINRA Rule 7610A

Rule change to FINRA Rule 7610A to modify the securities transaction credits applicable to non-retail participants that use the FINRA/Nasdaq Trade Reporting Facility Carteret (the FINRA/Nasdaq TRF Carteret) and the FINRA/Nasdaq Trade Reporting Facility Chicago.

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Effective January 1, 2021

Rule change to amend FINRA Rule 4210

Rule change to amend FINRA Rule 4210 to establish margin requirements for (1) to be announced (TBA) transactions, inclusive of adjustable rate mortgage (ARM) transactions, (2) specified pool transactions and (3) transactions in collateralized mortgage obligations (CMOs), issued in conformity with a program of an agency or government-sponsored enterprise (GSE), with forward settlement dates.

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Effective March 25, 2021

SEC
Topic Update Date

Amendments to Rule 206(4)-1, Rule 206(4)-3 and Rule 204-2

Investment Adviser Advertisements; Compensation for Solicitations Investment Management

The amendments to Rule 206(4)-1, Rule 206(4)-3 and Rule 204-2 create a single rule that replaces the current advertising and cash solicitation rules. The final rule is designed to comprehensively and efficiently regulate investment advisers’ marketing communications. The marketing rule, amended books and records rule and related Form ADV amendments will be effective 60 days after publication in the Federal Register. The Commission has adopted a compliance date that is 18 months after the effective date to give advisers a transition period to comply.

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18 months after determined effective date to comply

New Rules 2a-5 and 31a-4

Good Faith Determinations of Fair Value Investment Management

New Rules 2a-5 and 31a-4 establish an updated regulatory framework for fund valuation practices. The rules are designed to clarify how fund boards of directors can satisfy their valuation obligations in light of market developments, including an increase in the variety of asset classes held by funds and an increase in both the volume and type of data used in valuation determinations. The rules will become effective 60 days after publication in the Federal Register and will have a compliance date 18 months following the effective date to provide sufficient time for funds and valuation designees to prepare for compliance.

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18 months after determined effective date to comply

Update to Regulation S-K Corporation Finance

The changes to Items 301, 302 and 303 of Regulation S-K sharpen the focus on material information by:

  • Eliminating Item 301 (Selected Financial Data); and
  • Streamlining Item 302(a) (Supplementary Financial Information) and Item 303 (MD&A).

The amendments will become effective 30 days after they are published in the Federal Register. Registrants are required to comply by the first fiscal year ending on or after the date that is 210 days after publication in the Federal Register (the mandatory compliance date). Registrants will be required to apply the amended rules in a registration statement and prospectus that on its initial filing date is required to contain financial statements for a period on or after the mandatory compliance date.

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Effective 30 days after they are published in the Federal Register

Rule Amendments Harmonize Registration Exemptions and Facilitate Capital Formation

The amendments establish a new integration framework providing a general principle that looks to the facts and circumstances of two or more offerings, and focuses the analysis of whether the issuer can establish that each offering either complies with the registration requirements of the Securities Act, or that an exemption from registration is available for the particular offering. The amendments will be effective 60 days after publication in the Federal Register.

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18 months after determined effective date to comply

New Rule 18f-4: Use of Derivatives by Registered Investment Companies and Business Development Companies Investment Management

New Rule 18f-4, an exemptive rule under the Investment Company Act of 1940 (the Act), permits mutual funds (other than money market funds), exchange-traded funds (ETFs), registered closed-end funds and business development companies (collectively, “funds”) to enter into derivatives transactions and certain other transactions notwithstanding the restrictions under section 18 of the Act. In connection with these new rules, the Commission amended Rule 6c-11 under the Act to allow leveraged or inverse ETFs to operate without obtaining an exemptive order. All will be effective 60 days after publication in the Federal Register.

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Effective 60 days after publication

Update to Customer Margin Rules Relating to Security Futures Trading and Markets

The joint final rule with the CFTC will harmonize the minimum margin level for security futures, whether they are held in a futures account, a securities portfolio margin account or a securities account that is not approved for portfolio margining.

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Effective December 24, 2020

Rule 12d1-4: Fund of Funds Arrangements Investment Management

Rule 12d1-4 will permit a registered investment company or business development company (BDC) (referred to as “acquiring funds”) to acquire the securities of any other registered investment company or BDC (referred to as “acquired funds”) in excess of the limits in section 12(d)(1) of the Investment Company Act of 1940.  The rule will create a consistent framework for fund of funds arrangements to replace prior Rule 12d1-2. The rule will be effective 60 days after publication in the Federal Register.

Read more here.

Effective 60 days after publication

Amendments to the SEC’s Whistleblower Program Rules

The whistleblower rule amendments modify and clarify existing rules.

Read more here

Effective on December 7, 2020

NFA
Topic Update Date

Commodity Trading Advisor (CTA) Form CTA-PR

CTAs are required under CFTC Regulation 4.27 to file a quarterly CTA-PR. Non-NFA member registered CTAs that are inactive or do not direct any commodity interest accounts are not required to file the Form PR with the CFTC. See CFTC Staff Letter No. 15-47 for details.

Due within 45 days after the end of the reporting period (quarterly).

Commodity Pool Operator (CPO) Form Pool Quarterly Report (PQR)

CPO members operating pools for that have reporting obligations under part 4 of the CFTC's regulations must report to the NFA on a quarterly basis specific information about the firm and the pools that it operates. CPOs that do not operate pools, or that only operate pools pursuant to CFTC Regulations 4.5 or 4.13(a)(3), do not need to complete PQR filings. In October 2020, the CFTC adopted amendments to CFTC Regulation 4.27 requiring NFA Form PQR to be submitted by March 31, 2021 via EasyFile.  

Due within 60 days of the quarters ending March 31, June 30 and September 30. Reports for the quarter ending December 31 are due within 90 days.

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