April 2020
From the Hill

SEC Forms Cross-Divisional COVID-19 Market Monitoring Group
The Securities and Exchange Commission today announced the formation of an internal, cross-divisional COVID-19 Market Monitoring Group. This temporary, senior-level group will assist the Commission and its various divisions and offices in (1) Commission and staff actions and analysis related to the effects of COVID-19 on markets, issuers, and investors—including our Main Street investors, and (2) responding to requests for information, analysis and assistance from fellow regulators and other public sector partners.
SEC Provides for Phased CAT Broker-Dealer Reporting Timelines with Conditional Exemption for Impacts of COVID-19
The Securities and Exchange Commission announced it has voted to issue two exemptive orders in order to move Consolidated Audit Trail (CAT) implementation forward: (1) establishing a phased CAT reporting timeline for broker-dealers, and (2) permitting introducing brokers that meet certain requirements to follow the small broker-dealer reporting timeline.
FINRA Statement on SEC’s OCIE Risk Alerts for Reg BI and Form CRS
On April 7, 2020, the SEC’s Office of Compliance Inspections and Examinations (OCIE) released Risk Alerts for Reg BI and Form CRS. These Risk Alerts set forth OCIE’s expectations for firms’ compliance with Reg BI and Form CRS and provide broker-dealers with information about the scope and content of OCIE’s initial examinations following the compliance date of June 30, 2020. FINRA will take the same approach as set forth in the SEC Risk Alerts when FINRA examines broker-dealers and their associated persons for compliance with Reg BI and Form CRS.
Introduction to Transparency Services Initiatives and Webpage
In an effort to communicate technical changes to its trade reporting and quotation facilities - TRACE, ORF, and ADF (and related systems) with FINRA member firms, FINRA is introducing a new  web page , on FINRA.org, where firms may review upcoming market transparency initiatives.
Coronavirus Impact on FINRA-Administered Exams & Continuing Education
FINRA and NASAA are working together with input from other regulators and the industry to accelerate the delivery of an online testing service that will be administered and remotely proctored by our test delivery provider, Prometric. The online test delivery service will allow candidates to use their personal or firm-provided, camera-equipped computer to take qualifications examinations. Prometric staff will proctor the examination through the camera and other online tools.
Open Call - Tonight

The Road to Modernize the Over-the-Counter Market
In September 2019, the SEC announced proposed amendments designed to modernize Rule 15c2-11 and enhance investor protection by requiring that current and publicly available issuer information is accessible to investors. The OTC market has seen significant technological improvements since the last substantive review by the SEC in 1991.

Join us as we discuss the role of the OTC market in context of all equity markets, its role in capital formation and the potential impact of these proposed amendments with:  

Jacob Rappaport
Managing Director, Head of Equities
INTL FCStone

and

Dan Zinn
General Counsel & Corporate Secretary
OTC Markets Group

  Wed., April 29, 2020
4:30 p.m. - 5:00 p.m. ET

Dial: 800-346-2923
Participant Code: 562945
STA Women in Finance
Supporting the Autism Community During the Coronavirus Crisis
By  Alison Singer , President, Autism Science Foundation

All families are struggling to adapt to the “new normal” of distance learning, but families raising children with autism are dealing with unique challenges. Children with autism who need stability and insist on “sameness” are finding their routines completely upended.
STA in the News
brought to you by Forefront Communications

STA Chair Halverson on 2020 Goals Amid COVID-19
New chairman Chris Halverson has experience with the STA dating back to the beginning of his Wall Street career, joining the Dallas STA (DSTA) as a member back in 1999 and has been active ever since. He joined the Board of Directors of DSTA in 2008 and served as its President in 2014. This long-run experience has enabled him to see things from a variety of perspectives and develop a greater appreciation for the roles and responsibilities throughout the trading ecosystem.
SEC: CAT Reports Can Omit Some Customer Data
Data management units at US broker-dealers and the Financial Industry Regulatory Authority (FINRA) will be creating bogus codes for ending trade execution reports required by the Consolidated Audit Trail (CAT) to conceal the identities of investors and mitigate potential damage from cybersecurity breaches.
#GrassrootsGiving

The grassroots nature of STA’s Affiliate organizations is more than just political activism. It is also about the charitable work each and every Affiliate does in its local community. Many of these charities are not well known outside of their immediate areas, and the unselfish acts by Affiliate Boards and their members often go unrecognized.

Philadelphia STA, ITAP
Philabundance - Leading the Fight Against Hunger.

Boston STA, BSTA
The Greg Hill Foundation, which provides relief to Massachusetts restaurants impacted by the COVID-19 closures.

Dallas STA, DSTA
North Texas Food Bank - A hunger-free, healthy North Texas
Affiliate Spring Events Update

In adherence with the guidelines around social distancing and COVID-19, the following STA affiliate spring events have been canceled or postponed:
  • STA New York (STANY) - April 15
  • Investment Traders of Philadelphia (ITAP) - April 23
  • Carolina Security Traders Association (CSTA) - April 30
  • Boston Securities Traders Association (BSTA) - May 14
  • Kansas City Security Traders Association (KCSTA) – June 5
  • Ohio Security Traders Association (OSTA) – June 11
  • Security Traders Association of St. Louis (STASL) – June 17

Other affiliates with scheduled events are monitoring their situations carefully.
Check out STA's Photo Album
Past Conferences & Events
Save the Date:
STA 87th Annual Market Structure Conference
   October 7-9, 2020
JW Marriott Washington DC
Original Content | 25,000 Subscribers

Follow STA
Media Inquiries
Sam Belden
Forefront Communications Group
212-320-8986
sbelden@forefrontcomms.com