{"id":47319,"date":"2015-04-06T08:19:39","date_gmt":"2015-04-06T12:19:39","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=47319"},"modified":"2015-04-06T08:27:26","modified_gmt":"2015-04-06T12:27:26","slug":"sec-wants-broker-dealers-to-join-the-national-securities-association","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/04\/2015\/sec-wants-broker-dealers-to-join-the-national-securities-association.html","title":{"rendered":"SEC Wants Broker-Dealers To Join The National Securities Association"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2011\/09\/sec_building.gi_.top_.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright  wp-image-25019\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2011\/09\/sec_building.gi_.top_.jpg\" alt=\"sec_building.gi.top\" width=\"451\" height=\"314\" srcset=\"https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2011\/09\/sec_building.gi_.top_.jpg 495w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2011\/09\/sec_building.gi_.top_-300x208.jpg 300w\" sizes=\"auto, (max-width: 451px) 100vw, 451px\" \/><\/a>New York (HedgeCo.Net) &#8211; Hedge fund law specialist <a href=\"http:\/\/www.sglawyers.com\/\" target=\"_blank\">Sadis &amp; Goldberg<\/a> reports that the United States Securities and Exchange Commission has announced a proposal to amend Rule 15b9-1 under the Exchange Act to require broker-dealers who trade in off-exchange venues to become members of a national securities association.<\/p>\n<p>The amendments would enhance regulatory oversight of active proprietary trading firms, such as high frequency traders. Under the proposal, these broker-dealers would be regulated by the SEC as well as the Financial Industry Regulatory Authority (&#8220;FINRA&#8221;).<\/p>\n<p>The proposed amendments to Rule 15b9-1 would narrow an exemption that currently exempts certain broker-dealers from membership in a national securities association if they are: a member of a national securities exchange; carry no customer accounts; and have annual gross income of no more than $1,000 that is derived from securities transactions effected otherwise than on a national securities exchange of which they are a member.<\/p>\n<p>The SEC noted that many high frequency trading firms rely upon the current exemptions and are not members of FINRA. With the proposed amended Rule 15b9-1, the existing proprietary trading exemption would be eliminated and replaced with a narrower exemption allowing floor-based dealers to engage in off-exchange hedging transactions without having to become a member of FINRA. The SEC is allowing 60 days for public comment prior to finalizing the rule afterwards.<\/p>\n<p>It is imperative that broker-dealers carefully evaluate their compliance programs and regulatory response functions in order to be ready for FINRA oversight.<\/p>\n<p>Alex Akesson <br \/>Editor for <a title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a><br \/>\n<a href=\"mailto:alex@hedgeco.net\">alex@hedgeco.net<\/a><br \/>\n<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.Net<\/a> is a premier <a title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\">hedge fund database<\/a> and community for qualified and accredited investors only. Membership in <a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a> is FREE and EASY. We also offer FREE LISTINGS for <a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211; Hedge fund law specialist Sadis &amp; Goldberg reports that the United States Securities and Exchange Commission has announced a proposal to amend Rule 15b9-1 under the Exchange Act to require broker-dealers who trade in off-exchange venues [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,3],"tags":[],"class_list":["post-47319","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-regulation","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/47319","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=47319"}],"version-history":[{"count":2,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/47319\/revisions"}],"predecessor-version":[{"id":47321,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/47319\/revisions\/47321"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=47319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=47319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=47319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}