Municipal Securities Rulemaking Board

FINRA Fines M1 Finance $850,000 for Violations Regarding Use of Social Media Influencer Program

Retrieved on: 
Monday, March 18, 2024
Social Media, Influencer, Other Professional Services, Legal, Other Communications, Law Enforcement, Emergency Services, Finance, Consulting, Banking, Communications, Business, Accounting, Professional Services, Public Policy, Government, Digital Marketing, Online, M1 Finance, Letter, Public, Principle, Rulemaking, Social media, Sale, Communication, Acquisition, Municipal Securities Rulemaking Board, FINRA, Financial adviser

This case arises from FINRA’s targeted exam of firm practices related to the acquisition of customers through social media channels and represents the first formal FINRA Enforcement disciplinary action involving a firm’s supervision of social media influencers.

Key Points: 
  • This case arises from FINRA’s targeted exam of firm practices related to the acquisition of customers through social media channels and represents the first formal FINRA Enforcement disciplinary action involving a firm’s supervision of social media influencers.
  • “As investors increasingly use social media to inform their financial decisions, FINRA’s rules on communicating with the public are especially critical.
  • M1 Finance also provided its influencers with graphics and a “Welcome Guide” that described specific services and features available through M1 Finance that influencers could highlight to make their social media posts more effective.
  • For example, an influencer advertising M1 Finance’s margin lending program stated that customers could “pay [margin loans] back at any given time .

FINRA Fines Morgan Stanley $1.6 Million for Municipal Securities Violations and Related Failures

Retrieved on: 
Thursday, February 15, 2024
Professional Services, Legal, Finance, Consulting, Banking, Accounting, Online, Rulemaking, Municipality, Calendar, MSRB, Morgan Stanley, FINRA, Municipal Securities Rulemaking Board, Ageing, Security (finance)

FINRA announced today that it has fined Morgan Stanley Smith Barney LLC $1.6 million for the firm’s repeated failures to timely close out failed inter-dealer municipal securities transactions and to take prompt steps to obtain physical possession or control of municipal security positions that are short more than 30 calendar days, and related supervisory failures.

Key Points: 
  • FINRA announced today that it has fined Morgan Stanley Smith Barney LLC $1.6 million for the firm’s repeated failures to timely close out failed inter-dealer municipal securities transactions and to take prompt steps to obtain physical possession or control of municipal security positions that are short more than 30 calendar days, and related supervisory failures.
  • This is the first disciplinary action in which FINRA has charged a firm with violating the close-out requirements of Municipal Securities Rulemaking Board (MSRB) Rule G-12(h) and related supervisory failures.
  • FINRA previously sanctioned Morgan Stanley for supervisory failures regarding short positions in municipal securities in 2015.
  • MSRB Rule G-12(h) requires that failed inter-dealer municipal securities transactions be canceled or closed out no later than 20 calendar days after settlement date.

FINRA Orders Four Firms to Pay $2.6 Million for Violations Relating to Fully Paid Securities Lending

Retrieved on: 
Wednesday, December 6, 2023
Professional Services, Other Professional Services, Legal, Finance, Consulting, Banking, Accounting, Online, Disclosure, Public, M1 Finance, Advertising, Rulemaking, FINRA, Municipal Securities Rulemaking Board, Financial adviser, Security (finance)

“It is imperative that FINRA member firms offering fully paid securities lending programs exercise particular care in supervising them.

Key Points: 
  • “It is imperative that FINRA member firms offering fully paid securities lending programs exercise particular care in supervising them.
  • Fully paid securities lending is a practice through which a clearing firm borrows a customer’s fully paid or excess margin securities and lends them to a third party in exchange for a daily borrowing fee.
  • If a customer chooses to enroll in a fully paid lending program, the clearing firm determines which securities to borrow, when, and on what terms.
  • The four broker-dealer firms that FINRA has sanctioned failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures, reasonably designed to supervise their fully paid securities lending offerings.

FINRA Fines BofA Securities $24 Million for Treasuries Spoofing and Related Supervisory Failures

Retrieved on: 
Thursday, November 30, 2023
Professional Services, Legal, Finance, Asset Management, Consulting, Banking, Accounting, Online, Bank of America, Rulemaking, Municipal Securities Rulemaking Board, BofA Securities, Algorithm, Examination, FINRA, Cryptocurrency, Treasury

FINRA announced today that it has fined BofA Securities, Inc. $24 million for engaging in more than 700 instances of spoofing through two former traders in U.S. Treasury secondary markets and related supervisory failures spanning more than six years.

Key Points: 
  • FINRA announced today that it has fined BofA Securities, Inc. $24 million for engaging in more than 700 instances of spoofing through two former traders in U.S. Treasury secondary markets and related supervisory failures spanning more than six years.
  • From at least October 2014 through September 2022, BofA Securities failed to establish and maintain a supervisory system reasonably designed to detect spoofing in U.S. Treasury markets.
  • Lastly, BofA Securities did not supervise for potential cross-product spoofing in Treasuries through September 2022.
  • In settling this matter, BofA Securities consented to the entry of FINRA’s findings, without admitting or denying the charges.

Joseph Gunnar Announces Appointment of Joseph Terranova as Managing Director, Capital Markets

Retrieved on: 
Monday, October 2, 2023
Banking, Professional Services, Finance, IPO, Capital market, Maxim, MSRB, Rulemaking, Research, Financial Industry Regulatory Authority, Municipal Securities Rulemaking Board, SIPC, Investment, FINRA, EF Hutton, Gunnar, Security (finance), Buttonwood

Joseph Gunnar & Co., LLC ("JGUN"), a leading full-service broker-dealer, investment adviser, and investment bank focused on the emerging growth markets, continues to expand the capabilities of its growing corporate finance practice with the addition of industry veteran Joseph Terranova as Managing Director, Capital Markets.

Key Points: 
  • Joseph Gunnar & Co., LLC ("JGUN"), a leading full-service broker-dealer, investment adviser, and investment bank focused on the emerging growth markets, continues to expand the capabilities of its growing corporate finance practice with the addition of industry veteran Joseph Terranova as Managing Director, Capital Markets.
  • Mr. Terranova brings over two decades of equity capital markets and fixed-income experience to the team.
  • About Joseph Gunnar & Co.
    Joseph Gunnar & Co., LLC is a full-service boutique investment banking, securities, and wealth management firm with main offices in New York.
  • Joseph Gunnar & Co., LLC’s affiliate Buttonwood fund also offers suitable individual and entity investors membership interests in pre-IPO venture investments.

SEC, MSRB, & FINRA to Hold Virtual Compliance Outreach Program

Retrieved on: 
Friday, September 29, 2023
MSRB, Municipal Securities Rulemaking Board, Municipality, Financial Industry Regulatory Authority, Information, FINRA, Security (finance), Policy, Pi bond, Financial adviser

Washington, D.C.--(Newsfile Corp. - September 29, 2023) - The Securities and Exchange Commission, Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) today announced that registration is open for a virtual Compliance Outreach Program for municipal market professionals.

Key Points: 
  • Washington, D.C.--(Newsfile Corp. - September 29, 2023) - The Securities and Exchange Commission, Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) today announced that registration is open for a virtual Compliance Outreach Program for municipal market professionals.
  • The program will provide municipal market participants an opportunity to hear from staff of the SEC, MSRB, and FINRA on timely regulatory and compliance matters for municipal advisors and dealers.
  • It will be a great program, and I am really looking forward to the new expanded scope."
  • For those who cannot attend the live virtual program, the recording will be archived on the SEC's Office of Municipal Securities' webpage at https://www.sec.gov/municipal/municipal-sec-conferences , for later viewing.

SEC, MSRB, FINRA to Hold Virtual Compliance Outreach Program

Retrieved on: 
Friday, September 29, 2023
Legal, Finance, Thought Leadership, Public Policy, Government, Professional Services, White House, Federal Government, State, Local, Asset Management, Other Professional Services, MSRB, Municipal Securities Rulemaking Board, Municipality, Financial Industry Regulatory Authority, Information, FINRA, Security (finance), Policy, Pi bond, Financial adviser

The Securities and Exchange Commission (SEC), Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) today announced that registration is open for a virtual Compliance Outreach Program for municipal market professionals.

Key Points: 
  • The Securities and Exchange Commission (SEC), Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) today announced that registration is open for a virtual Compliance Outreach Program for municipal market professionals.
  • The program will provide municipal market participants an opportunity to hear from SEC, MSRB and FINRA staff on timely regulatory and compliance matters for municipal advisors and dealers.
  • It will be a great program, and I am really looking forward to the new expanded scope."
  • For those who cannot attend the live virtual program, the recording will be archived on the SEC's Office of Municipal Securities' webpage at https://www.sec.gov/municipal/municipal-sec-conferences , for later viewing.

Renewi plc: Response to possible offer announcement by Macquarie

Retrieved on: 
Thursday, September 28, 2023
MAKE, Macquarie Group, NOT, NOR, FOR, Code, DOES, Financial Conduct Authority, CITY, Takeover, Person, Open position, Municipal Securities Rulemaking Board, Panel, MADE, FIRM, ANY, Mergers and acquisitions, United Kingdom, Disclosure, Property management, Tax advisor, Security (finance), Renewi

THERE CAN BE NO CERTAINTY THAT ANY OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY FIRM OFFER MIGHT BE MADE

Key Points: 
  • THERE CAN BE NO CERTAINTY THAT ANY OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY FIRM OFFER MIGHT BE MADE
    The Board of Renewi (the “Board”) notes the recent announcement made by Macquarie Asset Management (“Macquarie”) regarding a possible offer for the Company.
  • The Board confirms that on 25 September it received an unsolicited and highly conditional non-binding proposal from Macquarie in relation to a proposed all-cash offer of 775 pence per Renewi share.
  • The Board of Renewi strongly urges shareholders to take no action at this time.
  • For the purposes of Rule 2.5(a) of the Code, this announcement has been made without the consent of Macquarie.

Runa Capital II (GP) (“Runa”) Statement regarding possible offer for MariaDB plc (“MariaDB” or “the Company”)

Retrieved on: 
Friday, September 15, 2023
The Takeover Panel, Irish Takeover Panel, Municipal Securities Rulemaking Board, Person, Open position, Nature, Knowledge, Disclosure, Property management, Security (finance), Typesetting

Dublin, Ireland, Sept. 15, 2023 (GLOBE NEWSWIRE) -- Runa announces that it made, on 14 September 2023, an all cash proposal to the Board of MariaDB (the “Board”) to acquire, together with Runa’s investment affiliates, 100% of the issued share capital of the Company not already owned by Runa, at a price of US$0.56 per share (the "Possible Offer").

Key Points: 
  • This announcement does not constitute an offer to sell or invitation to purchase any securities.
  • Terms in quotation marks are defined in the Irish Takeover Rules, which can be found on the Irish Takeover Panel's website.
  • (1)   See the Company’s report on Form 10-Q for the quarterly period ended June 30, 2023, including at pages 9 and 44.
  • (2)   See the Company’s report on Form 10-Q for the quarterly period ended June 30, 2023, including at pages 13, 54 and 55.

Joseph Gunnar Announces Appointment of Sean Corcoran as Head of Equity Capital Markets

Retrieved on: 
Tuesday, July 11, 2023
Legal, Insurance, Finance, Consulting, Banking, Small Business, Accounting, Professional Services, IPO, Head, MSRB, Rulemaking, Research, Financial Industry Regulatory Authority, Municipal Securities Rulemaking Board, Equity capital markets, SIPC, Investment, FINRA, Gunnar, Roth Capital Partners, Security (finance), Buttonwood

Joseph Gunnar & Co., LLC (“JGUN”), a leading full-service broker-dealer, investment adviser, and investment bank focused on the emerging growth markets, continues to expand the capabilities of its growing investment banking practice with the addition of industry veteran Sean Corcoran as Head of Equity Capital Markets.

Key Points: 
  • Joseph Gunnar & Co., LLC (“JGUN”), a leading full-service broker-dealer, investment adviser, and investment bank focused on the emerging growth markets, continues to expand the capabilities of its growing investment banking practice with the addition of industry veteran Sean Corcoran as Head of Equity Capital Markets.
  • Mr. Corcoran brings over three decades of equity capital market experience.
  • Davidson, where he was instrumental in enhancing the firm’s origination, distribution, and placement of lead-managed and co-managed deals.
  • Joseph Gunnar & Co., LLC’s affiliate Buttonwood fund also offers suitable individual and entity investors membership interests in pre-IPO venture investments.