FINRA延迟将REIT股价规则提交给SEC，修订交易监视系统，获得批准以限制自我交易— Investor Lawyers Blog

The Financial Industry Regulatory Authority is postponing when it will send to the U.S. Securities and Exchange Commission its proposed new rules that would give investors a more accurate overview of the costs involved in buying nontraded real estate investment trust shares. The proposed change to NASD Rule 2340, if approved by the SEC, would no longer allow brokerage firms to list a nontraded REIT’s per-share value at the common price of $10, which is the price that they are sold to clients.

Instead, the different fees and commissions that deal managers and brokers are paid would have to be factored in, which would lower each nontraded REIT’s share price in a customer’s account. Independent brokerage firms and their affiliated reps are the ones that would be most affected since practically all they sell is nontraded REITs. Unlisted private placements would also be impacted.

Although the comment period on the proposed rule changes ended in March, FINRA now says that it is not yet done looking at these comments. One group, the Investment Program Association, wants the proposed rule changes—in particular, the one that modifies to the way REIT valuations show up on client statements—delayed until 2015 so that nontraded REIT sponsors and brokerage firms that sell these investments have enough time to make their modifications so they are in compliance.

SEC最近批准了另一项规则更改。这将限制自我交易。FINRA规则5210将要求公司实施合理设计的程序和政策，这些程序和政策旨在审查交易活动并防止来自交易台或算法的订单中的自我交易。自我贸易引起了人们的关注，因为它们可能不是真正的贸易利益的迹象。

在其他FINRA新闻中，SRO正在修改卡片的设计，即其交易效能系统。这些更改将使较小的经纪人不与清算公司合作更大的灵活性，以将佣金和贸易信息直接发送给FINRA或在承包商的帮助下。

Cards is supposed to automate the SRO’s analysis of suspect broker activity, decreasing the agency’s dependence on live exams, which don’t always catch all violations. However, there were those who had problems with Cards, noting it would bring up data-security risks and privacy risks not just for brokers and investors. Big expenses over compliance could also be likely.

In a speech earlier this month, FINRA Chief Executive Officer Rick Ketchum said that based on meetings with brokerage firms to comprehend the benefits and costs of Cards, the agency has modified its original concept, including offering flexibility in data reporting to address cost complaints. The changes will be incorporated into a proposal to be issued this summer.

我们的REIT欺诈律师代表寻求弥补损失的投资者。

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