Regulatory Reporting and Disclosures
Chapters in this video
- 0:00 Ian's dinner-party leak and the 24-hour clock
- 1:31 Reg FD: intentional simultaneous vs unintentional promptly
- 2:42 Who actually violates Reg FD: issuer not broker-dealer
- 3:22 MSRB customer confirmation rule for Carla's muni trade
- 4:33 MSRB account transfer rule vs FINRA ACATS
- 4:58 Cboe supplements FINRA and Rule 7.2 uncovered shorts
- 6:29 Rapid-fire exam recap
What this video covers
- Why Regulation Fair Disclosure (Reg FD) applies to the issuer and not the broker-dealer who receives a selective tip
- The intentional versus unintentional disclosure timing rule: simultaneous public release for intentional, promptly (24 hours or before the next trading session, whichever is later) for unintentional
- Which recipients are exempt from Reg FD because they owe a duty of trust or confidentiality (attorneys, accountants, rating agencies, temporary insiders)
- What the MSRB municipal customer-confirmation rule requires on a muni confirm, including Committee on Uniform Securities Identification Procedures (CUSIP) number, capacity, yield, and accrued interest
- Why the MSRB account-transfer rule is the muni parallel to the FINRA Automated Customer Account Transfer Service (ACATS), and how to keep the two straight
- Why Cboe rules supplement, never replace, FINRA rules for options firms
- What Cboe Rule 7.2 specifically covers (reports of uncovered short positions) and why naked options writing gets its own reporting line
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