ARCHIVED: This Practice Note has been archived and is not maintained. It is for background information only. The Financial Industry Regulatory Authority (FINRA) is an independent regulatory body overseeing the US securities industry. As part of its role, FINRA operates the largest dispute resolution body in the securities industry. It works to resolve monetary and business disputes between investors, brokerage firms and individual brokers, as well as disputes between and among brokerage firms and individual brokers. The disputes are dealt with using FINRA’s own arbitration procedure. FINRA has two Codes of Arbitration Procedure: • the Code of Arbitration Procedure for Customer Disputes (the Customer Code or Section 12000 of the FINRA Rules)—which governs arbitration proceedings between investors and industry parties, and • the Code of Arbitration Procedure for Industry Disputes (the Industry Code or Section 13000 of the FINRA Rules)—which governs arbitration proceedings between industry parties This note covers matters relating to the arbitral panel (or simply the panel) under the Customer Code. For information on the panel under the Industry

ARCHIVED: This Practice Note has been archived and is not maintained. It is for background information only. The Financial Industry Regulatory Authority (FINRA) is an independent regulatory body overseeing the US securities industry. As part of its role, FINRA operates the largest dispute resolution body in the securities industry. It works to resolve monetary and business disputes between investors, brokerage firms and individual brokers, as well as disputes between and among brokerage firms and individual brokers. The disputes are dealt with using FINRA’s own arbitration procedure. FINRA has two Codes of Arbitration Procedure: • the Code of Arbitration Procedure for Customer Disputes (the Customer Code or Section 12000 of the FINRA Rules)—which governs arbitration proceedings between investors and industry parties, and • the Code of Arbitration Procedure for Industry Disputes (the Industry Code or Section 13000 of the FINRA Rules)—which governs arbitration proceedings between industry parties This note only concerns the Industry Code. For information on the arbitral panel under the Customer Code, see Practice Note: FINRA—simplified arbitration proceedings and injunctive

ARCHIVED: This Practice Note has been archived and is not maintained. It is for background information only. The Financial Industry Regulatory Authority (FINRA) is an independent regulatory body overseeing the US securities industry. As part of its role, FINRA operates the largest dispute resolution body in the securities industry. It works to resolve monetary and business disputes between investors, brokerage firms and individual brokers, as well as disputes between and among brokerage firms and individual brokers. The disputes are dealt with using FINRA’s own arbitration procedure. FINRA has two Codes of Arbitration Procedure: • the Code of Arbitration Procedure for Customer Disputes (the Customer Code or Section 12000 of the FINRA Rules)—which governs arbitration proceedings between investors and industry parties, and • the Code of Arbitration Procedure for Industry Disputes (the Industry Code or Section 13000 of the FINRA Rules)—which governs arbitration proceedings between industry parties This note concerns costs under both Codes. Investor claims and industry disputes The Customer Code, Pt IX, r 12904 and the Industry

The FIX Trading Community (FIX) and the Investment Association (IA) have published an industry best practice framework to support the modernisation of equity capital raising processes, with the aim of developing a fully digital equity issuance process. By establishing a standard approach, the framework seeks to help make the equity issuance process fully digital while improving efficiency and transparency, with future work expected to build on these standards across IPO and secondary placements.

The Family Justice Council (FJC) has published guidance for professionals and self-represented litigants on the use of covert recordings in family law proceedings involving children. The guidance has been issued in response to an increased use of covert recordings and the consequent necessity for clear procedures and the protection and privacy of those subject to such recordings.

The Finance and Leasing Association (FLA) has published new statistics on asset finance new business. The data shows that total asset finance new business (primarily leasing and hire purchase) grew in July 2024 by 9% compared to July 2023.  In the seven months leading to July 2024, new business was 5% higher than in the same period in 2023.

The Finance and Leasing Association (FLA) has released new figures showing a 7% drop in asset finance new business in June 2024 compared with the same month last year. The report is divided into data extracts by asset, channel and product.

This FLASHCARD will help you absorb or recall the core points of the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD). What is the AIFMD? The AIFMD (Directive 2011/61/EU) came into effect in EU Member States on 22 July 2013 and covers the management, administration and marketing of alternative investment funds (AIFs)—such as hedge funds, private equity funds and real estate investment funds—across the EU. Commission Delegated Regulation (EU) 231/2013 (the AIFMD Level 2 Delegated Regulation) supplements the AIFMD with detailed rules on various aspects of AIFMD, including exemptions, general operating conditions, depositaries, leverage, transparency and the supervision of alternative investment fund managers (AIFMs). On 26 March 2024 the text of Directive (EU) 2024/927 (AIFMD II), which amends AIFMD, was published in the Official Journal of the EU and entered into force on 15 April 2024. Member States have been required to apply its provisions since 16 April 2026 except for certain reporting changes that must be applied 12 months later, from 16 April 2027. For general information on the application of AIFMD, see: Investment funds, asset management, and benchmarks (EU Law)—overview and Practice Note: EU

ARCHIVED: This Practice Note has been archived and is not maintained. This FLASHCARD will help you absorb or recall the core points of the implementation of the EU’s 2021 proposals to amend the Capital Requirements Regulation (EU) 575/2013 (EU CRR) and Directive 2013/36/EU (EU CRD IV), known as EU CRR III and CRD VI as well as the separate ‘daisy chain’ proposal. The measures aim to finalise the EU’s implementation of the internationally-agreed Basel III standards, to make banks more resilient to possible economic shocks. What were the proposals? The European Commission’s ‘banking package 2021’, adopted on 27 October 2021, consisted of: • a proposed directive to amend EU CRD IV in relation to supervisory powers, sanctions, third-country branches, and environmental, social and governance risks, and amending the Bank Recovery and Resolution Directive 2014/59/EU (EU BRRD) (EU CRD VI) • a proposed regulation to amend the EU CRR in relation to requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output

This FLASHCARD will help you absorb or recall the core points on the EU CSDR settlement discipline regime, including the reporting, allocation and confirmation requirements and the mandatory buy-in and cash penalty processes. What is the EU CSDR settlement discipline regime? The settlement discipline regime under EU CSDR (Regulation (EU) 909/2014) is a set of measures intended to prevent settlement fails and deal with them when they do occur. The measures include: • central securities depositories (CSDs) to report settlement fails to competent authorities • investment firms to require their professional clients to provide, on the business day on which a transaction is entered into (or for late trading, or where there is a difference of more than two hours in time zones, 12.00 CET on the next business day), an allocation of securities or cash to the transaction, identifying the accounts to be credited or debited, and confirmation that they accept the terms of the transaction • cash penalties for settlement fails, and • where financial instruments are not delivered within four days

This FLASHCARD will help you absorb or recall the core points on the regime under the Solvency II Directive (2009/138/EC) (Solvency II). What is Solvency II? Solvency II is an EU legislative programme that came into effect on the 1 January 2016 and introduced a harmonised, EU-wide regulatory regime for insurers covering capital requirements, authorisation, corporate governance, supervisory reporting, public disclosure and risk assessment and management. Directive (EU) 2025/2, the Solvency II amending Directive, entered into force on 28 January 2025 and must be applied in Member States

This FLASHCARD will help you absorb or recall the core points on the oversight framework for critical ICT providers such as cloud computing service providers under Regulation (EU) 2022/2554 (the Digital Operational Resilience Act or DORA). What are critical ICT service providers? ICT service providers may be designated as critical by the European Supervisory Authorities or ESAs (ESMA, EBA and EIOPA) as ‘critical’ for the purposes of DORA on the basis of a the following quantitative and qualitative criteria: • the systemic impact on the stability, continuity or quality of the provision of financial services in the event that the ICT service provider would face a large-scale operational failure to provide its services, taking into account the number of financial entities and the total value of assets of financial entities to which the ICT service provider provides services • the systemic character or importance of the financial entities that rely on the ICT service provider, assessed by reference to the number of global systemically important institutions (G-SIIs) or other systemically important