The companies, products and regulatory developments shaping the broker industry.
FINRA’s US$800,000 settlement describes failures in customer identification and small-cap IPO monitoring. A separate 2025 ticket-recording case adds context without proving one common scheme.
Morgan Stanley’s 2026 third-quarter filings attribute just over half of record net new wealth assets to IPO-related flows, while its separate fee-based flow statistic measures a different population.
Analysis of the 2 October approval: a dedicated collective-trust exemption removes a proposed participant-count test, while FINRA’s implementation date remains pending.
The proposed overhaul would lower the entry ticket for SME offers and separate it from secondary-market trade sizes, alongside revised issuer eligibility and allocation rules.