FINRA Proposal Relating to TRACE Reporting of Asset-Backed Securities

SEC Release No. 34-64084 (SR-FINRA-2011-012)

March 16, 2011

The SEC published a FINRA proposal to amend the FINRA Rule 6700 and 7730 series to make a series of technical and conforming changes relating to the reporting of asset-backed securities. Among other things, the rule change would (i) consolidate reporting requirements for ABS transactions executed off-hours; (ii) simplify settlement reporting for ABS transactions; (iii) add alternative reporting rules for ABS transactions that are pre-issuance SMO/REMIC transactions; and (iv) clarify firms' obligations to report information to FINRA Operations as to TRACE-eligible securities not in the TRACE system.

Cross References

SEC Release No. 34-61566 (approving FINRA's TRACE ABS filing)

FINRA Rule 6700 and 7730 Series

Exhibit 5 to Proposal (text of rule change)

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