FINRA Proposes Daily Pricing Information for Exchange-Traded Managed Fund Share OTC Transactions

FINRA proposed amendments to FINRA Rule 6184 to provide market participants with a daily final price that would be based on the net asset value per share ("NAV") of each over-the-counter ("OTC") transaction in exchange-traded managed fund shares, as reported to the FINRA/Nasdaq Trade Reporting Facility. The final NAV-based price would be expressed as a trade's premium or discount to the fund's next-determined NAV and would be made accessible on Nasdaq's public website at no cost to market participants.

FINRA filed the proposed rule change to be effective immediately. It anticipates that the operative date will be on or about April 4, 2016.