FINRA Proposes Adoption of Debit Process Rule for Collection of Trade Reporting Facility Fees

FINRA filed a proposal with the SEC to adopt FINRA Rule 7650A relating to the debit process for the collection of fees by the FINRA/Nasdaq Trade Reporting Facility ("FINRA/Nasdaq TRF").

The rule change would require FINRA members that are FINRA/Nasdaq TRF participants to provide a clearing account number for an account at the National Securities Clearing Corporation. This change would permit the FINRA/Nasdaq TRF to debit undisputed or final fees due and owing by the member under the Rule 7600A Series.

See: Text of Proposed Rule Change.