SEC Extends Time to Consider FINRA Proposal on TRACE Reporting of Foreign Sovereigns Debt Securities

The SEC extended the period for Commission consideration of a FINRA proposal to require TRACE reporting of transactions in U.S. dollar-denominated foreign sovereign debt securities. The SEC set August 15, 2022 as the new date for when they will make a decision on the proposed rule.

As previously covered, the FINRA proposed rule change would define "foreign Sovereign Debt Security" as a debt security issued or guaranteed by a government or banking entity. If approved, the rule would subject the securities to same day reporting requirements.