FINRA Proposes to Delay the Implementation Date of Trade Reporting Amendments

FINRA filed with the SEC a proposed rule change to delay the implementation date of the amendments to trade reporting rules relating to the OTC Reporting Facility ("ORF"), the Alternative Display Facility ("ADF") and the Trade Reporting Facilities ("TRFs") that were approved in March. See 79 FR 12558.

In a letter dated August 8, 2014, the Financial Information Forum requested a delay of migration of the ORF to FINRA's multi-product platform ("MPP") and the implementation of the amendments to the trade reporting rules, stating that firms needed additional time to complete and test the system's changes. To accommodate this and other requests, FINRA is proposing to delay the implementation of the amendments to the trade reporting rules.

FINRA proposed a delay in the migration of the ORF to the MPP from September 15 to November 17, 2014. Additionally, FINRA proposed that the amendments to the ADF and TRF rules requiring firms to report time in milliseconds, if their systems capture milliseconds, become effective on November 10, 2014. Additionally, FINRA proposed that the remaining amendments to the ADF and TRF trade reporting rules be made effective between March and April 30, 2015.

See: Text of the Proposed Rule Change. Related news: SEC Approves Amendments to Equity Trade Reporting and Order Audit Trail System ("OATS") Rules (FINRA Regulatory Notice 14-21) (May 15, 2014); FINRA Proposes Rule Relating to OTC Equity Trade Reporting and OATS Reporting (November 12, 2013).