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The SEC announced a designation of a longer period for commission action regarding a FINRA-proposed rule change relating to TRACE reporting and the dissemination of transactions in additional asset-backed securities. The proposed rule change was published for comment in the Federal Register on November 26, 2013; according to the SEC, it only received one comment on the proposal. Accordingly, the SEC announced a longer period for action and stated that it would approve or disapprove the proposed rule change by February 24, 2014.The proposed rule change would amend FINRA Rule 6700, which governs

SIFMA has submitted comments to the SEC regarding the FINRA-proposed rule to begin dissemination of data for transactions in asset-backed securities ("ABS") and non-Agency Commercial Mortgage Backed Security ("CMBS"). The rule proposal would implement shorter "reporting timeframes for ABS transactions, and real-time dissemination of trade information. Additionally, the proposal would amend the definition of "ABS." In the letter, SIFMA stated that its members agree with FINRA regarding benefits to price discovery as a result of shorter timeframes for disseminating information. However, SIFMA

The SEC approved FINRA Rule 4314 ("Securities Loans and Borrowings"), Rule 4330 ("Customer Protection – Permissible Use of Customers' Securities"), and Rule 4340 ("Callable Securities"). FINRA Rules 4314 and 4330 are derived in part from NYSE Rule 296 ("Liquidation of Securities Loans and Borrowings") and NYSE Rule 402 ("Customer Protection - Reserves and Custody of Securities"). Newly adopted FINRA Rule 4314 is intended to provide clarity as to whether a party is acting as principal or agent when entering into an agreement to loan or borrow securities, by requiring it to disclose its capacity

FINRA has filed a proposed rule with the SEC to amend FINRA Rule 6700, which governs the dissemination of information on Asset-Backed Securities transactions. The major import of the rule changes is to reduce the time between trade execution and report. The proposed rules changes would also make a good number of technical changes to the relevant trade reporting rules. As part of these changes, FINRA proposes to rename the broad group of securities currently defined as "Asset-Backed Securities" to "Securitized Products." FINRA would then more narrowly define "Asset-Backed Securities"

FINRA has filed with the SEC a proposed rule change to amend the FINRA Rule 6700 Series and the Trade Reporting and Compliance Engine ("TRACE") dissemination protocols to disseminate additional Asset-Backed Securities transactions and reduce the reporting periods for such securities. FINRA also proposed to rename the broad ground of securities, currently defined as "Asset-Backed Securities," as "Securitized Products," and to redefine the term "Asset-Backed Security" more narrowly to mean the specific securities that FINRA proposes to disseminate in the proposed rule change, along with