SIFMA Criticizes FINRA's Proposed Rule Change to Accelerate Trade Reporting for OTC Equity Transactions

SIFMA published comments in the form of a letter it submitted to the SEC on a proposed FINRA rule change that would require members to report OTC equity transactions as soon as practicable, but no later than 10 seconds, following execution. In the letter, SIFMA stated that it believes the SEC should not approve the proposed rule change unless FINRA provides additional information to justify the need for the proposal in light of the substantial systems changes that members would have to make to comply with the new reporting requirements.

Click hereto view letter in full (links externally to SIFMA website).Related News: "FINRA: Proposed Rule Change for Reporting OTC Equity Transactions" (February 4, 2013).