SEC Extends Deadline to Consider FINRA Proposal on OTC and NMS Security Reporting Requirements

The SEC extended the deadline to consider whether to approve or disapprove a FINRA proposal to establish new order routing disclosure report publication requirements for over-the-counter ("OTC") and National Market System ("NMS") equity securities orders.

The SEC extended the period by an additional 45 days, which will now close on March 6, 2023.

As previously covered, the proposal would require broker-dealers to (i) publish order routing reports for orders in OTC Equity Securities and (ii) submit order routing reports for both OTC Equity Securities and NMS Securities to FINRA, which will be published on the FINRA website. The comment period closed on December 27, 2022.