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

The SEC extended a 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 deadline from June 4, 2023 to August 3, 2023.

As previously covered, the proposal to adopt FINRA Rule 6151 ("Disclosure of Order Routing Information for NMS Securities") and Rule 6470 ("Disclosure of Order Routing Information for OTC Equity Securities") 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, to be published on the FINRA website.