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FINRA Proposes Date Change for Transactions Rule
[ by Melanie Gretchen ]
FINRA late last week proposed to change the implementation date of a rule governing trading activity. For FINRA's full story, continue reading or click the link below.
SR-FINRA-2013-021
FOR IMMEDIATE EFFECTIVENESS
5/2/13
FINRA proposes this rule change to establish 9/3/13 as the implementation date of FINRA Rule 5270, Front Running of Block Transactions) that the Commission approved on 9/4/12.
The new adopted rule is based on NASD Interpretive Material (“IM”) 2110-3 (Front Running Policy) with certain changes, including broadening the rule’s scope and providing further clarity into trading activity that FINRA believes is inconsistent with just and equitable principles.
FINRA delayed the implementation of Rule 5270 to give firms sufficient time to make necessary changes to their programs and systems to enable them to review their trading activity for compliance with the rule. FINRA stresses, however, that much of the trading activity prohibited by Rule 5270 may already violate other existing FINRA rules.
The complete text can be accessed at: [FINRA, 5/2/13]
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