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New FINRA Rule Prohibits Front-Running on Block Trades
[ by Howard Haykin ]
FINRA is adopting new FINRA Rule 5270, Front Running of Block Transactions, that the SEC in September 2012. Rule 5270 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.
While the rule change was filed with the SEC for immediate effectiveness, FINRA has set 9/3/13 as the implementation date. This delay should 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.
To access the complete text, go to: http://www.finra.org/web/groups/industry/@ip/@reg/@rulfil/documents/rulefilings/p253852.pdf.
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