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FINRA Amends Rule Regarding the Online Publication of Data Related to the Regulation NMS Plan to Implement a Tick Size Pilot Program

On April 28, the Financial Industry Regulatory Authority filed with the Securities and Exchange Commission an amendment to Rule 6191 (Compliance with Regulation NMS Plan to Implement a Tick Size Pilot Program), which modifies the publication date for Appendix B website data related to the Regulation NMS Plan to Implement a Tick Size Pilot Program (the Plan). (For a more complete discussion of the Plan, see the May 8, 2015 edition of Corporate and Financial Weekly Digest). Prior to the rule filing, Rule 6191.12 required FINRA to make publicly available on its website certain data regarding the Plan’s Pre-Pilot and Pilot Period beginning on April 28. The rule filing allows Appendix B data for a given month to be published within 120 calendar days following month end. The delayed publication date is intended to provide FINRA with additional time to consider a methodology to mitigate concerns raised in connection with the publication of Appendix B data. FINRA requested that the rule change become effective upon filing.

A copy of the rule is available here.

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About this Author

Ross Pazzol, Financial Institutions lawyer, Katten Muchin Law firm

Ross Pazzol’s practice encompasses a broad range of financial services matters. He focuses primarily on the regulation of broker-dealers, futures commission merchants, investment companies and hedge funds, clearinghouses and investment advisers.

Ross has significant experience in all aspects of exchange-traded and over-the-counter derivatives transactions as well as securities financing and lending arrangements, and assists clients in understanding the documentation issues and regulatory and credit considerations that arise in connection with...