FINRA Files With the SEC to Extend Time to Announce the Implementation Schedule for FINRA’s Corporate Bond New Issue Reference Data Service
On April 12, the Financial Industry Regulatory Authority (FINRA) filed a proposed rule change with the Securities and Exchange Commission pursuant to Section 19(b)(3) of the Securities Exchange Act of 1934 to extend its time to announce the implementation schedule for FINRA’s corporate bond new issue reference data service.
On January 15, the SEC approved a proposed rule change allowing FINRA to establish a new issue reference data service for corporate bonds. FINRA noted at the time of submitting the proposed rule change it would announce the effective date in a Regulatory Notice within 90 days of SEC approval, and that effective date would be within 270 days of SEC approval. FINRA has now requested an extension of time to establish and announce the effective date and indicated it will provide market participants with enough time to prepare for implementation.
The proposed rule change would not alter any existing FINRA rule.