FINRA amended a proposal concerning the collection
and distribution of reference data for new issues of corporate
bonds. FINRA requested that (i) commenters submit any
additional feedback by October 24, 2019, and (ii) the SEC postpone
the decision to approve the proposal until December 4, 2019.
As previously covered, the proposal would amend FINRA Rule 6760 ("Obligation to Provide
Notice") to create a data reference service for new issues of
corporate bonds. In response to concerns raised during the comment
period, FINRA amended the proposal by:
- removing the proposed fees regarding
the corporate bond new issue reference data service (to be
re-proposed at a later date);
- expanding the type of data that will
be collected to include six new fields: the first conversion date
(i.e., the date from which a convertible bond may
be converted to equity), the first conversion ratio
(i.e., the number of shares into which a
convertible bond may be converted), spread (used
