FINRA Updates Transparency Services Participant Agreement

FINRA updated its Transparency Services Participant Agreement ("FPA"). Starting on April 10, 2017, FINRA firms will be required to use the FINRA Firm Gateway to access, complete and submit their FPAs. Firms that are obligated to report over-the-counter ("OTC") secondary market transactions in certain equity and fixed income securities are required to complete an FPA form in order to gain access to their respective reporting facilities, such as the TRACE, OTC Reporting and Alternative Display facilities. Generally, the FPA form is used to add or delete products or to update a firm's clearing relationships. The revision updates the equities and fixed income transparency facilities FPA to version 1.4. FPA version 1.4 replaces the existing FPA version 1.3a.