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ARTICLE · 24 JANUARY 2022

SEC Approves FINRA Proposal To Expand Certain TRACE Reporting Exemptions

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The SEC approved FINRA's proposal to expand the scope of the current exemptions from trade reporting obligations for trades effected on an alternative trading system ("ATS") where the current rules result in duplicative reporting.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The SEC approved FINRA's proposal to expand the scope of the current exemptions from trade reporting obligations for trades effected on an alternative trading system ("ATS") where the current rules result in duplicative reporting. The approval was published in the Federal Register.

As previously covered, the proposal expands the exemptions provided by FINRA Rule 6732 ("Exemption from Trade Reporting Obligation for Certain Transactions on an Alternative Trading System") from the transaction reporting requirements of FINRA Rule 6730 ("Transaction Reporting").

The SEC noted that the proposed rule change appears reasonably designed to (i) reduce reporting burdens on member ATSs, and (ii) prevent any negative impact on post-trade transparency.

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