FINRA Proposal to Revise Operative Date for Deletion of Rule 7740 Published (Fed. Reg.)

The FINRA-proposed rule change to revise the operative date for the deletion of FINRA Rule 7740, pursuant to a previous FINRA rule change, was published in the Federal Register.

FINRA Rule 7740 sets forth the fees to be paid by the purchaser of historical research reports regarding OTC Bulletin Board ("OTCBB") securities through the OTCBB website. FINRA filed for the deletion of Rule 7740 in SR-FINRA-2014-032, along with amendments to Rule 7710 relating to fees for the OTC Reporting Facility.

In response to requests by the industry, FINRA delayed the amendments to Rule 7710 until November 17, 2014. However, FINRA proposed for immediate effectiveness that, with respect to the deletion of Rule 7740, the operative date be September 30, 2014.

While the rule change was filed to be effective immediately, comments on the proposal may be submitted until November 5, 2014.

See: 79 FR 61913.Related news: FINRA Delays Implementation Date of Trade Reporting Amendments (Fed. Reg.) (October 8, 2014); FINRA Proposes to Delay the Implementation Date of Trade Reporting Amendments (September 24, 2014); SEC Approves Amendments to Equity Trade Reporting and Order Audit Trail System ("OATS") Rules (FINRA Regulatory Notice 14-21) (May 15, 2014); FINRA Proposes Rule Relating to OTC Equity Trade Reporting and OATS Reporting (November 12, 2013).