FINRA Proposal Limits Trade Reporting Exemptions for ATSs (Fed. Reg.)

FINRA proposed to adopt new Rule 6732 ("Exemption from Trade Reporting Obligation for Certain Transactions on an Alternative Trading System") to provide FINRA with the authority to exempt certain transactions by a member alternative trading system ("ATS") that meet specified criteria from the transaction reporting obligations under FINRA Rule 6730 ("Transaction Reporting"). The proposed rule change was published in the Federal Register.

FINRA also proposed a conforming change to FINRA Rule 9610 ("Procedures for Exemptions - Application") to specify that FINRA has exemptive authority under Rule 6730. Comments on the FINRA proposal must be submitted by January 13, 2016.