FINRA Will Defer to Exchange's Clearly Erroneous Determinations for Certain OTC Trades

Posted on August 6, 2010 by Daren R. Domina

Co-authored by Natalya S. Zelensky

The Financial Industry Regulatory Authority has issued an immediately effective rule change reinforcing its position that it will defer to an exchange’s clearly erroneous determinations with respect to over-the-counter trades in exchange-listed securities when FINRA is deciding which similarly-situated transactions are subject to nullification by FINRA. FINRA states in the release that it believes this clarification is necessary to promote consistency among self-regulatory organizations. Comments are due to the Securities and Exchange Commission on or before August 27.

Click here to read Securities and Exchange Commission Release No. 34-62608.

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