The Financial Industry Regulatory Authority is proposing to waive and issue a credit for fees charged to FINRA members for “as/of” trade reports submitted to the FINRA/Nasdaq Trade Reporting Facility and the OTC Reporting Facility for eight days in August and September 2009. Due to technology issues with the Automated Confirmation Transaction Service (ACT) during these days, members were unable to report trades on trade date and thus incurred higher-than-normal reporting charges because of the higher number of “as/of” reports they needed to submit. FINRA is proposing to waive and issue a credit for fees for “as/of” trade reports submitted on each day following the day on which these ACT technology issues occurred.
Click here to read Securities and Exchange Commission Release No. 34-61160.