The Securities and Exchange Commission has approved a proposal by the Financial Industry Regulatory Authority (FINRA) to require all over-the-counter (OTC) transactions in foreign securities to be reported to the OTC Reporting facility within 90 seconds of execution. Prior to the amendments approved by the SEC, NASD Rule 6620(a) generally required that transactions in some OTC equity securities—domestic equity securities, American Depositary Receipts (ADRs), and Canadian issues, including those that are not registered with the SEC and otherwise subject to financial reporting—that were executed between 8:00 a.m. and 8:00 p.m. Eastern Time be reported to the OTC Reporting Facility within 90 seconds of execution. Foreign securities other than ADRs and Canadian issues were excluded and were required to be reported by 1:30 p.m. Eastern Time the day after the transaction was executed. Beginning October 27, OTC transactions in foreign securities will be subject to the same reporting requirements that have been in place for domestic securities, Canadian issues, and ADRs pursuant to NASD Rule 6620. By requiring 90-second reporting for foreign securities transactions (unless a specific exception applies), FINRA also will begin uniformly disseminating trading information for all OTC Equity Securities on a real-time basis within 90 seconds of execution, providing improved transparency to the OTC market.