Regulatory Notice 07-38

FINRA Extends Implementation of Rule Amendments Relating to Non-Tape (Or Clearing-Only) Reports for Previously Executed Trades; Revised Effective Date: November 5, 2007

Executive Summary

FINRA is issuing this Notice to extend the effective date of the new trade reporting requirements relating to non-tape (or clearing-only) reports. This Notice supersedes Regulatory Notice 07-33 (August 2007) and replaces the guidance provided in that Notice.

As revised, on November 5, 2007,member firms will be prohibited from submitting to a FINRA Facility any report (including but not limited to reports of step-outs and reversals) associated with a previously executed trade that was not reported to that FINRA Facility, except where such report is submitted to reflect the offsetting portion of a riskless principal transaction or an agency transaction where a firm acts as agent on behalf of another member firm.

The text of the amended rule language is available at www.finra.org/rulefilings/2007-040.

Questions regarding this Notice may be directed to the Legal Section, Market Regulation at (240) 386-5126; or the Office of General Counsel at (202) 728-8071.