Regulatory Notice 15-36

FINRA Requests Comment on a Revised Proposal Requiring Confirmation Disclosure of Pricing Information in Corporate and Agency Debt Securities Transactions

Comment Period Expires: December 11, 2015

Executive Summary

FINRA is requesting comment on a proposed rule that would require member firms to disclose additional information on customer confirmations for transactions in corporate and agency debt securities. FINRA initially sought comment on the proposed rule in Regulatory Notice 14-52. In response to the comments received, FINRA is proposing several changes to the proposed rule. These changes include replacing the size-based disclosure threshold with a retail customer standard; permitting firms to use alternate methodologies for calculating the reference price for more complex trade scenarios; requiring firms to add a link to TRACE on the confirmation; and proposing additional exceptions from the requirements.

FINRA and the Municipal Securities Rulemaking Board (MSRB) have discussed a coordinated approach to potential rulemaking in this area. The MSRB has published Regulatory Notice 2015-16 soliciting comment on a revised proposal that differs from FINRA’s proposal described herein. This Notice also invites comment on the MSRB’s revised approach.

The text of the proposed rules can be found in Attachment A.

Questions concerning this Notice should be directed to:

  • Patrick Geraghty, Vice President, Market Regulation, at (240) 386-4973;
  • Cynthia Friedlander, Director, Fixed Income Regulation, Regulatory Operations, at (202) 728-8133; or
  • Andrew Madar, Associate General Counsel, Office of General Counsel (OGC), at (202) 728-8056.
The views, expressions, findings and opinions expressed in the comments on this Web page are solely those of the author(s) and FINRA accepts no responsibility for the content of the comments: 
DateCommenterFormat - Size
11/30/2015Herbert DiamantPDF - 413.39 KB
12/8/2015PIABAPDF - 230.61 KB
12/10/2015LPL FinancialPDF - 2.31 MB
12/11/2015Charles Schwab & Co., Inc.PDF - 293.76 KB
12/11/2015Bond Dealers of AmericaPDF - 271.36 KB
12/11/2015TMC BondsPDF - 138.58 KB
12/11/2015Coastal SecuritiesPDF - 53.71 KB
12/11/2015CFAPDF - 311.83 KB
12/11/2015Financial Services InstitutePDF - 145.65 KB
12/11/2015Morgan StanleyPDF - 513.01 KB
12/11/2015CFA InstitutePDF - 65.65 KB
12/11/2015Thomson ReutersPDF - 242.23 KB
12/11/2015Wells Fargo AdvisorsPDF - 87.94 KB
12/11/2015SIFMAPDF - 253.8 KB
12/11/2015SECPDF - 343.6 KB
12/11/2015Financial Information ForumPDF - 354.47 KB
12/14/2015RW Smith & Associates, LLCPDF - 30.09 KB
12/16/2015Fidelity InvestmentsPDF - 104.46 KB