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

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

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.