For updates and guidance related to COVID-19 / Coronavirus, click here.
IM-4632C-1 Transaction Reporting
This rule is no longer applicable. NASD IM-4632C-1 has been superseded by FINRA Rule 6181. Please consult the appropriate FINRA Rule.
NASD emphasizes the obligations of members to report securities transactions within 90 seconds after execution. All reportable transactions not reported within 90 seconds after execution shall be reported as late, and NASD routinely monitors members' compliance with the 90-second requirement. If NASD finds a pattern or practice of unexcused late reporting, that is, repeated reports of executions after 90 seconds without reasonable justification or exceptional circumstances, the member may be found to be in violation of Rule 2110. Exceptional circumstances will be determined on a case-by-case basis and may include instances of system failure by a member or service bureau, or unusual market conditions, such as extreme volatility in a security, or in the market as a whole. Timely reporting of all transactions is necessary and appropriate for the fair and orderly operation of the marketplace, and the NASD will view noncompliance as a rule violation.
|Adopted by SR-NASD-2006-108 eff. Nov. 27, 2006.|