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12-48 FINRA Changes the Effective Date for Amendments to TRACE Rules Relating to the Reporting and Dissemination of Agency Pass-Through Mortgage-Backed Securities Traded To Be Announced and Related TRACE Fees in FINRA Rule 7730 from November 5, 2012, to November 12, 2012

Revised Effective Date: November 12, 2012

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Trace Reporting and Compliance Engine (TRACE)

Regulatory Notice
Notice Type

Rule Amendment
Suggested Routing

Compliance
Fixed Income
Legal
Operations
Systems
Trading
Training
Key Topics

Agency Pass-Through Mortgage-Backed Securities Traded To Be Announced (TBA)
Asset-Backed Securities
Dissemination
TRACE Fees
Transaction Reporting
Referenced Rules & Notices

FINRA Rule 6710
FINRA Rule 6730
FINRA Rule 6750
FINRA Rule 7730

Executive Summary

On May 21, 2012, in Regulatory Notice 12-26 (May 2012), FINRA announced that amendments to FINRA Rule 6700 Series and TRACE dissemination protocols regarding the reporting and dissemination of transactions in TRACE-eligible securities that are agency pass-through mortgage-backed securities that are traded to be announced (TBA) (TBA transactions) and related amendments to FINRA Rule 7730 regarding TBA transaction data fees would become effective on November 5, 2012.1 Due to disruptions in normal business operations related to Hurricane Sandy, FINRA has changed the effective date of these TRACE rule amendments from November 5, 2012, to November 12, 2012.2

Similarly, the expiration dates of the pilot programs in FINRA Rules 6730(a)(3) (D)(i) and 6730(a)(3)(E)(i) regarding the reduction in reporting times for TBA transactions have changed from May 10, 2013, to May 17, 2013. The amended rule text with the updated pilot program expiration dates is available at www.finra.org/notices/12-48.

Questions regarding this Notice may be directed to:
•   Patrick Geraghty, Director, Market Regulation, at (240) 386-4973; or
•   Elliot Levine, Associate Vice-President and Counsel, Transparency Services, at (202) 728-8405.

1. See Securities Exchange Act Release No. 66829 (April 18, 2012), 77 FR 24748 (April 25, 2012) (SEC Approval Order of File No. SR-FINRA-2012-020).

2. All the amendments in SR-FINRA-2012-020, including all technical amendments that are not described specifically above, will become effective on November 12, 2012.


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