[Federal Register Volume 90, Number 134 (Wednesday, July 16, 2025)]
[Notices]
[Pages 32032-32036]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-13261]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103435; File No. SR-FINRA-2025-011]
Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend FINRA Rules 6380A and 6380B (Transaction
Reporting) To Extend the Trade Reporting Facilities Operating Hours
July 11, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on July 8, 2025, the Financial Industry Regulatory Authority, Inc.
(``FINRA'') filed with the Securities and Exchange Commission (``SEC''
or ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by FINRA. FINRA has
designated the proposed rule change as constituting a ``non-
controversial'' rule change under paragraph (f)(6) of Rule 19b-4 under
the Act,\3\ which renders the proposal effective upon receipt of this
filing by the Commission. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
FINRA is proposing to amend FINRA Rules 6380A and 6380B regarding
the operation of the FINRA/NYSE Trade Reporting Facility, the FINRA/
Nasdaq Trade Reporting Facility Carteret, and the FINRA/Nasdaq Trade
Reporting Facility Chicago (the ``Trade Reporting Facilities'' or
``TRFs'') to extend TRF operating hours from opening at 8 a.m. Eastern
Time (``E.T.'') to opening at 4 a.m. E.T.\4\
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\4\ Unless otherwise specified, all times referred to in the
proposed rule change are E.T.
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The text of the proposed rule change is available on FINRA's
website at http://www.finra.org, at the principal office of FINRA and
at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, FINRA included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. FINRA has prepared summaries, set forth in sections A,
B, and C below, of the most significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
Background
The TRFs are facilities of FINRA that are operated by NYSE Market
(DE), Inc. (in the case of the FINRA/NYSE TRF) and Nasdaq, Inc. (in the
case of the FINRA/Nasdaq TRF Carteret and the FINRA/Nasdaq TRF
Chicago). Along with the Alternative Display Facility (``ADF''),\5\ the
TRFs provide FINRA members with a mechanism for the reporting of over-
the-counter (``OTC'') trades in NMS stocks. While members are required
to report all OTC trades in NMS stocks to FINRA, they may choose which
FINRA facility (or facilities) to use to satisfy their trade reporting
obligations.
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\5\ Collectively, the TRFs and the ADF are referred to as the
``FINRA facilities.'' The ADF is a display-only facility operated by
FINRA that provides members with a facility for the display of
quotations, the reporting of trades, and the comparison of trades in
NMS stocks. Currently, there are no active quoting ADF participants,
and only one Trade Reporting Only participant utilizing the ADF as a
back-up trade reporting facility. The ADF operating hours are 8 a.m.
to 6:30 p.m. for both quotation display and trade reporting.
Separately, FINRA operates the OTC Reporting Facility (``ORF''), a
facility for the reporting of trades in OTC Equity Securities. The
ORF operating hours are 8 a.m. to 8 p.m. The instant proposed rule
change is limited to the TRFs and FINRA is not at this time
proposing any changes to the operational hours of either the ADF or
the ORF.
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[[Page 32033]]
Currently, the operating hours of the TRFs are 8 a.m. to 8 p.m.
each business day. These operating hours are reflected in the
transaction reporting rules for the FINRA/Nasdaq TRFs (FINRA Rule 6380A
(Transaction Reporting)) and the FINRA/NYSE TRF (FINRA Rule 6380B
(Transaction Reporting)). Under these reporting rules, transactions
executed during normal market hours, i.e., 9:30 a.m. to 4 p.m.,\6\ must
be reported as soon as practicable but no later than 10 seconds after
execution. Transactions executed outside normal market hours must be
reported as follows:
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\6\ ``Normal market hours'' are defined as 9:30 a.m. to 4 p.m.
for purposes of the FINRA TRF rules. See [FINRA] Rules 6320A(a)(6)
and 6320B(a)(6).
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For transactions executed between 8 a.m. and 9:30 a.m., as
soon as practicable but no later than 10 seconds after execution, with
a unique trade report modifier to denote execution outside normal
market hours;
For transactions executed between 4 p.m. and 8 p.m., as
soon as practicable but no later than 10 seconds after execution, with
a unique trade report modifier to denote execution outside normal
market hours;
For transactions executed between midnight and 8 a.m., by
8:15 a.m., with a unique trade report modifier to denote execution
outside normal market hours; and
For transactions executed between 8 p.m. and midnight, or
on any non-business day,\7\ by 8:15 a.m. on the following business day,
designated ``as/of'' and with a unique trade report modifier to denote
execution outside normal market hours.
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\7\ A non-business day means a weekend or holiday. See [FINRA]
Rules 6380A(a)(2)(D) and 6380B(a)(2)(D).
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All trade reports submitted to the TRFs, other than non-tape
reports,\8\ are reported to and publicly disseminated by the
appropriate Securities Information Processor (``SIP'').\9\ Currently,
the operating hours of the SIPs are 4 a.m. until 8 p.m. on business
days.\10\ Transactions executed during current TRF operating hours--
i.e., between 8 a.m. and 8 p.m. on business days--are reported to the
TRFs and publicly disseminated through the SIPs in real time, since
both the TRFs and SIPs are operating during those hours. However,
because TRF operating hours do not begin until 8 a.m. each business
day, OTC transactions in NMS stocks executed when the SIPs are open but
the TRFs are still closed (i.e., between 4 a.m. and 8 a.m. on a
business day) cannot be reported to a TRF until 8 a.m., and therefore
are not publicly disseminated by the SIPs until after 8 a.m. once they
are reported to a TRF.
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\8\ ``Tape'' or ``media'' reports are those that are submitted
to a TRF for public dissemination by the Securities Information
Processors. By contrast, ``non-tape'' or ``non-media'' reports are
not submitted to a TRF for public dissemination but are submitted
for regulatory and/or clearance and settlement purposes. Another
term that is often used with respect to ``tape'' or ``media''
reports is ``for publication.'' In certain limited circumstances,
trade reports submitted for publication may be suppressed from
public dissemination (e.g., transactions in Restricted Equity
Securities effected pursuant to Securities Act Rule 144A, as well as
T+365 trades and trades executed on a non-business day).
\9\ Market data is transmitted to three tapes based on the
listing venue of the security: securities listed on New York Stock
Exchange are disseminated through Tape A; securities listed on BYX,
BZX, EDGA, EDGX, IEX, LTSE, MEMX, MIAX, Nasdaq BX, Nasdaq PSX, NYSE
American, NYSE Texas, NYSE National, or NYSE Arca are disseminated
through Tape B; and securities listed on Nasdaq are disseminated
through Tape C. Tape A and Tape B market data is disseminated
pursuant to the Consolidated Tape Association Plan (``CTA Plan'')
and the Consolidated Quotation Plan (``CQ Plan''), while Tape C
market data is disseminated pursuant to the Joint Self-Regulatory
Organization Plan Governing the Collection, Consolidation and
Dissemination of Quotation and Transaction Information for Nasdaq-
Listed Securities Traded on Exchanges on an Unlisted Trading
Privileges Basis (``UTP Plan'').
\10\ See, e.g., UTP Plan, Section XI.
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At this time, FINRA is proposing to extend the opening time of the
TRFs from 8 a.m. to 4 a.m. each business day, thereby enabling real-
time public dissemination of trade reports for OTC transactions in NMS
stocks executed between 4 a.m. and 8 a.m.\11\ To implement this
proposed enhancement to TRF operating hours, the proposed rule change
would amend the FINRA TRF reporting rules to reflect the new 4 a.m.
opening time, as described in detail below.
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\11\ As recently announced by the Operating Committees of the
CTA Plan, the CQ Plan, and the UTP Plan (the ``SIP Plans''), the SIP
Plans' Operating Committees plan to submit proposed amendments to
the SIP Plans that would extend the SIP operating hours to run from
8 p.m. Sundays to 8 p.m. Fridays, excluding holidays, with a
technical pause beginning at 8 p.m. Monday through Thursday that
would be as brief as technically feasible, but not greater than one
hour. See SIP Plan Operating Committee Press Release, SIPs to
Proposed Extended Operating Hours, available at https://www.prnewswire.com/news-releases/sips-to-propose-extended-operating-hours-302447700.html. As an initial, incremental step, FINRA is
proposing in the instant filing to align the TRF operating hours
with the current SIP operating hours. FINRA intends to separately
seek to propose additional rule changes as appropriate to further
expand TRF operating hours with the goal of ultimately aligning TRF
operating hours with any extension of the SIP operating hours, if
approved by the SEC.
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Proposed Amendments to TRF Reporting Rules
At this time, FINRA is proposing to amend its TRF reporting rules
to provide that the TRF operating hours will now begin at 4 a.m. each
business day, rather than the current 8 a.m. opening time.
Specifically, the proposed rule change would make amendments to FINRA
Rules 6380A (for the FINRA/Nasdaq TRFs) and 6380B (for the FINRA/NYSE
TRF) to change the opening time from 8 a.m. to 4 a.m. FINRA also is
proposing conforming changes to paragraphs (a)(2)(A), (C), and (D) and
(a)(5)(H) of FINRA Rules 6380A and 6380B, which address reporting of
transactions executed outside normal hours and the requirement that
firms must append a modifier to identify pre-opening and after-hours
trades reported more than 10 seconds after execution. Together, the
proposed amendments would extend the general requirement to report
transactions to the TRFs as soon as practicable but no later than 10
seconds after execution to cover the new four-hour period from 4 a.m.
and 8 a.m., and require transactions executed when the TRFs are closed
to be reported within 15 minutes after the new opening time of 4
a.m.\12\
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\12\ FINRA has also published guidance and technical
documentation relating to TRF reporting, available at https://www.finra.org/filing-reporting/trade-reporting-facility-trf. FINRA
would make appropriate conforming change to such guidance and
technical documentation in connection with implementation of the
proposed rule change.
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Specifically, paragraph (a)(2)(A) of FINRA Rules 6380A and 6380B
currently requires members to report transactions executed between 8
a.m. and 9:30 a.m. as soon as practicable but no later than 10 seconds
after execution, and that the trade be designated with the unique
trader report modifier to denote execution outside normal market hours.
FINRA is proposing to amend this paragraph to cover transactions
executed between 4 a.m. and 9:30 a.m. Paragraph (a)(2)(C) of FINRA
Rules 6380A and 6380B requires members to report transactions executed
between midnight and 8 a.m. by 8:15 a.m. on the trade date, and that
the trade be designated with the unique trade report modifier to denote
execution outside normal market hours. FINRA is amending this paragraph
to only cover transactions executed between midnight and 4 a.m.
Finally, paragraph (a)(2)(D) of FINRA Rules 6380A and 6380B currently
requires members to report transactions executed between 8 p.m. and
midnight, or on any non-business day, on the following business day by
8:15 a.m., and further requires that such trades be designated ``as/
of'' and carry the unique trade report identifier to denote execution
outside normal market hours. FINRA is amending this paragraph to
require such transactions to be reported within 15 minutes after the
new TRF opening time, i.e., by 4:15
[[Page 32034]]
a.m., designated ``as/of'' and carry the unique trade report modifier.
In addition, the proposed rule change would make a conforming
change to paragraph (a)(5)(H) of FINRA Rules 6380A and 6380B, which
requires members to append the applicable trade report modifier to
identify pre-opening trades (currently, trades executed between 8 a.m.
and 9:30 a.m.) and after-hours trades (i.e., trades executed between 4
p.m. and 8 p.m.) that are reported more than 10 seconds after
execution. FINRA is amending paragraph (a)(5)(H) of FINRA Rules 6380A
and 6380B to cover pre-opening trades starting from 4 a.m. instead of 8
a.m. FINRA is not proposing any changes to the definition of ``normal
market hours,'' which would remain 9:30 a.m. to 4 p.m., or to the
closing time of the TRFs, which would remain 8 p.m.
FINRA believes the proposed rule change would enhance market
transparency by facilitating the real-time reporting and public
dissemination of information on OTC trades in NMS stocks for additional
hours when the SIPs are open and otherwise disseminating real-time
market data. In addition, extending the TRF hours would allow firms to
report in real time for an additional period of time, which FINRA
understands is operationally preferable to queuing trades for bulk
reporting during the 15-minute period after the TRFs open.
FINRA has filed the proposed rule change for immediate
effectiveness. The implementation date of the proposed rule change will
be during the first quarter of 2026. FINRA will announce the specific
implementation date of the proposed rule change in a Regulatory Notice,
which will be published at least 60 days prior to the implementation
date.
2. Statutory Basis
FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\13\ which requires, among
other things, that FINRA rules must be designed to prevent fraudulent
and manipulative acts and practices, to promote just and equitable
principles of trade, and, in general, to protect investors and the
public interest.
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\13\ 15 U.S.C. 78o-3(b)(6).
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FINRA believes that the proposed rule change is consistent with the
Act because it would enhance market transparency by enabling the
reporting and real-time public dissemination of OTC transactions in NMS
stocks for an additional four-hour period of each business day. As
described above, the TRFs currently only accept transaction reports
beginning at 8 a.m. each business day, whereas the SIPs are currently
operational and able to disseminate real-time market data beginning at
4 a.m. each business day. FINRA believes that extending the TRF hours
would improve the timeliness of trade information available to the
public with respect to trades executed during the 4 a.m. to 8 a.m.
early morning period. Further, FINRA members may also benefit from
operational efficiencies and reduced technological burdens by reporting
OTC trades in NMS stocks in real time during the early morning period,
as they do for the regular trading day, rather than queuing such trade
reports for bulk reporting after 8 a.m.
B. Self-Regulatory Organization's Statement on Burden on Competition
Section 15A(b)(9) of the Act \14\ requires that FINRA's rules not
impose any burden on competition that is not necessary or appropriate
in furtherance of the purpose of the Act. FINRA does not believe that
the proposed rule change will result in any burden on competition that
is not necessary or appropriate in furtherance of the purposes of the
Act.
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\14\ 15 U.S.C. 78o-3(b)(9).
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Economic Impact Assessment
FINRA has undertaken an economic impact assessment, as set forth
below, to analyze the potential economic impacts of the proposal,
including potential costs, benefits, and distributional and competitive
effects, relative to the current baseline.
Regulatory Need
As discussed above, FINRA is proposing to extend the opening time
of the TRFs from 8 a.m. to 4 a.m. each business day, thereby enabling
real-time reporting and public dissemination of OTC transactions in NMS
stocks executed between 4 a.m. and 8 a.m. and improving the timeliness
of transparency for these transactions.
Economic Baseline
FINRA estimates that, from January 2024 to February 2025,
approximately 2.5 percent of OTC trades in NMS stocks were executed
outside of TRF operating hours.\15\ Table 1 shows the breakdown of the
OTC trades in NMS stocks occurring outside of and during TRF operating
hours categorized by media and non-media trades, including the
breakdown during different periods outside of TRF operating hours.
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\15\ The analysis uses FINRA TRF transaction data as of April
16, 2025. The analysis excludes trades that are canceled, declined,
rejected, reversed, or with special trade conditions, which account
for approximately 0.03% of OTC trade reports in NMS stocks. The
analysis includes both media and non-media trades reported to the
TRFs. See supra note 8.
Media and non-media trades executed outside of TRF operating
hours account for approximately 0.6% and 1.9%, respectively, of all
OTC trades in NMS stocks reported to the TRFs. Because some trades
are reported with a delay, the analysis used all trades reported
within ten days after execution. As discussed below, the majority of
trades are reported within the timeframe specified under the current
reporting requirements.
Table 1--Number of OTC Trades in NMS Stocks Reported to the TRFs From January 2024 to February 2025
[By media and non-media trades]
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Media trades Non-media trades
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Execution time Percentage of Percentage of
Number of all trade Number of all trade
trade reports reports trade reports reports
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Between midnight and 4 a.m. on business days 20,869,793 0.12 64,826,157 0.38
(excluding 4 a.m.).............................
Between 4 a.m. and 8 a.m. on business days 48,747,658 0.28 194,064,567 1.13
(excluding 8 a.m.).............................
Between 8 p.m. and midnight on business days 30,258,225 0.18 68,706,127 0.40
(excluding 8 p.m. and midnight) or any time on
non-business days..............................
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Total outside of TRF operating hours........ 99,875,676 0.58 327,596,851 1.91
[[Page 32035]]
Total within TRF operating hours............ 9,031,882,703 52.73 7,669,681,211 44.78
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Total outside of and within TRF 9,131,758,379 53.31 7,997,278,062 46.69
operating hours........................
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Total number of trade reports....... 17,129,036,441
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Among the total OTC trades in NMS stocks executed outside of TRF
operating hours, approximately 98 percent of trades were reported by
8:15 a.m. on business days,\16\ suggesting that the vast majority of
trades executed outside of TRF operating hours were ready to be
reported to the TRFs when the facilities resumed operations at 8 a.m.
on business days.
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\16\ Approximately 97% of media trades and 98% of non-media
trades for OTC trades in NMS stocks executed outside of TRF
operating hours were reported within the timeframe required by the
rules. Specifically, for OTC trades in NMS stocks, approximately 97%
of media trades executed between midnight and 4 a.m. on business
days were reported between 8 a.m. and 8:15 a.m. on the same day;
approximately 98% of media trades executed between 4 a.m. and 8 a.m.
on business days were reported between 8 a.m. and 8:15 a.m. on the
same day; and approximately 96% of media trades executed between 8
p.m. and midnight on business days or any time on non-business days
were reported between 8 a.m. and 8:15 a.m. on the following business
day. In addition, for OTC trades in NMS stocks, approximately 98% of
non-media trades executed between midnight and 4 a.m. on business
days were reported between 8 a.m. and 8:15 a.m. on the same day;
approximately 99% of non-media trades executed between 4 a.m. and 8
a.m. on business days were reported between 8 a.m. and 8:15 a.m. on
the same day; and approximately 97% of non-media trades executed
between 8 p.m. and midnight on business days or any time on non-
business days were reported between 8 a.m. and 8:15 a.m. on the
following business day.
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FINRA estimates that, from January 2024 to February 2025, OTC
trades in NMS stocks reported to the TRFs were executed by 375
firms.\17\ Of the 375 firms, 217 firms executed OTC trades in NMS
stocks exclusively during the TRF operating hours of 8 a.m. to 8 p.m.
on business days and did not execute any OTC trades in NMS stocks
outside of TRF operating hours. These firms would not be affected by
the proposed rule change.
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\17\ The analysis used the Central Registration Depository (CRD)
number to identify firms executing trades.
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The remaining 158 firms executed at least one OTC trade in NMS
stocks between 8 p.m. and 8 a.m. on business days or on non-business
days from January 2024 to February 2025. Of the 158 firms, 135 firms
executed at least one OTC trade in NMS stocks between 4 a.m. and 8 a.m.
on business days from January 2024 to February 2025 and therefore under
the proposed rule change would be required to report these trades as
soon as practicable but no later than 10 seconds after execution,
rather than the current requirement to report by 8:15 a.m.
Additionally, from January 2024 to February 2025, almost all of the 158
firms that executed at least one OTC trade in NMS stocks outside of
current TRF operating hours also executed at least one OTC trade in NMS
stocks during TRF operating hours, which must be reported as soon as
practicable but no later than 10 seconds after execution.
Economic Impacts
Anticipated Benefits
FINRA believes that the proposed changes would provide more timely
pricing and other transaction information to the market for OTC trades
in NMS stocks executed between 4 a.m. and 8 a.m. on business days,
which would support more efficient price formation. Specifically, the
proposed rule change would require trades executed between 8 p.m. and 4
a.m. to be reported by 4:15 a.m. instead of 8:15 a.m. Thus, information
about these trades would become available four hours earlier than under
the current rules, thereby providing market participants real-time
access to pricing and other information between 4 a.m. to 8 a.m. These
proposed changes would serve to reduce information asymmetry and
improve price discovery for trades executed during those hours.
Anticipated Costs
Members may incur initial and ongoing costs, such as programming,
maintenance, and compliance costs, to implement and maintain a system
to report OTC trades in NMS stocks pursuant to the proposed rule
change. Furthermore, members that use third-party vendors to report OTC
trades in NMS stocks to the TRFs may need to adjust their business
relationships to align with the proposed rule change.
The extent of these costs for each member will depend in part on
the current activities and reporting systems of each member with
respect to OTC trading in NMS stocks. As discussed above, FINRA
estimates 158 firms executed at least one OTC trade in NMS stocks
between 8 p.m. and 8 a.m. on business days or at any time on non-
business days between January 2024 to February 2025. Almost all of the
158 firms also executed at least one OTC trade in NMS stocks between 8
a.m. and 8 p.m. on business days, and therefore these firms would
already have systems in place to report trades as soon as practicable
but no later than 10 seconds after execution, indicating that the
initial fixed costs and variable costs may be relatively or
substantially lower for those members.
FINRA identified a very small number of firms executing OTC trades
in NMS stocks exclusively outside of current TRF operating hours. To
the extent the current trade reporting systems of these firms are not
able to report trades as soon as practicable but no later than 10
seconds after execution, such firms would incur costs to upgrade
systems or employ a vendor to do so, depending on the time of trade
execution.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on
[[Page 32036]]
which it was filed, or such shorter time as the Commission may
designate, it has become effective pursuant to Section 19(b)(3)(A) of
the Act \18\ and Rule 19b-4(f)(6) thereunder.\19\
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\18\ 15 U.S.C. 78s(b)(3)(A).
\19\ 17 CFR 240.19b-4(f)(6).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-FINRA-2025-011 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-FINRA-2025-011. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of FINRA. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to File Number SR-FINRA-2025-011 and should be submitted
on or before August 6, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-13261 Filed 7-15-25; 8:45 am]
BILLING CODE 8011-01-P