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within Intellectual Property, International Law, Litigation and Mediation & Arbitration topic(s)
FINRA reminded members not to report auction
purchases of U.S. Treasury securities to the Trade Reporting and
Compliance Engine ("TRACE"). FINRA stated that
"[auction transaction data] is already maintained by the
Treasury Department as part of the auction process and is readily
accessible to regulators; therefore, reporting these transactions
to TRACE would be duplicative. . . ." FINRA updated certain FAQs on the issue.
FINRA urged members that participate in Treasury auctions
"to determine if they have misreported any transactions that
represent auction awards, and promptly cancel or reverse any such
transaction reports in TRACE."
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