FINRA proposed amending FINRA Rule 6191 to modify certain data collection requirements of the Regulation National Market System ("NMS") Plan to Implement a Tick Size Pilot Program (the "Tick Size Pilot"). The Tick Size Pilot will become effective on October 3, 2016.
The proposed amendment requires that, beginning thirty days prior to the first day of the Tick Size Pilot – i.e., September 3, 2016 – FINRA and FINRA members will comply with the data collection obligations of the Tick Size Pilot by collecting data on the Tick Size Pilot securities. As a result, members then must migrate from using FINRA's published Pre-Pilot Data Collection Security list and begin using the Pilot Securities list.
FINRA filed the proposed rule change for immediate effectiveness and requested that the SEC waive the 30-day operative period so that the proposed rule change can become operative on August 30, 2016.
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