Notice2025-06173
Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of a Proposed Rule Change To Adopt FINRA Rule 6152 (Disclosure of Order Execution Information for NMS Stocks)
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
April 11, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 69 (Friday, April 11, 2025)</title>
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[Federal Register Volume 90, Number 69 (Friday, April 11, 2025)]
[Notices]
[Pages 15485-15489]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-06173]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102781; File No. SR-FINRA-2025-002]
Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing of a Proposed Rule Change To Adopt
FINRA Rule 6152 (Disclosure of Order Execution Information for NMS
Stocks)
April 7, 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 April 2, 2025, the Financial Industry Regulatory Authority, Inc.
(``FINRA'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by FINRA. 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
FINRA is proposing to adopt FINRA Rule 6152 (Disclosure of Order
Execution Information for NMS Stocks) to require members to submit
their order execution reports for NMS stocks to
[[Page 15486]]
FINRA for publication on the FINRA website.
The text of the proposed rule change is available on FINRA's
website at <a href="http://www.finra.org">http://www.finra.org</a>, 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
Rule 605 of Regulation NMS \3\ (``SEC Rule 605'') requires
specified entities to publish monthly reports of statistical
information concerning their order executions in NMS stocks.\4\ The
execution quality reports required under SEC Rule 605 (``Rule 605
Reports'') are intended to ``provide awareness about how broker-dealers
responded to trade-offs between price and other factors, such as speed
or reliability, and establish a baseline level of disclosure in order
to facilitate cross-market comparisons of execution quality'' \5\ and,
together with order routing disclosures required to be published by
broker-dealers under Rule 606 of Regulation NMS (``SEC Rule 606''),\6\
provide an opportunity for ``investors to evaluate what happens to
their orders after investors submit their orders to a broker-dealer for
execution.'' \7\
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\3\ 17 CFR 242.605.
\4\ Generally, ``NMS securities'' include listed stocks and
options, and ``NMS stocks'' means any NMS security other than an
option. See 17 CFR 242.600(b).
\5\ See Rule 605 Amendments Release, infra note 10, 89 FR 26428,
26429.
\6\ 17 CFR 242.606.
\7\ See Rule 605 Amendments Release, infra note 10, 89 FR 26428,
26512.
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On March 6, 2024, the Commission adopted amendments to SEC Rule 605
that, among other things, expand the scope of reporting entities
subject to SEC Rule 605 to include, in addition to market centers,\8\
broker-dealers that introduce or carry 100,000 or more customer
accounts (referred to as ``larger broker-dealers'' \9\).\10\ The
amendments to SEC Rule 605 also require broker-dealers operating single
dealer platforms (``SDPs'') to prepare a separate report for activity
specific to those platforms; \11\ expand the scope of covered orders
subject to SEC Rule 605 disclosures; modify the categorization and
content of order information required to be reported under SEC Rule
605; and require reporting entities to produce a new summary report of
execution quality.\12\ These amendments to Rule 605 reflect the
Commission's endeavors to ``ensure that investors are provided with
timely and accurate information needed to make informed investment
decisions,'' reflecting the Commission's ``ongoing commitment to
enhance transparency for investors'' by ``[f]acilitating the ability of
the public to compare and evaluate execution quality among different
market centers, brokers, and dealers[.]'' \13\ The amendments to SEC
Rule 605 became effective on June 14, 2024 and the compliance date is
December 14, 2025.\14\
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\8\ Under Regulation NMS, a ``market center'' means any exchange
market maker, OTC market maker, alternative trading system, national
securities exchange, or national securities association. See 17 CFR
242.600(b)(55). FINRA believes that, other than national securities
exchanges, all market centers are FINRA members. FINRA itself does
not operate a market.
\9\ FINRA believes that all larger broker-dealers subject to SEC
Rule 605 are FINRA members.
\10\ See Securities Exchange Act Release No. 99679 (March 6,
2024), 89 FR 26428, 26429 (April 15, 2024) (Disclosure of Order
Execution Information; Final Rule) (``Rule 605 Amendments
Release'').
\11\ FINRA believes that all broker-dealers operating SDPs
subject to separate reporting under SEC Rule 605 are FINRA members.
\12\ See generally Rule 605 Amendments Release, supra note 10.
The amendments to SEC Rule 605 also necessitate updates to the Plan
Establishing Procedures Under Rule 605 of Regulation NMS (``Rule 605
NMS Plan'') to incorporate references to larger broker-dealers and
to account for the summary reports and new data fields required
under the amendments. See Rule 605 Amendments Release, supra note
10, 89 FR 26428, 26492.
\13\ See Rule 605 Amendments Release, supra note 10, 89 FR
26428, 26435.
\14\ See Rule 605 Amendments Release, supra note 10, 89 FR
26428, 26496.
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Reporting entities must make their Rule 605 Reports available to
the public in a uniform, readily accessible, and usable electronic
format,\15\ in accordance with the procedures established under the
Rule 605 NMS Plan,\16\ within one month after the end of the month
addressed in the report.\17\ The Rule 605 NMS Plan further requires
each market center to make arrangements with a single self-regulatory
organization (``SRO'') to act as its ``Designated Participant,'' and to
provide its Designated Participant with a hyperlink to the website
where the market center's Rule 605 Reports can be downloaded.\18\ Each
SRO participant in the Rule 605 NMS Plan, in turn, maintains a website
that includes a list of links where the Rule 605 Reports can be
obtained for all market centers for which the SRO participant functions
as a Designated Participant.\19\ FINRA acts as the Designated
Participant under the Rule 605 NMS Plan for all non-exchange market
centers and includes on the FINRA website links to such market centers'
Rule 605 Reports.\20\ However, users seeking to analyze and compare
Rule 605 Reports must still navigate to the separate websites that
house each individual market center's Rule 605 Reports.
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\15\ See 17 CFR 242.605(a)(3). All citations to SEC Rule 605 in
this proposed rule change are to the currently effective version of
the rule, which reflects the amendments adopted in the Rule 605
Amendments Release.
\16\ See Securities Exchange Act Release No. 44177 (April 12,
2001), 66 FR 19814 (April 17, 2001) (Joint Industry Plan; Order
Approving Plan Establishing Procedures Under Rule 11Ac1-5 by the
American Stock Exchange, Boston Stock Exchange, Chicago Stock
Exchange, Cincinnati Stock Exchange, National Association of
Securities Dealers, New York Stock Exchange, Pacific Exchange, and
Philadelphia Stock Exchange) (``Rule 605 NMS Plan Release''). Among
other things, the Rule 605 NMS Plan specifies the electronic file
formats and other technical information for publication of Rule 605
Reports. The national securities exchanges and FINRA are
participants in the Rule 605 NMS Plan.
\17\ See 17 CFR 242.605(a)(6). Rule 605 Reports must be posted
on an internet website that is free and readily accessible to the
public for a period of three years from the initial date of posting.
See also 17 CFR 242.605(a)(5).
\18\ See Rule 605 NMS Plan Release, supra note 16, 66 FR 19814,
19815 (defining ``Designated Participant'') and 19816 (requiring
each market center to arrange with a single Participant to act as
the market center's Designated Participant). As noted above, the
amendments to SEC Rule 605 will require updates to the Rule 605 NMS
Plan to, among other things, incorporate references to larger
broker-dealers, in addition to market centers.
\19\ See Rule 605 NMS Plan Release, supra note 16, 66 FR 19814,
19815.
\20\ FINRA's market centers website can be accessed here:
<a href="https://www.finra.org/filing-reporting/regulation-nms/market-centers">https://www.finra.org/filing-reporting/regulation-nms/market-centers</a>. See also supra note 8.
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Proposed Rule Change
To make Rule 605 Reports more accessible for regulators, investors,
and others seeking to analyze and compare the data, FINRA is proposing
to require that members provide their Rule 605 Reports to FINRA for
central publication on the FINRA website. Specifically, new Rule 6152,
entitled ``Disclosure of Order Execution Information for NMS Stocks,''
would require each member that is required to publish reports pursuant
to SEC Rule 605 to provide the reports to FINRA, in the manner
prescribed by FINRA, within the same time and in the
[[Page 15487]]
same formats that such reports are required to be made publicly
available pursuant to SEC Rule 605 (i.e., within one month after the
end of the month addressed in the report).\21\
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\21\ FINRA would specify details regarding the manner of
submission of the reports to FINRA in a Regulatory Notice or similar
publication. Members would be permitted to use a third-party vendor
to assist with transmission to FINRA. However, the member would
remain responsible for submission of the reports in all respects,
including the timeliness of the submissions to FINRA. Accordingly, a
member would be required to submit a restated or corrected report to
FINRA promptly in the event the member publishes a restated or
corrected report pursuant to SEC Rule 605.
As stated above, FINRA will announce the effective date of the
proposed rule change in a Regulatory Notice. FINRA expects that the
effective date of the proposed rule change will be no earlier than
the compliance date established by the Commission for the Rule 605
amendments (currently set for December 14, 2025) and no later than
12 months following publication of the Regulatory Notice announcing
Commission approval of the proposed rule change.
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FINRA would publish the Rule 605 Reports it receives in a
centralized location on the FINRA website, free of charge and with no
restrictions on use of the data.\22\ FINRA believes that, similar to
the recently approved FINRA Rule 6151 that requires members to submit
their SEC Rule 606 order routing disclosures to FINRA for centralized
publication,\23\ the proposed rule change would enhance public access
to Rule 605 Reports by centralizing the data files in a single location
for download.\24\
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\22\ As it currently does for SEC Rule 606 reports under FINRA
Rule 6151, FINRA anticipates that Rule 605 Reports submitted to
FINRA pursuant to proposed FINRA Rule 6152 would be posted to the
FINRA website as soon as practicable following acceptance of the
file submission, in most cases on the same day as submission. FINRA
would maintain the Rule 605 Report on its website for at least three
years from the initial date of posting.
\23\ See Securities Exchange Act Release No. 98047 (August 2,
2023), 88 FR 53560 (August 8, 2023) (Order Approving File No. SR-
FINRA-2022-031); see also Regulatory Notice 24-05 (February 2024)
(announcing June 30, 2024 as the effective date of SR-FINRA-2022-
031).
\24\ As discussed above, the Commission has adopted amendments
to SEC Rule 605 that, among other things, expand the scope of
reporting entities under SEC Rule 605 and require the publication of
new summary reports, in addition to modifying the content of the
currently required detailed reports. See supra note 12 and
accompanying text. FINRA notes that, under the proposed rule change,
new Rule 6152 would automatically incorporate these amendments to
SEC Rule 605 since, on an ongoing basis, members would be required
to submit to FINRA the same reports that they are required to
publish under SEC Rule 605 in the same format as is required under
SEC Rule 605. Thus, for example, since, under the amendments,
reporting entities are required to publish additional summary
reports in PDF and CSV format, members would also be required under
Rule 6152 to submit such summary reports to FINRA for centralized
publication. Similarly, larger-broker dealers newly subject to SEC
Rule 605 would be required to submit any required Rule 605 Reports
to FINRA under Rule 6152, and broker-dealer operators of SDPs would
be required to submit their separate Rule 605 Reports for such SDPs
to FINRA.
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If the Commission approves the proposed rule change, FINRA will
announce the effective date of the proposed rule change in a Regulatory
Notice.
2. Statutory Basis
FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act, 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, to remove impediments to and perfect the mechanism
of a free and open market and national market system, and, in general,
to protect investors and the public interest, and not designed to
permit unfair discrimination between customers, issuers, brokers or
dealers.\25\
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\25\ 15 U.S.C. 78o-3(b)(6).
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FINRA believes that the proposed requirement for members to send
their Rule 605 Reports to FINRA for centralized publication on the
FINRA website will make this important order execution quality
information more readily accessible for regulators, investors,
academics, and others seeking to analyze and compare the data,
particularly across firms, and would facilitate the ability of FINRA
and the SEC to review the data for regulatory purposes. Further, FINRA
believes the proposed rule change is not unfairly discriminatory as it
would apply uniformly to all similarly situated FINRA members that are
already subject to the disclosure requirements under SEC Rule 605.\26\
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\26\ The proposed rule change applies only to FINRA members that
are reporting entities required to publish execution quality reports
under SEC Rule 605. FINRA believes that, other than national
securities exchanges, all reporting entities that are required, or
will be required, to publish Rule 605 Reports are FINRA members. See
supra notes 9 and 11. FINRA believes that the additional cost burden
imposed on FINRA members submitting Rule 605 Reports to FINRA is
likely to be minimal relative to other factors influencing
competition between FINRA members and non-FINRA members (i.e.,
national securities exchanges), which are not subject to the
proposed requirement to submit Rule 605 Reports to FINRA.
Consequently, any competitive effects arising from the proposed rule
should be limited.
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B. Self-Regulatory Organization's Statement on Burden on Competition
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.
Economic Impact Assessment
FINRA has undertaken an economic impact assessment, as set forth
below, to analyze the potential economic impacts of the proposed rule
change, including potential costs, benefits, and distributional and
competitive effects, relative to the current baseline.
Regulatory Need
FINRA believes that requiring members to provide their Rule 605
Reports to FINRA for centralized publication on the FINRA website would
promote transparency and enhance accessibility of the Rule 605 Reports
by better enabling market participants to locate and download the Rule
605 Reports from a single, central location. Investors and other
relevant stakeholders seeking to analyze and compare Rule 605 Reports
from different reporting entities must first visit the website of a
reporting entity, a third-party vendor that is contracted to host a
link to the market center's Rule 605 Report, or FINRA's website, which
provides URL links to reports for those member firms that have selected
FINRA as their Designated Participant. After navigating to such
websites, public users can download the Rule 605 Report data files. The
proposed rule change would allow public users to more readily locate,
download, and aggregate the reports at a central location.
Economic Baseline
FINRA estimates that 74 FINRA member firms currently operate 86
``market centers,'' as that term is defined in Rule 600(b)(55) of
Regulation NMS. Some of these members operate more than one market
center each. Firms are required to provide a Designated Participant,
such as FINRA, with URL links to their required Rule 605 Reports and,
currently, 64 members provide their URL links to FINRA (corresponding
to 76 market centers).\27\ Public users can access and download the
Rule 605 Reports by visiting each market center's, and following
implementation of the Rule 605 Amendments Release, other reporting
[[Page 15488]]
entities' website (or through third-party websites that collect and
maintain the URL links to Rule 605 Reports). Users can also visit
FINRA's website and, for reporting entities that use FINRA as their
Designated Participant, navigate from there to each individual
reporting entities' website (or to the third-party website designated
by the reporting entity) to access and download the data files. In the
Rule 605 Amendments Release, the SEC estimated that 85 larger broker-
dealers, along with 10 SDPs operated by broker-dealers, will be
required to start publishing Rule 605 Reports as a result of the recent
amendments to SEC Rule 605.\28\ These broker-dealers, to the extent
they select FINRA as their Designated Participant, will therefore be
required to send the links to their Rule 605 Reports to FINRA under
amended SEC Rule 605 and the Rule 605 NMS Plan, once it is amended to
conform to the Rule 605 Amendments Release.\29\
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\27\ FINRA's Market Centers website can be accessed here:
<a href="https://www.finra.org/filing-reporting/regulation-nms/market-centers">https://www.finra.org/filing-reporting/regulation-nms/market-centers</a>. Because Rule 605 applies only to ``covered orders'' in NMS
stocks, Rule 605 reports would not be available for a market center
that did not execute any covered orders within the three-year
publication period required by Rule 605. FINRA understands that 10
of the 86 total market centers currently operated by FINRA member
firms have not executed any covered orders within the prior three
years. For these 10 market centers, which are operated by 10
different FINRA member firms, FINRA does not currently maintain a
URL link for the market centers' reports on FINRA's public website.
\28\ See Rule 605 Amendments Release, 89 FR 26428, 26579.
\29\ In the Rule 605 Amendments Release, the SEC stated that the
Rule 605 NMS Plan will need to be updated to (1) incorporate
references to broker-dealers subject to SEC Rule 605; (2) account
for summary reports that will be required under SEC Rule 605(a)(2);
and (3) incorporate the new data fields that will be required under
SEC Rule 605(a)(1) for the detailed report. See Rule 605 Amendments
Release, 89 FR 26428, 26496. Absent other changes, broker-dealers
newly subject to SEC Rule 605 will be required to send links to
their Rule 605 Reports to their Designated Participant as market
centers do today.
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Economic Impacts
Anticipated Benefits
FINRA believes that centralized access through FINRA's website to
members' Rule 605 Reports will make it more efficient for users
(whether retail and institutional investors, academic researchers, the
press, regulators, other market participants, or other interested
parties) to access and collect the Rule 605 Reports and therefore more
easily analyze and compare execution quality statistics across market
centers and, following implementation of the Rule 605 Amendments
Release, larger broker-dealers. To the extent that centralization
enables more efficient use of Rule 605 Reports, it could encourage
comparison of the data in the reports, including firms' analysis of
their execution quality as compared to competitors, in furtherance of
the goals of SEC Rule 605.\30\
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\30\ See supra note 7 and accompanying text. To the extent the
centralized website does not include Rule 605 Reports for non-member
reporting entities subject to SEC Rule 605, such as national
securities exchanges, these benefits may be limited.
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Anticipated Costs
Members may incur initial fixed costs, such as programming, to
create a system to send the Rule 605 Report to FINRA each month.
Furthermore, members that use third-party vendors to create the Rule
605 Reports would need to arrange for reports to be submitted directly
to FINRA. In addition, once the system to provide the Rule 605 Reports
to FINRA is built, there would be variable costs for maintaining the
system and ongoing compliance costs.
For members that currently send, or will send the links to their
Rule 605 Reports to FINRA pursuant to the Rule 605 NMS Plan, these
costs may be lower than building an entirely new system, depending on
the degree to which any technology or processes can be leveraged.\31\
Furthermore, members required to send their SEC Rule 606 reports to
FINRA for centralized publication effective in June 2024 will have
systems in place to send such reports to FINRA. FINRA generally expects
the manner of submission of Rule 605 Reports will likely be similar to
the manner specified for the submission of SEC Rule 606 reports,\32\
consistent with FINRA's intention to specify a manner of submission
that attempts to mitigate the costs of sending the reports to FINRA
relative to the benefits of more easily comparable and accessible
data.\33\ Accordingly, to the extent those member firms could leverage
the systems or processes used to submit their SEC Rule 606 reports to
also send their Rule 605 Reports to FINRA, the initial fixed costs and
variable costs may be relatively lower for those member firms.
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\31\ See supra note 20.
\32\ See Regulatory Notice 24-05 (February 2024).
\33\ See supra note 21.
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Alternatives Considered
No other alternatives were considered.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The proposed rule change was published for comment in Regulatory
Notice 23-10 (May 2023). Three comments were received in response to
the Regulatory Notice.\34\ A copy of the Regulatory Notice is available
on FINRA's website at <a href="http://www.finra.org">http://www.finra.org</a>. Copies of the comment
letters received in response to the Regulatory Notice are also
available on FINRA's website. The comments are summarized below.
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\34\ See Comment submission from Larry Tabb, dated May 31, 2023
(``Larry Tabb Comment''); letter from Tyler Gellasch, President &
CEO, Healthy Markets Association, to Jennifer Piorko Mitchell,
Office of the Corporate Secretary, FINRA, dated July 19, 2023
(``Healthy Markets Letter''); and letter from Thomas M. Merritt,
Deputy General Counsel, Virtu Financial Inc., to Jennifer Piorko
Mitchell, Office of the Corporate Secretary, FINRA, dated July 31,
2023 (``Virtu Letter'').
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Virtu, Larry Tabb, and Healthy Markets all supported the
centralization of Rule 605 Reports, with Virtu noting that centralized
publication would make this information more accessible and useful to
investors and market participants, streamlining the process for
analyzing execution quality across market centers.\35\ However, Virtu
and Healthy Markets noted that national securities exchanges would not
be required to share their Rule 605 Reports under the proposed rule
change, with Virtu stating that the centralized repository would be
incomplete and less useful for investors as a result and Healthy
Markets similarly stating that the benefits of centralizing Rule 605
Reports will be lost if the database does not include national
securities exchanges.\36\ Both Virtu and Healthy Markets therefore
recommended that the centralized repository include all Rule 605
Reports, including those of exchanges.\37\
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\35\ See Virtu Letter at 1, 3; Larry Tab Comment; Healthy
Markets Letter at 2.
\36\ See Virtu Letter at 3; Healthy Markets Letter at 2-3.
\37\ See Virtu Letter at 3; Healthy Markets Letter at 3.
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As Virtu noted,\38\ the national securities exchanges are not FINRA
members, and therefore would not be required to provide their Rule 605
Reports to FINRA under the proposed rule change. FINRA believes that
centralizing access to the Rule 605 Reports for all other market
centers (and, once the Rule 605 Amendments Release becomes effective,
larger broker-dealers and covered SDPs operated by broker-dealers)
would still provide significant benefits to investors, academics, and
others seeking to analyze and compare the data, even if users must
continue to navigate to exchange websites to access their Rule 605
Reports.\39\ However, FINRA notes
[[Page 15489]]
that it intends to explore ways to further enhance its Rule 605 Report
centralization effort going forward.
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\38\ See Virtu Letter at 3.
\39\ FINRA notes that there are currently 76 non-exchange market
centers, operated by 64 members, providing links to FINRA as their
Designated Participant under the Rule 605 NMS Plan. Additionally, in
the Rule 605 Amendments Release, the SEC estimated that 85 larger
broker-dealers, along with 10 SDPs operated by broker-dealers, will
be required to start publishing Rule 605 Reports as a result of the
recent amendments to SEC Rule 605. See Rule 605 Amendments Release,
supra note 10, 89 FR 26428, 26579. By comparison, there are
currently 16 exchange market centers, operated by three exchange
groups and four independent exchanges.
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Some commenters raised issues relating to the content of Rule 605
Reports, which is outside the scope of FINRA's proposal and
authority.\40\ FINRA, therefore, is not responding to those comments as
they are not germane to a consideration of the instant proposed rule
change.
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\40\ See, e.g., Virtu Letter at 1-2; Larry Tabb Comment; Healthy
Markets Letter at 3.
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III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) by order approve or disapprove such proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be 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
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#255750494008464a4848404b5156655640460b424a53"><span class="__cf_email__" data-cfemail="e193948d84cc828e8c8c848f9592a1928482cf868e97">[email protected]</span></a>. Please include
File Number SR-FINRA-2025-002 on the subject line.
Paper Comments
<bullet> 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-2025-002. 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 (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
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-2025-002 and should be submitted on or
before May 2, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\41\
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\41\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-06173 Filed 4-10-25; 8:45 am]
BILLING CODE 8011-01-P
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