Notice2026-04342
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 Provide a Limited, Temporary Exception From Reporting Specified Overnight Transactions Prior to 8:00 a.m. Eastern Time
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
March 5, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 43 (Thursday, March 5, 2026)</title>
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[Federal Register Volume 91, Number 43 (Thursday, March 5, 2026)]
[Notices]
[Pages 10835-10838]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-04342]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104912; File No. SR-FINRA-2026-005]
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 Provide a Limited, Temporary Exception From Reporting
Specified Overnight Transactions Prior to 8:00 a.m. Eastern Time
March 2, 2026.
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 February 25, 2026, 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/Nasdaq Trade Reporting Facility Carteret,
the FINRA/Nasdaq Trade Reporting Facility Chicago, and the FINRA/NYSE
Trade Reporting Facility (the ``Trade Reporting Facilities'' or
``TRFs'') to provide a limited, temporary exception from reporting
specified overnight transactions prior to 8:00 a.m. Eastern Time
(``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 <a href="http://www.finra.org">http://www.finra.org</a> and at the principal office of FINRA.
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. All trade reports submitted to the TRFs, other than non-
tape reports,\6\ are reported to and publicly disseminated by the
appropriate SIP.\7\
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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.
\6\ ``Tape'' or ``media'' reports are those that are submitted
to a TRF for public dissemination by the Securities Information
Processors (``SIPs''). 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).
\7\ 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'').
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Currently, the operating hours of the TRFs are 8:00 a.m. to 8:00
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)). FINRA recently adopted amendments to Rules
6380A and 6380B to extend the opening time of the TRFs from 8:00 a.m.
to 4:00 a.m. each business day, thereby enabling real-time public
dissemination through the SIPs of trade reports for OTC transactions in
NMS stocks executed between 4:00 a.m. and 8:00 a.m.\8\ The TRF Early
Open
[[Page 10836]]
Amendments were filed for immediate effectiveness and FINRA
subsequently announced that the implementation date of the TRF Early
Open Amendments will be March 30, 2026.\9\
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\8\ See Securities Exchange Act Release No. 103435 (July 11,
2025), 90 FR 32032 (July 16, 2025) (Notice of Filing and Immediate
Effectiveness of File No. SR-FINRA-2025-011) (``TRF Early Open
Amendments'').
\9\ See Regulatory Notice 25-15 (November 2025).
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The Commission received five comment letters from three commenters
in response to the TRF Early Open Amendments.\10\ All commenters
expressed general support for the TRF Early Open Amendments as well as
FINRA's intention for future alignment of the TRFs' hours with the
SIPs' planned expansion of their operating hours.\11\ However, among
other things, firms noted operational challenges for members in
connection with the new reporting timeframes for certain overnight
transactions that are currently required to be reported between 8:00
a.m. and 8:15 a.m. each business day.\12\ Following further discussions
with industry members regarding operational challenges, FINRA is now
proposing to provide a temporary, limited exception under Rules 6380A
and 6380B to permit specified overnight transactions to continue to be
reported by 8:15 a.m. for a limited period of time, as described in
greater detail below.
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\10\ See Letters from Joanna Mallers, Secretary, FIA Principal
Traders Group, to Vanessa Countryman, Secretary, SEC, dated August
6, 2025; Howard Meyerson, Managing Director, Financial Information
Forum, to Vanessa Countryman, Secretary, SEC, dated August 6, 2025
(``August FIF Letter''); Stephen John Berger, Managing Director,
Citadel Securities, to Vanessa Countryman, Secretary, SEC, dated
August 13, 2025; Howard Meyerson, Managing Director, Financial
Information Forum, to Vanessa Countryman, Secretary, SEC, dated
September 9, 2025 (``September FIF Letter''); and Howard Meyerson,
Managing Director, Financial Information Forum, to Vanessa
Countryman, Secretary, SEC, dated December 15, 2025 (``December FIF
Letter'').
\11\ See TRF Early Open Amendments, supra note 8, 90 FR 32032,
32033 n.11.
\12\ See August FIF Letter at 2-3; September FIF Letter at 2-3;
and December FIF Letter at 2-3.
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Operational Challenges Reporting Certain Overnight Transactions
Under current Rules 6380A and 6380B, transactions executed between
8:00 a.m. and 8:00 p.m. on a business day must be reported in real
time--i.e., as soon as practicable but no later than ten seconds after
execution--and transactions executed when the TRFs are closed (between
8:00 p.m. and 8:00 a.m.) must generally be reported by 8:15 a.m. after
the TRF system opens. Beginning on March 30, 2026, the TRF operating
hours will begin at 4:00 a.m. rather than 8:00 a.m. each business day
and members would be required to report transactions executed during
those times in real time, and report transactions executed between 8:00
p.m. and 4:00 a.m. by 4:15 a.m. after the TRF system opens.
Firms have raised operational concerns regarding the feasibility of
reporting utilizing existing processes for transactions: (1) executed
between 8:00 p.m. and 4:00 a.m., and (2) executed between 4:00 a.m. and
8:00 a.m. For transactions executed between 8:00 p.m. and 4:00 a.m.,
without relief, firms would be required to report these trades by 4:15
a.m., and for transactions executed between 4:00 a.m. and 8:00 a.m.,
without relief, firms would be required to report these trades in real
time. Challenges to timely reporting exist with regard to two types of
overnight transactions. First, firms have raised concerns regarding the
feasibility of reporting overnight ``batch'' transactions that are
based on the prior day's closing price.\13\ Second, firms have raised
concerns regarding the feasibility of reporting trades in exchange-
traded funds (``ETFs'') based on the ETF's net asset value (``NAV'' and
such trades ``ETF NAV Trades'') in cases where the NAV is published
after the TRFs close the previous business day.\14\
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\13\ See August FIF Letter at 3.
\14\ See December FIF Letter at 2-3.
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Firms may engage in batch transactions for several reasons. For
example, firms may liquidate orphaned fractional positions resulting
from dividend reinvestment activity when customers move accounts
between firms. Using a batch process, the transferring firm's system
identifies all accounts with orphaned fractional positions, builds a
list of trades to liquidate those positions, executes the residual
fractional trades based on the prior day's closing price, and then
reports those trades to the TRF (using the .W modifier).\15\ Under the
current reporting timeframes, members engaged in this activity have
sufficient time for the overnight batch process to complete, to execute
the trades before the current 8:00 a.m. open, and to report by 8:15
a.m. FINRA understands, however, that the aggregate volume of trades
across all accounts (and the need to pause to check for a halt before
executing each trade) creates a latency that makes reporting within ten
seconds virtually impossible under current processes. In addition,
compliance concerns are complicated by the fact that the timing of
these batch processes may vary between different firms and transaction
scenarios based on the availability of systems, personnel, and vendors.
As a result, batch transactions may be executed at varying times when
the TRF system is currently closed, including before 4:00 a.m. and
during the 4:00 a.m. to 8:00 a.m. period. FINRA understands that
similar operational issues exist for members executing ETF NAV Trades
where the NAV is published after the TRFs close the previous business
day.\16\ The price for ETF NAV Trades is determined by reference to the
NAV published by a third-party provider. The timing of such NAV
publication is not within the control of the parties to the ETF NAV
Trade and may occur during the overnight or early morning hours when
members do not currently have staff or operational processes available
to report the trade, whether by the new 4:15 a.m. opening time for
trades executed between 8:00 p.m. and 4:00 a.m. or in real-time for
trades executed between 4:00 a.m. and 8:00 a.m.
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\15\ See August FIF Letter at 3. In accordance with existing
reporting guidance, because these transactions typically execute
based on the prior day's closing price, they are reported to the
TRFs using the ``.W'' modifier, which corresponds to the modifier
required by Rules 6380A(a)(5)(E) and 6380B(a)(5)(E) for a trade that
occurs at a price based on an average weighting or another special
pricing formula. See FINRA Trade Reporting Frequently Asked
Questions, Q404.6, available at <a href="https://www.finra.org/filing-reporting/market-transparency-reporting/trade-reporting-faq">https://www.finra.org/filing-reporting/market-transparency-reporting/trade-reporting-faq</a>.
\16\ In accordance with existing reporting guidance, these
transactions also are reported to the TRFs using the ``.W''
modifier. See FINRA Trade Reporting Frequently Asked Questions,
Section 313: Transactions Priced at Net Asset Value, available at
<a href="https://www.finra.org/filing-reporting/market-transparency-reporting/trade-reporting-faq">https://www.finra.org/filing-reporting/market-transparency-reporting/trade-reporting-faq</a>.
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Proposed Temporary Exception for Qualifying Overnight Transactions
In response to members' concerns, FINRA is proposing to amend Rules
6380A (for the FINRA/Nasdaq TRFs) and 6380B (for the FINRA/NYSE TRF) to
provide a temporary, limited exception for ``qualifying overnight
transactions'' from the requirement that members report by 4:15 a.m.
transactions executed between 8:00 p.m. and 4:00 a.m., and from the
requirement that members report in real time transactions executed
between 4:00 a.m. and 8:00 a.m. FINRA proposes to define a ``qualifying
overnight transaction'' as a transaction (i) for which the last sale
report is designated as occurring at a price based on an average
weighting or another special pricing formula pursuant to paragraph
(a)(5)(E) of Rule 6380A or 6380B, as applicable, (i.e., the .W
modifier); and (ii) that either results from an overnight batch process
or involves a trade for exchange-traded fund shares agreed upon during
normal market hours where the trade is executed based on the NAV of the
[[Page 10837]]
underlying investments and where such NAV was published after the close
of the TRF.
Proposed new Supplementary Material .05 of Rules 6380A and 6380B
would provide that, notwithstanding Rule 6380A(a)(2) and 6380B(a)(2),
as applicable, last sale reports of qualifying overnight transactions
executed between midnight and 8:00 a.m. may be reported by 8:15 a.m. on
trade date and be designated with the unique trade report modifier to
denote their execution outside normal market hours.\17\ Proposed
paragraph (a)(2) of proposed new Supplementary Material .05 of Rules
6380A and 6380B would provide that last sale reports of qualifying
overnight transactions executed between (i) 8:00 p.m. and midnight
Eastern Time, or (ii) on any non-business day (i.e., weekend or
holiday), may be reported the following business day by 8:15 a.m., be
designated ``as/of'' trades to denote their execution on a prior day
and be designated by the unique trade report modifier to denote their
execution outside normal market hours.
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\17\ ``Normal market hours'' are defined as 9:30 a.m. to 4:00
p.m. for purposes of the FINRA TRF rules. See Rules 6320A(a)(6) and
6320B(a)(6).
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Proposed Supplementary Material .05 of Rules 6380A and 6380B also
would provide that the proposed relief shall be in effect until the
earlier of (i) the effective date of any amendments to further extend
the TRFs' operating hours, or (ii) December 31, 2027.\18\ FINRA
believes that making the proposed exception time-limited is
appropriate, as it would provide members with sufficient time to update
their overnight processes to accommodate expanded TRF reporting
hours.\19\
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\18\ FINRA expects that the TRF operating hours will be expanded
prior to the end of 2026, but is proposing to include December 31,
2027 as an outer bound for the temporary relief in Supplementary
Material .05 to account for the potential circumstance where such
expansion does not occur.
\19\ Further, as noted by a commenter, once the SIPs expand
their hours, ``all broker-dealers that trade between 8 p.m. and 8
a.m. will need to update their processes to support real-time
reporting of overnight trading activity for trades that will be
disseminated to the market.'' See August FIF Letter at 2-3.
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FINRA has filed the proposed rule change for immediate
effectiveness. The implementation date of the proposed rule change will
be March 30, 2026.
2. Statutory Basis
FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\20\ which requires, among
other things, that FINRA rules 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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\20\ 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 create a temporary, limited exception from new
reporting timeframes for qualifying overnight transactions that would
otherwise be operationally infeasible or overly burdensome to implement
within the current implementation timeframe. FINRA believes the
proposed rule change would address an area of industry concern and
provide impacted members with sufficient time to address operational
issues that would otherwise impact the timely reporting of qualifying
overnight transactions. FINRA further believes that the proposed
exception would have a limited impact on market transparency given the
relatively low volume of trades that would be expected to qualify, the
time-limited nature of the exception, and the condition requiring that
excepted transactions must be appended with the modifier designating
the trade as having occurred at a price based on an average weighting
or another special pricing formula (and thus excepted trades may have
limited value for real-time price discovery).
B. Self-Regulatory Organization's Statement on Burden on Competition
Section 15A(b)(9) of the Act \21\ requires that FINRA's rules not
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes 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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\21\ 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 proposed rule
change, including anticipated costs, benefits, and distributional and
competitive effects, relative to the current baseline.
Regulatory Need
As discussed above, FINRA is proposing to provide a temporary,
limited exception to permit certain overnight transactions to continue
to be reported by 8:15 a.m. for a limited period of time, thereby
addressing operational concerns of firms executing qualifying overnight
transactions while maintaining the regulatory objectives of enhanced
market transparency.
Economic Baseline
The TRFs do not have a trade modifier that specifically identifies
qualifying overnight transactions as defined in the proposed rule
change. However, all qualifying overnight transactions would be
designated with the .W modifier and be executed outside current TRF
operating hours. From January 1, 2024 to November 30, 2025, FINRA
estimates that transactions designated with the .W modifier that were
executed outside TRF operating hours represented approximately one
percent of all OTC trades in NMS stocks executed outside TRF operating
hours.\22\ During this period, the majority of transactions utilizing
the .W modifier that were executed outside TRF operating hours occurred
between 4:00 a.m. and 8:00 a.m.\23\ Further, during this period, FINRA
estimates that transactions utilizing the .W modifier that were
executed outside TRF operating hours accounted for approximately 0.028%
of the approximately 33.3 billion total OTC trades in NMS stocks
executed across all times of day.
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\22\ This analysis uses FINRA TRF transaction data as of
December 11, 2025, excluding trades that were canceled, declined,
rejected, reversed, or reported with special trade conditions.
Because some trades are reported with a delay, the analysis includes
all trades reported within ten days after execution. The analysis
includes both media and non-media trades reported to the TRFs. See
supra note 6.
FINRA estimates that approximately 863 million OTC trades in NMS
stocks were executed outside TRF operating hours during the period
from January 1, 2024 to November 30, 2025. Of these trades,
approximately 9.2 million trades were designated with the .W
modifier.
\23\ Approximately 73% of such transactions were executed
between 4:00 a.m. and 8:00 a.m. Additionally, more than 99 percent
of such transactions were reported by 8:15 a.m.
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FINRA estimates that 188 firms executed at least one OTC trade in
NMS stocks between 8:00 p.m. and 8:00 a.m. on business days or on non-
business days from January 1, 2024 to November 30, 2025. Of these
firms, 76 firms executed at least one OTC trade in NMS stocks outside
TRF operating hours that were designated with the .W modifier.\24\
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\24\ Among these 76 firms, 60 firms executed at least one such
transaction between 4:00 a.m. and 8:00 a.m., and 36 firms executed
such transactions exclusively between 4:00 a.m. and 8:00 a.m. The
percentage of these transactions relative to total trades and total
dollar volume of trades executed between 8:00 p.m. and 8:00 a.m. on
business days or on non-business days varies considerably across
these 76 firms, ranging from less than one percent to more than 99
percent.
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FINRA notes that the .W modifier may also be used to identify
transactions unrelated to overnight batch processing or ETF NAV Trades,
and as such this
[[Page 10838]]
analysis may be over-inclusive by capturing transactions that would not
qualify for the exception under the proposed rule change.
Economic Impacts
Anticipated Benefits
FINRA believes that the proposed change would reduce operational
burdens and costs by allowing firms to continue to employ existing
processes for reporting qualifying overnight transactions during the
temporary period of the proposed exception. These transactions could
continue to be reported by 8:15 a.m., in line with existing reporting
timeframes. By utilizing current infrastructure, firms could minimize
transition-related error risk and avoid the rework that would be
required if systems were reconfigured before SIP expansion and
additional extended reporting hours are implemented. Overall, the
proposed change would mitigate risks of failed implementations and
market disruptions while advancing FINRA's regulatory objectives of
enhanced market transparency.
Because implementation is voluntary,\25\ the extent and timing of
cost savings for each member will depend on whether and when the firm
chooses to avail itself of the exception as well as the firm's current
reporting systems and OTC trading activities in NMS stocks.
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\25\ The proposed rule change creates a temporary exception that
permits, but does not require, firms to continue reporting
qualifying overnight transactions by 8:15 a.m.
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Anticipated Costs
The proposed change would delay transparency of qualifying
overnight transactions executed by firms that avail itself of the
exception. However, FINRA expects the impact of this delayed
transparency to be limited. The volume of such transactions is minimal,
and these transactions are priced at the prior day's closing price or a
published NAV price rather than current market conditions, limiting
their value for real-time price discovery.
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 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 \26\ and Rule 19b-
4(f)(6) thereunder.\27\
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\26\ 15 U.S.C. 78s(b)(3)(A).
\27\ 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
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#c5b7b0a9a0e8a6aaa8a8a0abb1b685b6a0a6eba2aab3"><span class="__cf_email__" data-cfemail="1c6e697079317f7371717972686f5c6f797f327b736a">[email protected]</span></a>. Please include
File Number SR-FINRA-2026-005 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-2026-005. 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="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing 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-2026-005 and should be submitted on or
before March 26, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
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\28\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-04342 Filed 3-4-26; 8:45 am]
BILLING CODE 8011-01-P
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