7730. Trade Reporting and Compliance Engine (TRACE)
The following charges shall be paid by participants for the use of the Trade Reporting and Compliance Engine ("TRACE"):
| System Fees | Transaction Reporting Fees | Data Fees |
| Level I Trade Report Only Web Browser Access — $20/month per user ID Level II Full Service Web Browser Access — Subscription for a single user ID or the first user ID — $50/month (includes one Data Set); $80/month (includes two Data Sets); $110/month (includes three Data Sets); $140/month includes four Data Sets) Subscription for additional user IDs — $80/month per user ID (includes one Data Set); $140/month per user ID (includes two Data Sets); $200/month (includes three Data Sets); $260/month (includes four Data Sets) | Trades up to and including $200,000 par value — $0.475/trade. (For Securitized Products where par value is not used to determine the size (volume) of a transaction, for purposes of trade reporting fees, size (volume) is the lesser of original face value or Remaining Principal Balance (or the equivalent) at the Time of Execution of the transaction.) Trades over $200,000 and up to and including $999,999.99 par value — $0.000002375 times the par value of the transaction (i.e., $0.002375/$1000). (See note above regarding certain Securitized Products.) Trades of $1,000,000 par value or more — $2.375/trade. (See note above regarding certain Securitized Products.) All transactions in Securitized Products that are Agency Pass-Through Mortgage-Backed Securities traded to be announced ("TBA") or SBA-Backed ABS traded TBA (each a "TBA transaction") — $1.50/trade. | Market Data: Professional Real-Time Data Display — $60/month per display application per Data Set of Real-Time TRACE transaction data, except as may be subject to a waiver set forth below, or a flat fee of $7,500/month per Data Set of Real-Time TRACE transaction data, entitling Professionals to make unlimited internal use of such Data Set(s) through any number of display applications. |
| FIX/Third Party — $25/month/per firm | Cancel/Correct — $1.50/trade | Market Data: Vendor Real-Time Data Feed — $1,500/month per Data Set of Real-Time TRACE transaction data for receipt of continuous Real-Time TRACE transaction data, except for qualifying Tax-Exempt Organizations, or $250/month per Data Set of Snapshot Real-Time TRACE transaction data for daily receipt of such Data Set(s). |
| "As/of" Trade Late — $3/trade | Market Data: Vendor Real-Time Data Feed — $400/month per Data Set of Real-Time TRACE transaction data for qualifying Tax-Exempt Organizations. | |
| Market Data: Non-Professional Real-Time Data Display — No charge. | ||
| Historic TRACE Data: Set-Up Fee — a single fee of $2,000 for development and set-up to receive Historic TRACE Data, except for qualifying Tax-Exempt Organizations. | ||
| Historic TRACE Data: Set-Up Fee — a single fee of $1,000 for development and set-up to receive Historic TRACE Data for qualifying Tax-Exempt Organizations. | ||
| Historic TRACE Data: Fee — $2,000/calendar year per Data Set for receipt of Historic TRACE Data, except for qualifying Tax-Exempt Organizations. The data is enabled for internal use and internal and/or external display application. Bulk re-distribution of data is not permitted. | ||
| Historic TRACE Data: Bulk Re-Distribution Fee — except for qualifying Tax-Exempt Organizations, $1/CUSIP per calendar year (or part thereof) within a single Data Set of Historic TRACE Data per each recipient of re-distributed data; maximum fee per Data Set of $1,000/calendar year (or part thereof) per each recipient of re-distributed data. | ||
| Historic TRACE Data: Bulk Re-Distribution Fee — for qualifying Tax-Exempt Organizations, $500/calendar year per Data Set for receipt of Historic TRACE Data. The data is enabled for internal use and internal and/or external display application. Bulk re-distribution of data is permitted with certain restrictions. | ||
| FINRA ADDS: TRACE Data Delivery Plus A variable monthly fee charged per MPID subscriber, based upon the average number of transactions per month to which the MPID subscriber was a party in the prior calendar year, and the number of Plus reports received by the MPID subscriber per month (see paragraph (g)) | ||
| FINRA ADDS: TRACE Data Delivery SFTP $250 per MPID — one time set-up fee; and $200 per MPID per month | ||
| Academic Corporate Bond TRACE Data: Set-Up Fee — a single fee of $500 for development and set-up to receive Academic Corporate Bond TRACE Data. | ||
| Academic Corporate Bond TRACE Data: Fee — $500/calendar year for receipt of Academic Corporate Bond TRACE Data. Redistribution of data is not permitted. | ||
| TRACE Security Activity Report: Fee — except for qualifying Tax-Exempt Organizations, $750/month for receipt of TRACE Security Activity Report. | ||
| TRACE Security Activity Report: Fee — for qualifying Tax-Exempt Organizations, $250/month for receipt of TRACE Security Activity Report. | ||
| End-of-Day TRACE Transaction File: Fee — except for qualifying Tax-Exempt Organizations, $750/month per data set for receipt of End-of- Day TRACE Transaction File. | ||
| End-of-Day TRACE Transaction File: Fee — for qualifying Tax-Exempt Organizations, $250/month per data set for receipt of End-of- Day TRACE Transaction File. | ||
| End-of-Day TRACE Transaction File: Fee — for subscribers to the Vendor Real- Time Data Feed — No charge for receipt of End-of-Day TRACE Transaction File for the Vendor Real-Time data set(s) to which they have subscribed. |
(a) System Related Fees
A member may choose among the following options to report transactions in TRACE-Eligible Securities to FINRA pursuant to the Rule 6700 Series: (1) a TRACE web browser; (2) a Financial Information eXchange ("FIX") line (either a line dedicated solely to TRACE or a multi-purpose line); or (3) a third-party reporting intermediary. Fees will be charged based on the reporting method selected by the member.
(1) Web Browser Access
A member that elects to report TRACE data to FINRA via a TRACE web browser shall be charged:
(A) for Level I Trade Report Only Web Browser Access, $20 per month per user ID;
(B) for Level II Full Service Web Browser Access, which includes access to Real-Time TRACE transaction data:
(i) for a subscription for a single user ID or the first user ID, $50 per month (including one Data Set), $80 per month (including two Data Sets), $110 per month (including three Data Sets), or $140 per month (including four Data Sets); and
(ii) for subscriptions for additional user IDs, $80 per month per user ID, (including one Data Set), or $140 per month per user ID (including two Data Sets), $200 per month per user ID (including three Data Sets), or $260 per month per user ID (including four Data Sets).
(2) FIX Access
The charge to be paid by a member that elects to report TRACE data to FINRA via a FIX line shall be $25 per month, per firm, regardless of whether the line is or is not dedicated exclusively for TRACE.1
(3) Third Party Access — Indirect Reporting
A member may elect to report TRACE data indirectly to FINRA via third-party reporting intermediaries, such as vendors, service bureaus, clearing firms, or the National Securities Clearing Corporation ("NSCC"). The charge to be paid by a member shall be $25 per month, per firm. Nothing in this Rule shall prevent such third-party intermediaries from charging additional fees for their services.
(b) Transaction Reporting Fees
Each transaction in a TRACE-Eligible Security that is reportable to FINRA pursuant to the Rule 6700 Series is subject to the charges in this paragraph (b), and these charges shall be assessed against each member responsible for reporting the transaction. Transactions in U.S. Treasury Securities that are reportable to FINRA pursuant to the Rule 6700 Series are not subject to transaction reporting fees under this paragraph (b).
(1) Trade Reporting Fee
(A) Except for a transaction in a Securitized Product, as defined in Rule 6710(m), that is an Agency Pass-Through Mortgage-Backed Security, as defined in Rule 6710(v), traded to be announced ("TBA"), as defined in Rule 6710(u) or that is an SBA-Backed ABS, as defined in Rule 6710(bb), traded TBA (each a "TBA transaction"), a member shall be charged a trade reporting fee based upon a sliding scale ranging from $0.475 to $2.375 per transaction based on the size of the reported transaction. For Securitized Products where par value is not used to determine the size (volume) of a transaction, for purposes of trade reporting fees, the size (volume) of a transaction is the lesser of the original face value or the Remaining Principal Balance, as defined in Rule 6710(aa).
(B) Except for TBA transactions, transactions up to and including $200,000 par value will be charged a $0.475 fee per transaction; transactions over $200,000 and up to and including $999,999.99 par value will be charged a fee of $0.000002375 times the par value of the transaction (i.e., $0.002375 per $1,000) per transaction; and transactions of $1,000,000 par value or more will be charged a fee of $2.375 per transaction. TBA transactions will be charged a trade reporting fee of $1.50 per transaction.
(C) A member that is required to report a List or Fixed Offering Price Transaction or a Takedown Transaction shall not be charged the fees in paragraphs (b)(1)(A) and (B) for such transactions.
(2) Cancel or Correct Trade Fee
A member shall be charged a Cancel or Correct Trade Fee of $1.50 per canceled or corrected transaction.
(3) "As/of" Trade Late Fee
A member shall be charged an "As/of" Trade Late Fee of $3.00 per transaction for those transactions that are not timely reported "As/of" as required by these rules.
(c) Market Data Fees
Real-Time TRACE transaction data disseminated by FINRA comprises the following databases ("Data Set(s)"): corporate bonds ("Corporate Bond Data Set"), Agency Debt Securities ("Agency Data Set"), Securitized Products ("SP Data Set"), and transactions in TRACE-Eligible Securities effected pursuant to Securities Act Rule 144A ("Rule 144A transactions") ("Rule 144A Data Set"). The “SP Data Set” includes TRACE transaction data for CMOs that is disseminated upon receipt, pursuant to Rule 6750(a), and in periodic aggregated reports pursuant to Rule 6750(b). Market data fees are charged for each Data Set. Professionals and Non-Professionals may subscribe to receive one or more Data Sets of Real-Time TRACE transaction data disseminated by FINRA in one or more of the following ways for the charges specified, as applicable. Members, vendors and other redistributors shall be required to execute appropriate agreements with FINRA.
(1) Professional Fees
Professionals may subscribe for the following:
(A) Professional Real-Time Data Display Fee
(i) Professional Real-Time Data Display Fee of $60 per month, per display application per Data Set of Real-Time TRACE transaction data, except as may be subject to a waiver set forth below, or a flat fee of $7,500 per month per Data Set entitling Professionals to make unlimited internal use of such Data Set(s) of Real-Time TRACE transaction data on any number of display applications.
(ii) If a member, vendor or other redistributor offers a Professional a free trial of a data product that includes Real-Time TRACE transaction data, FINRA will waive the Professional Real-Time Data Display Fee of $60 per month, per display application per Data Set, for not longer than one month (i.e., a period not longer than 31 days), concurrently with the free trial. Not more than four Professionals associated with, employed by, or otherwise affiliated with a member, employer or other person may receive the FINRA fee waiver during the free trial. After FINRA has waived the fee in connection with a free trial offered by a member, vendor or other redistributor, a Professional and the member, employer, or other person whom the Professional is associated with, employed by or otherwise affiliated with may not use the waiver again for that member, vendor or other distributor until 12 months has lapsed from the last day of the prior waiver.
(B) Vendor Real-Time Data Feed Fee of $1,500 per month per Data Set for receipt of continuous Real-Time TRACE transaction data for any person or organization (other than a Tax-Exempt Organization) that receives a feed of such Data Set(s) of Real-Time TRACE transaction data, or $250 per month per Data Set for daily receipt of Snapshot Real-Time TRACE transaction data, which shall consist of one TRACE price per security per day. These fees entitle use of such Data Set(s) in one or more of the following ways: internal operational and processing systems, internal monitoring and surveillance systems, internal price validation, internal portfolio valuation services, internal analytical programs leading to purchase/sale or other trading decisions, and other related activities, and the repackaging of market data in such Data Set(s) for delivery and dissemination outside the organization, such as indices or other derivative products. (These fees do not include per display application charges noted in paragraph (c)(1)(A) per Data Set(s) of Real-Time TRACE transaction data.)2
(C) Vendor Real-Time Data Feed Fee of $400 per month per Data Set for Real-Time TRACE transaction data received by a Tax-Exempt Organization as defined in Rule 7730. A Tax-Exempt Organization qualifies to receive Real-Time TRACE transaction data under this paragraph if it does not redistribute such data in bulk, or it re-distributes such data in bulk or otherwise at no charge solely to Non-Professionals or other Tax-Exempt Organizations that agree to be subject to the same restrictions.
(D) A natural person otherwise subject to market data fees under Rule 7730 is not subject to such fees when he or she accesses and uses TRACE transaction data solely for his or her personal, non-commercial use.
(2) Non-Professional Fees
There shall be no charge paid by a Non-Professional for receiving all or any portion of one or more Data Sets of Real-Time TRACE transaction data disseminated through TRACE.
(d) Historic TRACE Data
Historic TRACE Data comprises the following Data Set(s): corporate bonds ("Historic Corporate Bond Data Set"), Agency Debt Securities ("Historic Agency Data Set"), Securitized Products ("Historic SP Data Set"), Rule 144A transactions ("Historic Rule 144A Data Set"), and On-the-Run Nominal Coupons (“Historic Treasury Data Set”). Historic TRACE Data fees, except the Set-Up Fee, are charged for each Data Set. Professionals and Non-Professionals may receive Historic TRACE Data provided by FINRA in one or more of the following ways for the charges specified, as applicable. Recipients of Historic TRACE Data shall be required to execute appropriate agreements with FINRA.
(1) Professional Fees
Professionals may subscribe for the following:
(A) Persons or Organizations Other Than Qualifying Tax-Exempt Organizations
(i) Set-Up Fee — a single fee of $2,000 for development and set-up to begin receiving Historic TRACE Data.
(ii) Data Fee — $2,000 per calendar year per Data Set for receipt of Historic TRACE Data. (The 2003 Historic Corporate Bond Data Set also includes the 2002 Historic Corporate Bond Data Set. The 2011 Historic Agency Data Set also includes the 2010 Historic Agency Data Set. The 2012 Historic SP Data Set also includes the 2011 Historic SP Data Set. The 2003 Historic Rule 144A Data Set also includes the 2002 Historic Rule 144A Data Set.) Historic TRACE Data is enabled for internal use and internal and/or external display application. Bulk re-distribution of such data is not permitted.
(iii) Bulk Re-Distribution Fee — $1 per CUSIP per calendar year (or part thereof) within a single Data Set of Historic TRACE Data per each recipient of re-distributed data, with a maximum fee per Data Set of $1,000 per calendar year (or part thereof) per each recipient of re-distributed data.
(B) Qualifying Tax-Exempt Organizations
A Tax-Exempt Organization qualifies for development and set-up and to receive Historic TRACE Data under this paragraph (d)(1)(B) if it does not re-distribute such data in bulk, or it re-distributes such data in bulk or otherwise at no charge solely to Non-Professionals or other Tax-Exempt Organizations that agree to be subject to the same restrictions.
(i) Set-Up Fee — $1,000 for development and set-up to begin receiving Historic TRACE Data.
(ii) Data and Bulk Re-Distribution Fee — $500 per calendar year per Data Set for receipt of Historic TRACE Data. (The 2003 Historic Corporate Bond Data Set also includes the 2002 Historic Corporate Bond Data Set. The 2011 Historic Agency Data Set also includes the 2010 Historic Agency Data Set. The 2012 Historic SP Data Set also includes the 2011 Historic SP Data Set. The 2003 Historic Rule 144A Data Set also includes the 2002 Historic Rule 144A Data Set.) Historic TRACE Data is enabled for internal use and internal and/or external display application, and bulk redistribution, and may be re-distributed subject to the restrictions in paragraph (d)(1)(B).
(2) Non-Professional Fees
If FINRA provides all or any portion of one or more Data Sets of Historic TRACE Data to a Non-Professional, FINRA will charge a cost-neutral fee under Rule 7730(e) comprised solely of the cost of the media and the cost of delivery (e.g., U.S. Postal Service or other requested delivery service).
(e) Academic Corporate Bond TRACE Data
Academic Corporate Bond TRACE Data comprises historic transaction-level data on transactions in corporate bonds. Academic Corporate Bond TRACE Data is available only to institutions of higher education. Recipients of Academic Corporate Bond TRACE Data shall be required to execute appropriate agreements with FINRA.
(f) Other Requests for Data
FINRA may impose and collect charges for data FINRA supplied upon request, where there is no provision elsewhere in this Rule 7730 for charges for such service or sale.
(g) Definitions
(1) "Non-Professional" — As used in Rule 7730, a "Non-Professional" is a natural person who uses TRACE transaction data solely for his or her personal, non-commercial use. A Non-Professional subscriber must agree to certain terms of use of the TRACE data, including that he or she receive and use the TRACE transaction data solely for his or her personal, non-commercial use. As used in Rule 7730, a "Non-Professional" is not:
(A) registered nor qualified in any capacity with the SEC, the Commodity Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association, nor an employee of the above and, with respect to any person identified in this subparagraph (A), uses TRACE transaction data for other than personal, non-commercial use;
(B) engaged as an "investment adviser" as that term is defined in Section 202(a)(11) of the Investment Advisers Act (whether or not registered or qualified under that Act), nor an employee of the above and, with respect to any person identified in this subparagraph (B), uses TRACE transaction data for other than personal, non-commercial use;
(C) employed by a bank, insurance company or other organization exempt from registration under federal or state securities laws to perform functions that would require registration or qualification if such functions were performed for an organization not so exempt, nor any other employee of a bank, insurance company or such other organization referenced above and, with respect to any person identified in this subparagraph (C), uses TRACE transaction data for other than personal, non-commercial use; nor
(D) engaged in, nor has the intention to engage in, any redistribution of all or any portion of the TRACE transaction data.
(2) "Tax-Exempt Organization" as used in Rule 7730 means an organization that is described in Section 501(c) of the Internal Revenue Code (26 U.S.C. §501(c)) and has received recognition of the exemption from federal income taxes from the Internal Revenue Service.
(3) "Real-Time" as used in Rule 7730 means that period of time starting from the time of dissemination by FINRA of transaction data on a TRACE-Eligible Security, and ending no more than four hours thereafter.
(4) "Historic TRACE Data" as used in Rule 7730 means historic transaction-level data with elements to be determined from time to time by FINRA in its discretion and as stated in a Regulatory Notice or other equivalent publication. Historic TRACE Data will not include MPIDs. Historic Corporate Bond, Historic Agency, and Historic Treasury Data will be delayed a minimum of six months. Historic SP Data will be delayed a minimum of 18 months. Historic Rule 144A Data will carry a delay consistent with the delay period applicable to the component security type (i.e., Rule 144A transactions in corporate bonds will be delayed a minimum of six months and Rule 144A transactions in Securitized Products will be delayed a minimum of 18 months). Historic TRACE Data includes the following Data Sets:
(A) Historic Corporate Bond Data Set — includes all historic transactions in corporate bonds reported to TRACE, except Rule 144A transactions in corporate bonds;
(B) Historic Agency Data Set — includes all historic transactions in Agency Debt Securities as defined in Rule 6710(l) reported to TRACE;
(C) Historic SP Data Set — includes all historic transactions in Securitized Products as defined in Rule 6710(m) reported to TRACE, if transactions in that type of Securitized Product are subject to dissemination under Rule 6750, but excludes historic Rule 144A transactions in Securitized Products;
(D) Historic Rule 144A Data Set — includes all historic Rule 144A transactions reported to TRACE, except transactions involving a type of TRACE-Eligible Security that is not subject to dissemination under Rule 6750; and
(E) Historic Treasury Data Set – includes all historic transactions in On-the-Run Nominal Coupons (as defined in Rule 6710(ll)) reported to TRACE.
(5) Academic Corporate Bond TRACE Data as used in Rule 7730 means historic transaction-level data on all transactions in corporate bonds reported to TRACE (except a transaction that is a List or Fixed Offering Price Transaction, as defined in Rule 6710(q), or a Takedown Transaction, as defined in Rule 6710(r)), including Rule 144A transactions in corporate bonds, with elements to be determined from time to time by FINRA in its discretion and as stated in a Regulatory Notice or other equivalent publication. Academic Corporate Bond TRACE Data will be delayed a minimum of 36 months and will not include MPIDs, but will substitute a masked dealer identifier for each MPID included in the data.
(6) “End-of-Day TRACE Transaction File” as used in Rule 7730 means, for Data Sets other than U.S. Treasury Securities, a daily file that includes all transaction data disseminated as part of Real-Time TRACE transaction data on that day and is separately available for each data set for which Real-Time TRACE transaction data is available (i.e., the Corporate Bond Data Set, Agency Data Set, SP Data Set, and Rule 144A Data Set). The End-of-Day TRACE Transaction File for U.S. Treasury Securities means a separately available daily file that includes transaction data for On-the-Run Nominal Coupons reported to TRACE on that day. The End-of-Day TRACE Transaction File is made available daily after the TRACE system closes.
(7) TRACE Security Activity Report
The "TRACE Security Activity Report" is a monthly report containing basic descriptive security elements, aggregate par value volume information, number of transactions, number of unique market participant identifiers ("MPIDs"), and top 5 statistics for disseminated transactions in Corporate and Agency Bonds. The TRACE Security Activity Report will be delayed a minimum of 90 days.
(A) Par Value Volume Information
The aggregate par value volume information provided in the TRACE Security Activity Report will include the total par value traded, par value traded of customer buys, par value traded of customer sells, and par value traded of interdealer transactions. For uncapped transactions, the aggregate par value volume information will reflect the actual trade size of each transaction. If there are six or more capped transactions disseminated during the calendar month, the aggregate par value volume information will reflect the actual trade size of each transaction, as well as the par value traded within specified size categories. If there are fewer than six disseminated capped transactions during the calendar month, the aggregate par value volume information will reflect the capped volumes disseminated by TRACE.
(B) Number of Transactions
The transaction totals provided in the TRACE Security Activity Report will include the total number of transactions, the number of customer buys, the number of customer sells, and the number of interdealer transactions. If there are six or more capped transactions disseminated during the calendar month, the report will provide the total number of transactions and an estimate (provided as incremental ranges) of the number of transactions with a par value volume within specified size categories.
(C) Number of Unique Market Participant Identifiers and Top 5 Statistics
The TRACE Security Activity Report will provide the number of unique reporting MPIDs (displaying the actual number of unique MPIDs where there are six or more unique MPIDs or "1 to 5," as applicable) and the number of unique reporting MPIDs for disseminated capped transactions (displaying the actual number of unique MPIDs where there are six or more unique MPIDs, or "0" or "1 to 5," as applicable); the percentage of the total number of transactions traded by the top five MPIDs for each CUSIP; and the percentage of total par value traded by the top five MPIDs for each CUSIP.
(h) FINRA ADDS Fees
The FINRA Automated Data Delivery System ("FINRA ADDS") provides a member access to TRACE trade journal files. FINRA offers two optional FINRA ADDS services: TRACE Data Delivery and TRACE Data Delivery Secure File Transfer Protocol.
(1) TRACE Data Delivery
There is no charge to a market participant identifier ("MPID") that is a subscriber for TRACE Data Delivery reports provided to the MPID in response to requests by the MPID via the FINRA ADDS website.
(2) TRACE Data Delivery Secure File Transfer Protocol Fee
The TRACE Data Delivery Secure File Transfer Protocol ("TRACE Data Delivery SFTP") fees are charged to a market participant identifier ("MPID") that is a subscriber and are:
(A) Set-Up Fee — a one-time fee of $250 per MPID that subscribes to the service.
(B) Monthly Fee — a monthly fee of $200 per MPID that subscribes to the service.
1 Charges that may be imposed by third parties, such as FIX line providers, are not included in these fees.
2 Under the Vendor Real-Time Data Feed Fee and service, Real-Time TRACE transaction data (or Data Set(s) of such data) may not be used in any display application that permits end users to determine individual transaction pricing.
| Amended by SR-FINRA-2023-015. Amended by SR-FINRA-2018-030 and SR-FINRA-2020-003 eff. Mar. 16, 2020. Amended by SR-FINRA-2017-015, SR-FINRA-2017-021, SR-FINRA-2017-033 and SR-FINRA-2017-036 eff. Feb. 1, 2018. Amended by SR-FINRA-2017-012 eff. Oct. 2, 2017. Amended by SR-FINRA-2016-027 eff. July 10, 2017. Amended by SR-FINRA-2016-023 eff. March 20, 2017. Amended by SR-FINRA-2016-040 eff. Feb. 27, 2017. Amended by SR-FINRA-2016-024 eff. Feb. 27, 2017. Amended by SR-FINRA-2016-048 eff. Jan. 3, 2017. Amended by SR-FINRA-2013-046 eff. June 1, 2015. Amended by SR-FINRA-2014-043 eff. Oct. 3, 2014. Amended by SR-FINRA-2013-029 and SR-FINRA-2013-043 eff. June 30, 2014. Amended by SR-FINRA-2013-040 eff. Sept. 17, 2013. Amended by SR-FINRA-2012-053 eff. June 10, 2013. Amended by SR-FINRA-2012-020 eff. Nov. 12, 2012. Amended by SR-FINRA-2012-049 eff. Nov. 7, 2012. Amended by SR-FINRA-2011-056 eff. Nov. 1, 2011. Amended by SR-FINRA-2011-012 eff. May 16, 2011. Amended by SR-FINRA-2009-065 eff. May 16, 2011. Amended by SR-FINRA-2011-001 eff. Jan. 4, 2011. Amended by SR-FINRA-2007-006 eff. March 31, 2010. Amended by SR-FINRA-2009-010 eff. March 1, 2010. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Amended by SR-NASD-2007-004 eff. May 1, 2007. Amended and renumbered as Rule 7030 by SR-NASD-2007-018 eff. March 5, 2007. Amended by SR-NASD-2005-063 eff. Oct. 1, 2005. Amended by SR-NASD-2005-083 eff. June 23, 2005. Amended by SR-NASD-2005-026 eff. June 1, 2005. Amended by SR-NASD-2004-189 eff. Feb 7 and June 1, 2005. Amended by SR-NASD-2004-163 eff. Oct. 29, 2004. Amended by SR-NASD-2003-157 eff. Feb. 1, 2004. Amended by SR-NASD-2003-097 eff. June 27, 2003. Amended by SR-NASD-2003-025 eff. Feb. 27, 2003. Amended by SR-NASD-2002-176 eff. Dec. 13, 2002. Amended by SR-NASD-2002-167 eff. Oct. 1, 2002. Adopted as Rule 7010(k) by SR-NASD-2002-063 eff. July 1, 2002. Selected Notices: 02-81, 04-06, 05-05, 05-3705-52, 07-15, 08-57, 09-57, 10-23, 10-55, 11-20, 12-26, 12-48, 13-09, 13-35, 14-34, 16-38, 16--39, 16-43, 17-23, 17-36. |