FINRA Will Defer to Exchange's Clearly Erroneous Determinations for Certain OTC Trades

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The Financial Industry Regulatory Authority has issued an immediately effective rule change reinforcing its position that it will defer to an exchange’s clearly erroneous determinations with respect to over-the-counter trades in exchange-listed securities when FINRA is deciding which similarly-situated transactions are subject to nullification by FINRA.

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Katten Muchin Rosenman LLP on:

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