FINRA Urges Members To Prepare For OTCBB Cessation

Contributor

Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.

Explore Firm Details

FINRA clarified that while the retirement date remains unestablished, it might be set for as early as the fourth quarter of 2021.

United States Finance and Banking

In a technical notice, FINRA urged members and vendors to prepare for the upcoming closure of the OTC Bulletin Board ("OTCBB") – the FINRA-operated inter-dealer quotation system – and the deletion of related rules. FINRA clarified that while the retirement date remains unestablished, it might be set for as early as the fourth quarter of 2021.

FINRA recommended that members promptly assess any OTCBB-related connections, including use of the Bulletin Board Dissemination Service data feed.

Primary Sources

FINRA Technical Notice: Upcoming Retirement of the OTC Bulletin Board (OTCBB)

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.