ARTICLE
22 October 2020

FINRA Proposes Further Extension Of Pilot Program On "Clearly Erroneous Transactions"

CW
Cadwalader, Wickersham & Taft LLP

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.
FINRA proposed extending a pilot program that governs the review of "clearly erroneous transactions" in exchange-listed securities.
United States Corporate/Commercial Law

FINRA proposed extending a pilot program that governs the review of "clearly erroneous transactions" in exchange-listed securities. As previously covered, the pilot program conducted pursuant to FINRA Rule 11892 is intended to "promote transparency and uniformity" and "help assure consistent results in handling erroneous trades across the U.S. equities markets."

FINRA proposed extending the pilot program from October 20, 2020 until April 20, 2021. Comments on the extension must be submitted 21 days after its publication in the Federal Register.

Primary Sources

  1. FINRA Notice of Filing and Immediate Effectiveness: Proposed Rule Change to Extend the Pilot Program Related to FINRA Rule 11892 ("Clearly Erroneous Transactions in Exchange-Listed Securities")

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