The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Fri, 19 Jun 2026 11:32:21 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png FINRA Proposes to Disseminate Transaction Reports in Corporate Debt Securities – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 FINRA Proposes to Disseminate Transaction Reports in Corporate Debt Securities https://corpgov.law.harvard.edu/2013/08/08/finra-proposes-to-disseminate-transaction-reports-in-corporate-debt-securities/?utm_source=rss&utm_medium=rss&utm_campaign=finra-proposes-to-disseminate-transaction-reports-in-corporate-debt-securities https://corpgov.law.harvard.edu/2013/08/08/finra-proposes-to-disseminate-transaction-reports-in-corporate-debt-securities/#comments Thu, 08 Aug 2013 13:23:47 +0000 http://blogs.law.harvard.edu/corpgov/?p=50066?d=20150112112640EST Posted by Russell D. Sacks, Shearman & Sterling LLP, on Thursday, August 8, 2013
Editor's Note:

Russell D. Sacks is a partner in the Financial Institutions Advisory & Financial Regulatory Group at Shearman & Sterling LLP. The following post is based on a Shearman & Sterling publication by Mr. Sacks, Charles S. Gittleman, David L. Portilla, and Leo Wong.

FINRA has proposed a trade-reporting rule change that would result in the public dissemination of secondary market transactions in corporate debt securities sold under Securities Act Rule 144A. If adopted, this change could affect secondary market transactions in a number of assets classes, including high-yield debt securities.

Introduction

On July 8, 2013, the US Financial Industry Regulatory Authority, Inc. (“FINRA”) submitted an amendment to its Rule 6750 to the Securities and Exchange Commission (“SEC”). If adopted, the amendment would allow FINRA to disseminate information on transactions effected pursuant to Rule 144A under the Securities Act of 1933 (“Rule 144A”) through the Trade Reporting and Compliance Engine (“TRACE”), the principal trade-reporting system for fixed-income securities. The proposed amendment would allow FINRA to disseminate information regarding secondary transactions effected pursuant to Rule 144A. It would not require the reporting of primary transactions.

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