Does the 30-second reporting requirement apply to the submission of non-tape reports to FINRA?
A102.2: No. Members are not required to submit non-tape reports to FINRA within 30 seconds of trade execution; however, regulatory reports generally are required to be submitted within specified time frames. For example, members must submit the non-tape report for the offsetting “riskless” leg of a riskless principal transaction as soon as practicable after the offsetting leg is executed, but no later than the time the FINRA Facility closes for the trading day. See NTM 00-79 (November 2000). However, to qualify for the exemption from the requirements of NASD IM-2110-2 (Trading Ahead of Customer Limit Order) for riskless principal transactions, a member must submit, contemporaneously with the execution of the facilitated order, a non-tape report reflecting the offsetting “riskless” leg of the transaction. See NASD IM-2110-2(c)(3). For purposes of NASD IM-2110-2, “contemporaneously” has been interpreted to require execution as soon as possible, but absent reasonable and documented justif
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