Q204.7: What are the consequences of the structure of the exporting Party`s trade relations on the relationship with the Give-up and Qualified Service Representative (QSR) agreements? A200.2: A waiver agreement as defined by FINRA (FINRA Transparency Services Uniform Reporting Agreement) is required whenever a member communicates business information on behalf of another member to a FINRA facility and acceptance by the other member is not otherwise necessary to block trade. For example, two FINRA members (BD1 and BD2) execute a trade and according to the rules of trade reporting, BD1 has the obligation to report. In order for BD2 to declare trading on behalf of BD1, there must be a valid and executed waiver agreement. In order for BD1 to declare trading as blocked and identify BD2 as counterparty to the trade, there must be a valid and executed waiver agreement. Q201.2: Start from the same facts as in FAQ 201.1. Is it permissible for BD2 to “abandon” or report the tape report on behalf of BD1? Q200.2: Is a waiver agreement required when a member “waives” or “transmits” business information to a FINRA facility on behalf of another member? A204.5: According to FINRA rules, the “exporting party” is defined as the member who receives a processing or execution order or receives an order against its offer, then does not hijack the order and executes the transaction. In the case of transactions between two members in respect of which both members could reasonably claim that they met the definition of a performing party (e.g.B. Manually negotiated transactions by telephone), the member representing the seller page must notify FINRA of the transaction, unless the parties agree otherwise and the member representing the seller page simultaneously documents this agreement. See Rules 6282 (b), 6380A (b), 6380B (b) and 6622 (b); See also Regulatory Notice 09-08 (January 2009). A204.4: The trade report submitted to finra must indicate that BD1 is for short sale. If BD1 BD2 does not wish to make it known that it is short selling, the parties may use the commercial comparison and acceptance function of a FINRA facility. In other words, BD2 declares trading within 10 seconds of the execution of the trade and BD1 between its own trading information, including short selling, within 20 minutes of the execution of the trade.
See Section 103 (Trade Comparison and Assumption). In addition, BD1 may, on behalf of BD2, report, in accordance with a valid waiver agreement, as defined by FINRA () and would not be required, in such a case, to notify BD2 that it has a short sale. See Section 200 (Reports on behalf of another member). A205.9: Yes. According to FINRA rules, BD1 and BD2 may agree that BD1 notifies the trade and, in this case, BD2 must also document the agreement between the parties. See Rules 6282 (b), 6380A (b), 6380B (b) and 6622 (b); See also Regulatory Notice 09-08 (January 2009). Q205.8: BD1 Member and BD2 Member manually negotiate an OVER-the-counter trade over the phone. Since both members could reasonably have asserted that as a member representing the selling party, they meet the definition of the exporting party, BD2 is subject to the commercial reporting obligation under FINRA rules. If BD2 notifies the trade, does the “documented agreement at the same time” requirement apply? Nasdaq only transmits information relating to the activities or maintenance of these 1DMs to designated representatives employed by the company to which an MPID has been assigned, as required by the Nasdaq Directive. A700.9: Yes, as the foreign subsidiary`s transaction in the foreign market and the transaction between the foreign subsidiary and BD1 are at two different prices, they are considered separate transactions and therefore the transaction between BD1 and FINRA`s foreign subsidiary must be reported. . .
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