DD Support Board and Research Team

[janice shell]

It ought to take no more than 10 days, and once upon a time, that was true. FINRA basically rubber-stamped the requests.

But in 2010, The SEC gave FINRA permission to charge fees to process the requests, and, more importantly, to deny corporate actions in specific circumstances:

http://finra.complinet.com/en/display/display_main.html?rbid=2403&element_id=9364

And that to some extent changed the game. In the last nine years, it's denied an increasing--I think--number of actions, and it's spent more time asking followup questions and demanding more information from the issuers. So nowadays the process can take longer than 10 days; sometimes much longer.