FINRA requires 10 days minimum to process a corporate action. Therefore, an issuer has to have and upload into FINRA's secure portal all the required documents for the action.
If the issuer is deficient in one or two support documents, FINRA will be permit the issuer to supply or amend a document or two within the 10 day process. And the action can be approved and effective on the 10th date. But the depends on the issuer, as when the issuer takes another 10 days to supply the support the action effective date will be delayed.
FINRA has staff that process the data, but it still must be approved by supervisors. And more often than not, the Issuer is informed the day prior or the same day of it being released on the Daily List.
I have been on the other end of the phone with NASDAQ and subsequently FINRA on behalf of clients prolly over 100 times.
Maybe things are different today, as I am tired...I mean retired....kinda.
