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SEC Approves Further Delay of FINRA's Expanded Manning Interpretation

Jan 11, 2008
Pink Sheets News Service

New Effective Date: Indefinite

On January 11, 2008, the Securities and Exchange Commission issued an order approving a FINRA request to delay the effective date of its Manning Interpretation that would include all OTC Equity Securities. Previously, the effective date was scheduled to be January 14, 2008.

FINRA sought the delay to allow the SEC additional time to consider the proposed minimum price-improvement provision in FINRA's rule filing, SR-NASD-2007-041, which may be obtained at http://www.finra.org/web/groups/rules_regs/documents/rule_filing/p019347.pdf. The delay will expire 60 days after the SEC approves SR-NASD-2007-041, and the new implementation date will be announced by FINRA in a Regulatory Notice.

Upon implementation, Manning principles will apply to all OTC equity securities, including those quoted on Pink Sheets. The only OTC equity securities currently subject to Manning-like principles are those quoted on the OTC Bulletin Board. (See FINRA Rule 6541.) By expanding the interpretation, Manning principles and all the interpretive guidance thereunder will apply to all OTC equity securities, which term is defined in FINRA Rule 6610(d) to mean all non-exchange listed securities and certain exchange listed securities that do not otherwise qualify for real-time trade reporting. This applies to those equity securities quoted on the OTCBB and/or Pink Sheets as well those traded in the grey market.

To view the SEC's order, please visit http://www.sec.gov/rules/sro/finra/2008/34-57133.pdf. For further information about IM-2110-2 or Rule 6541, please contact Pink Sheets by email at [e-mail], or contact Michael T. Dorsey, Esq., Managing Director, Trading Services & Compliance at 212-896-4456.