Regulatory Alerts2026-08-26 | Regulatory Notice 26-16Added
FINRA Expands the Scope of the TRACE Non-Member Affiliate—Principal Transaction Indicator
Amended Rules 6710 and 6730 expand the scope of the affiliate—principal transaction indicator to include transactions between members and member affiliates, whereas it previously applied only to non-member affiliates. When a member and an affiliate transact in a principal capacity in a TRACE-eligible security, the member must append the indicator if there is a reasonable belief that a same-day, same-price transaction will occur or has occurred with another contra-party. For transactions between member affiliates, both members must share this reasonable belief and append the indicator, resulting in TRACE not disseminating the appended trade reports. Mandatory compliance is required by August 2, 2027, with voluntary compliance permitted beginning August 31, 2026.
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