The Financial Industry Regulatory Authority filed a rule change today in furtherance of it’s sale of certain Over-the-Counter Bulletin Board assets to investment banking firm Rodman & Renshaw (Nasdaq: RODM). Rodman is acquiring the OTCBB website, certain content from the website and the OTCBB trademark. FINRA will continue to operate the underlying interdealer quotation system and pursuant to the rule change is renaming the service in the FINRA Rulebook as the “Non-NMS Quotation Service”. The rule is effective immediately, but the change won’t be implemented until after the Rodman transaction closes which, based on FINRA’s filing, should be some time between August 2011 and January 2012.
Securities and Exchange Commission Budget Notes
On another note, yesterday Chairman Schapiro testified before the Senate Committee on Appropriations regarding the Securities and Commission’s fiscal year 2011 budget and fiscal year 2012 budget request.
For FY2012 the Commission is seeking a budget increase of approximately $222 million, which would be funded entirely by fees collected on securities transactions. Most of the money is earmarked for additional staff. The Commission is looking to add approximately 780 new positions in 2012, 60% of which would be dedicated to implementing the Dodd-Frank Act. The rest of the money will go toward information technology and infrastructure upgrades.