SEC Hit With Challenge Over One-Minute Trade Reporting Plan (1)

The American Securities Association is taking aim at a regulatory change that slashed the amount of time traders have to report many fixed-income transactions, asking a federal appeals court to review an SEC order approving the proposal.

Industry self-regulatory groups for years had discussed the rule change—shortening the window for reporting to just one minute from 15 minutes—until the SEC gave its blessing in September to a proposal from the Financial Industry Regulatory Authority.

The ASA had already responded to proposals by FINRA and the Municipal Securities Rulemaking Board, including in August when ASA President and CEO Chris Iacovella sent ...