Clearly Erroneous Transactions in OTC Equity Securities

What this video covers

• Which securities qualify for this review, including why a National Market System (NMS) stock, restricted equity security, or equity security traded on a national securities exchange is excluded
• How the scope reaches any qualifying transaction arising out of or reported through a trade reporting system owned or operated by FINRA or FINRA Regulation and authorized by the Securities and Exchange Commission (SEC), with no Normal Market Hours gate
• Who may act, the two null-and-void grounds, including the second ground's lack of a guideline condition, and the timing rule with no officer thirty-minute clock
• Why the OTC table has seven price tiers instead of the exchange-listed table's three bands, and why crossing a guideline is necessary but not sufficient for cancellation
• How percentage ranges work inside a tier, with the larger percentage attached to the cheaper execution to smooth changes between tiers
• When FINRA may use alternative reference prices, why the additional factor list is unconditioned, and how the OTC rule differs on multi-stock events and coordination with other markets
• How the written appeal works under the Uniform Practice Code Committee Appeal Rule, including its thirty-minute deadline and the separate immediate-finality appeal bar, plus FINRA's limited real-world use