Law360, New York (June 27, 2011, 9:51 PM ET) -- The U.S. Securities and Exchange Commission said Monday that it will delay compliance with a rule banning the practice of "naked access" where clients trade online using a broker’s market participant identifier without the broker ever reviewing the trades.
In a notice, the agency pushed back the rule's compliance date to Nov. 30 from July 14 after broker-dealer groups requested an extension.
The rule requires brokers to verify that all automated trades entered under their authority are compliant with securities laws and regulations before those trades...
SEC Extends 'Naked Access' Rule Compliance
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