The Securities and Exchange Commission approved a proposal from the Financial Industry Regulatory Authority to reduce the time brokers have to report equities trades from 30 seconds to 10 seconds. SIFMA argued against the change. "FINRA member firms would be required to make substantial systems changes to assure compliance with the new requirements," said Theodore Lazo, associate general counsel for SIFMA. "FINRA has not explained the regulatory imperative that would justify these costs." Read SIFMA's comments to the SEC.