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Regulatory Notice 11-03

FINRA Expands the Order Audit Trail System to All NMS Stocks

Effective Date: July 11, 2011

Executive Summary

The OATS order recording and reporting obligations in FINRA Rules 7410 through 7470 (OATS Rules) currently apply to orders for equity securities listed on the NASDAQ Stock Market and OTC equity securities. Effective October 3, 2011, FINRA will begin expanding, in three phases, the order recording and reporting obligations in the OATS Rules to include orders in all NMS stocks, in addition to OTC equity securities.


FINRA is also announcing that it has published an updated edition of the OATS Reporting Technical Specifications that details the reporting changes that will become effective starting October 3, 2011. The January 11, 2011, version of the OATS Reporting Technical Specifications is available on FINRA’s website at www.finra.org/oats.


Questions concerning this Notice should be directed to:

Legal Section, Market Regulation, at [phone]; or
Office of General Counsel, at [phone].

For technical questions regarding OATS reporting, please contact the OATS Help Desk at [phone].


The implementation date has been delayed to October 3, 2011.


Link: http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p122785.pdf