Posted: September 27, 2011
FINRA intends to file with the SEC to delay the expansion of OATS to all NMS Stocks until October 17, 2011. FINRA believes additional testing time for member firms will allow for any remaining implementation issues to be resolved before the new rule and related technical requirements become effective on October 17, 2011. The same previously announced phase-in schedule will be followed but with dates moved back for the start of each phase by two weeks.
Posted: June 22, 2011
On June 14, 2011, FINRA filed a proposed rule change to amend FINRA Rule 7470 to extend for an additional four years FINRA’s ability to exempt certain members from the recording and reporting requirements of the Order Audit Trail System (“OATS”) Rules for manual orders received by the member. FINRA filed the proposed rule change for immediate effectiveness with an operative date of July 9, 2011. Read the proposed rule change.
Members that were previously granted an exemption under Rule 7470 with an expiration date of July 10, 2011 will receive a letter and an “Exemption Renewal Request Form”. Members wishing to apply for continuing exemption must complete and return the form and certify that they still meet the criteria required under FINRA Rule 7470 to be eligible for an exemption. Additionally, firms requesting an exemption will be required to submit their FY2010 Certified Annual Audit Report.
Please visit OATS Phase III for more information on the exemption criteria and process.