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NASD Notice to Members 98-073 - September 1998 |
Firms Required to Register for Order Audit Trail System; Amendments to OATS RulesExecutive Summary
In March 1998, the Securities and Exchange Commission (SEC) approved new National Association of Securities Dealers, Inc. (NASD®) Rules 6950 through 6957—the Order Audit Trail System (OATSSM) Rules. The effective dates for the OATS Rules vary according to the following schedule:
- Phase 1: By March 1, 1999, electronic orders received by Market Makers and Electronic Communication Networks (ECNs) must be reported.
- Phase 2: By August 1, 1999, all electronic orders must be reported.
- Phase 3: By July 31, 2000, all non-electronic, or manual, orders must be reported.(See Notice to Members 98-33 for a complete description of the OATS Rules.)
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