Regulatory Notice 10-48

Amendments to FINRA Trade Reporting and OATS Rules to Reinstitute Short Sale Exempt Marking and to Require Price and Short Exempt Identifier on Route Reports

Effective Date: November 10, 2010
The effective date was extended to February 28, 2011.

The SEC has approved a FINRA rule change that, among other things, reinstitutes the short sale exempt marking category for trade reports to a FINRA trade reporting facility (TRF) or to FINRA’s Alternative Display Facility (ADF) (together, “FINRA Facilities”). The rule change also requires FINRA Order Audit Trail System (OATS) route reports to include price and a short exempt identifier, if applicable. The amendments are effective on November 10, 2010, consistent with the compliance date of the amendments to SEC Regulation SHO.

The text of the amendments are available in the FINRA Manual at

Questions regarding this Notice should be directed to:

  • FINRA Operations at (866) 776-0800; or
  • OATS Helpdesk at (800) 321-6273
  • Racquel Russell, Assistant General Counsel, Office of General Counsel, at (202) 728-8363.

The effective date was extended to February 28, 2011.