Regulatory Notice 16-28

SEC Approval of FINRA Rule 4554 (Alternative Trading Systems—Recording and Reporting Requirements of Order and Execution Information for NMS Stocks)

Implementation Date: November 7, 2016

Executive Summary

Effective November 7, 2016, new FINRA Rule 4554 requires alternative trading systems (ATSs) to submit additional order information to FINRA.

The rule text is available in the online FINRA Manual.

Questions regarding this Notice should be directed to:

  • Shelly Bohlin, Vice President, Market Regulation, at (240) 386-5029; or
  • Andrew Madar, Associate General Counsel, Office of General Counsel, at (202) 728-8056.