Amendments to the Criteria for the Exclusion to the Definition of an OATS Reporting Member
On May 12, 2014 FINRA filed for immediate effectiveness SR-FINRA-2014-024 with the Securities and Exchange Commission ("SEC"). This filing amends FINRA Rule 7410 to permit members to route orders to two Reporting Members for a defined period of time provided certain conditions are met without losing the exemption from the definition of "Reporting Member" in the Order Audit Trail System ("OATS") rules.
FINRA Rule 7410 excludes from the definition of Reporting Member firms that meet the following criteria:
As amended, Rule 7410 allows member firms to retain their exclusion from the definition of Reporting Member when routing orders to two Reporting Members in certain instances, such as a clearing firm transition, provided the following additional conditions are met:
Firms may use the accompanying form to submit a transition schedule to FINRA for approval so that the firm can continue to rely on the exclusion from the definition of Reporting Member during the transition
Please contact the OATS Helpdesk at 1-800-321-6273 with any questions related to this OATS Report.