FINRA Rule 6151 – Centralization of SEC Rule 606(a) Reports
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FINRA Rule 6151 (Disclosure of Order Routing Information for NMS Securities) requires members to submit to FINRA for centralized publication the order routing reports required under the Securities and Exchange Commission’s (SEC) Rule 606(a) (Rule 606(a) Reports). FINRA will centralize access to all Rule 606(a) Reports on its website to make these reports more accessible for regulators, investors, and others seeking to:
- Better understand how firms route and handle order.
- Assess the quality of firms’ order handling services.
- Understand whether a firm is effectively managing potential conflicts of interest that may impact its routing decisions.
Purpose of the Requirement
The purpose of Rule 6151 is to provide investors and the public with centralized access to the reports currently required by SEC Rule 606(a), which include detailed information about the order routing practices of member firms and any payment for order flow arrangements. By centralizing access to Rule 606(a) Reports, FINRA will facilitate access to information used by investors to help them make informed decisions, aligning with FINRA’s commitment to promoting fairness, efficiency, and investor protection in the financial markets.
FINRA Rule 6151 Order Routing Information Filing Guide version 1
| Phase Description | Milestone | Expected Timeline |
|---|---|---|
| Firm Entitlement Setup | Testing | 5/27/24 - 5/31/24 |
| Industry Testing – 1 | Testing | 6/3/24 |
| Industry Testing – 2 | Testing | 6/17/24 |
| Firm Entitlement Setup | Production | 6/24/23 - 6/28/24 |
| Go Live | Production | 7/1/24 |
| 606 Report Submission (Q2, 2024) | Production | 7/1/24 - 7/31/24 |
Starting July, 1 2024, firms will be able to up upload their Rule 606(a) Reports electronically, using either manual file upload through the FINRA Gateway or through a direct machine-to-machine interface using fileX.
FINRA Rule 6151 Order Routing Information Filing Guide version 1
FINRA Gateway Submission
Go to https://gateway.finra.org and use your existing FINRA user ID and password to login. Upon logging in, submit your firm’s Rule 606(a) Report filing by clicking the upload icon on the left navigation bar.
The Super Account Administrator (SAA) at each firm has the ability to assign user access rights to the Rule 606(a) Report submission for the SAA and other firm employees. If your firm has designated an SAA for FINRA systems, contact that individual to change your existing user account or to create a new user account, as necessary. To determine whether your organization has an SAA, log in to the FINRA Gateway, click on “My Account” and view information from the “Applications & Administrators” link.
If your firm has not yet named an SAA, your firm must do so to submit Rule 606(a) Reports. Instructions regarding how to authorize someone at your firm to serve in this role are available in the Filing & Reporting section of FINRA’s website.
If you are not yet familiar with the FINRA Gateway, a brief tutorial is available from the login screen. If you have any difficulties with your FINRA login, please contact your firm’s Account Administrator for assistance.
FileX Submission
For a machine-to-machine file transfer, please see the documentation for fileX. You will need to contact the FINRA Support Group to establish access for submitting the Rule 606(a) Reports.
Firms may submit corrections to their Rule 606(a) Reports by submitting a replacement file using the same steps used to submit the initial filing.
The following resources were designed to help support FINRA members navigate the intricacies of Rule 606 reporting. Explore the materials below to empower your understanding and implementation of reporting requirements. If you have any questions or need further assistance, the support team is just a click away.
FINRA Related Resources
SEC
- SEC’s 2018 Amendments to Rule 606 of Regulation NMS
- SEC’s Order Routing and Handling Data Technical Specification
- SEC’s Division of Trading and Markets, Responses to Frequently Asked Questions Concerning Rule 606 of Regulation NMS
- SEC’s Division of Market Regulation, Staff Legal Bulletin No. 13A: Frequently Asked Questions About Rule 11Ac1-6
Onboarding Guides
Support and Assistance
For technical questions or entitlement issues, please contact the FINRA Support Center at (800) 321-6273.