6955. Order Data Transmission Requirements
This rule is no longer applicable. NASD Rule 6955 has been superseded by FINRA Rule 7450. Please consult the appropriate FINRA Rule.
(a) General Requirement
All applicable order information required to be recorded under Rule 6954 shall be transmitted to the Order Audit Trail System by each Reporting Member or by a Reporting Agent pursuant to an agreement described by paragraph (c) of this Rule.
(b) Method of Transmitting Data
(1) Order information shall be transmitted in electronic form, as may be prescribed by the Association from time to time, to a receiving location designated by the Association.
(2) Each Reporting Member shall transmit to the Order Audit Trail System a report containing each applicable item of order information identified in Rule 6954(b), (c), and (d) whenever an order is originated, received, transmitted to another department within the member or to another member, modified, canceled, or executed. Each report shall be transmitted on the day such event occurred; provided, however, that if any item of information identified in Rule 6954(b), (c), and (d) is not available on such day, then the report shall be transmitted on the day that all such items of information become available. Order information reports may be aggregated into one or more transmissions, during such business hours as may be prescribed by the Association.
(c) Reporting Agent Agreements
(1) Any Reporting Member may enter into an agreement with a Reporting Agent pursuant to which the Reporting Agent agrees to fulfill the obligations of such Reporting Member under this Rule. Any such agreement shall be evidenced in writing, which shall specify the respective functions and responsibilities of each party to the agreement that are required to effect full compliance with the requirements of this Rule.
(2) All written documents evidencing an agreement described in subparagraph (l) shall be maintained by each party to the agreement.
(3) Each Reporting Member remains primarily responsible for compliance with the requirements of this rule, notwithstanding the existence of an agreement described in this paragraph.
Amended by SR-NASD-2005-101 eff. Feb. 4, 2008.
Amended by SR-NASD-2007-019 eff. March 1, 2007.
Amended by SR-NASD-2006-040 eff. July 10, 2006.
Amended by SR-NASD-2000-23 eff. July 10, 2006.
Adopted by SR-NASD-97-56 eff. according to schedule in Rule 6957.
Selected Notices: 98-33, 05-78, 06-15, 06-70.