Regulatory Notice 14-21

SEC Approves Amendments to Equity Trade Reporting and OATS Rules

Effective Dates: OATS: April 7, 2014; ORF: September 15, 2014; ADF and TRFs: (millisecond reporting): September 29, 2014; ADF and TRFs (remaining amendments): First Quarter 2015

Executive Summary

The Securities and Exchange Commission (SEC) has approved amendments to FINRA rules governing the reporting of (i) over-the-counter (OTC) transactions in equity securities to the FINRA facilities; and (ii) orders in NMS stocks and OTC equity securities to the Order Audit Trail System (OATS). The OATS amendments were implemented April 7, 2014, and the ORF amendments will be implemented September 15, 2014. The implementation date for the requirement relating to reporting in milliseconds to the ADF and TRFs is September 29, 2014. The implementation date for the remainder of the ADF and TRF amendments will be announced separately and will be during the first quarter of 2015.

The amended rule text is available in the online FINRA Manual.

Questions regarding this Notice may be directed to:

• Market Regulation Legal Section at (240) 386-5126;
• FINRA Market Operations at (866) 776-0800;
• FINRA Product Management at (866) 899-2107;
• FINRA’s OATS Helpdesk at (800) 321-6273; or
• for legal or interpretive questions, Lisa Horrigan, Associate General Counsel, Office of General Counsel, at (202) 728-8190.