SEC Solicits Comments on FINRA-Proposed Rule to Require ATSs to Submit ATS-Specific Order Information

The SEC requested comment on a FINRA proposed rule change to adopt Rule 4554 requiring alternative trading systems ("ATSs") to submit additional order information to FINRA. While ATSs already submit order information to FINRA, as required by the Order Audit Trail System ("OATS") rules, there is additional order information not currently required to be reported to OATS. FINRA therefore proposed to require ATSs to report additional ATS-specific data elements in existing OATS reports for orders in NMS stocks.

The SEC request for comment was published in the Federal Register. Comments must be submitted by March 28, 2016.