FINRA and Exchanges Provide Guidance on Upcoming Clock Synchronization Requirements

FINRA and the national securities exchanges (the "SROs") provided guidance on upcoming clock synchronization requirements pursuant to the National Market System Plan Governing the Consolidated Audit Trail ("CAT NMS Plan"). FINRA emphasized that firms with clocks that capture time in milliseconds must comply with the clock synchronization, documentation and certification requirements under the CAT NMS Plan (as implemented in the relevant SROs' compliance rules) on or before March 15, 2017.