FINRA Eliminates the Order Audit Trail System (OATS) Rules

      June 22nd | 2021

      FINRA recently announced September 1, 2021 as the effective date for the elimination of the Order Audit Trail System (“OATS”) rules. Other notable points include that firms must comply with the OATS rules as to events that take place on or prior to August 31, 2021, so firms will still be required to report those order events to OATS. The OATS system will accept reports through September 16, 2021, for order events that take place on or prior to August 31, 2021. FINRA’s notice also reminds firms that it will “continue to monitor for firm compliance with the OATS Rules”, which suggests that firms should be aware that violations, even if they are well before August 31, 2021, are still in scope for review.

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