United States:
FINRA Proposes Elimination Of OATS Rules In Transition To CAT
15 August 2020
Cadwalader, Wickersham & Taft LLP
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FINRA proposed to eliminate Order Audit Trail System
("OATS") rules once member firms begin reporting to the
Consolidated Audit Trail ("CAT"). Under the proposal,
FINRA would remove the Rule 7400 Series ("Order Audit Trail
System") and Rule 4544 ("Alternative Trading Systems -
Recording and Reporting Requirements of Order and Execution
Information for NMS Stocks").
The rule change would become effective upon approval from by the
SEC. The change would be implemented when FINRA determines that
thresholds for CAT accuracy and reliability have been met.
Primary Sources
- FINRA Rule Filing SR-FINRA-2020-024
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