Electronic Blue Sheets ("EBS's") are being enhanced for new data elements and a new blue sheet record layout to facilitate the ability of regulators to analyze broker-dealer trading activities.  The changes, which become effective 8/31/12, impact submissions to FINRA and the other interested members of the Intermarket Surveillance Group. Beginning 8/31/12, firms will be required to submit new data elements to FINRA and ISG interested members. On that same date, firms also will be required to submit blue sheets, when requested, in 3 additional formats:  (i) account number and date;  (ii) account number, symbol and date;  or, (iii) date range and executing firm CRD number or entering firm MPID. As provided in FINRA Regulatory Notice 11-56, changes to the blue sheet record layout are included as Attachment A. Existing transaction type identifiers are outlined in Attachment B.  Firms may begin testing the updated format on 7/31/12.  The RegNote also provides an FAQ section.  Questions may also be directed to ... ebsfaq@finra.org. More on the Changes. To support the new data elements, the Securities Industry Automation Corporation (SIAC) has modified the blue sheet record layout.  In addition, the SEC has mandated that the Large Trader Identification Number (LTID) and Order Execution Time enhancements be ready for transmission to the SEC by 4/30/12.

• From 4/30/12 through 8/30/12, firms should submit these new data elements only to the SEC.
• After 8/30 - i.e., beginning 8/31 - firms may voluntarily submit the LTID to FINRA or the other ISG interested members.
• After 8/30/12, firms will be required to submit the Order Execution Time to FINRA or other ISG interested members.
• All firms must synchronize their time clocks to the atomic clock to maintain an accurate audit trail in connection to the reported execution time. (See FAQ #3).
• Finally, firms are reminded that failure to properly fill out the blue sheet fields is a violation of FINRA Rule 8211 and/or FINRA Rule 8213.

For further details and to access the FAQ's, go to:  [FINRA RegNote 11-56, December 2011].