The SEC approved FINRA’s proposal to expand the OATS Rules to all NMS stocks.  FINRA will detail the approved changes within 60 days - via a RegNote and related OATS Reporting Tech Specs.  The changes will be effective 180 days after their publications. 

FINRA Rules 7410 through 7470, the "OATS Rules," currently apply to orders in OTC equity securities and equity securities listed and traded on Nasdaq.  With the change, rule coverage expands to any "NMS security” - defined as “any security or class of securities for which transaction reports are collected, processed, and made available pursuant to an effective transaction reporting plan, or an effective national market system plan for reporting transactions in listed options.”  In particular, the SEC believes the proposed rule change is a positive step toward a cross-market audit trail.

The rule exempts FINRA members who conduct a floor business through NYSE and Amex, and who currently are not subject to OTS, but to the requirements of NYSE Rule 123 and NYSE Amex Equities Rule 123, Record of Orders.  For further details, click onto:   [ FINRA Rule Filing 10-44, 11/12 ]