The Securities and Exchange Commission (SEC) Rule 606 has been dramatically revised in an ongoing effort to ensure that broker-dealers act in the best interest of their clients. All brokers who handle order flow are expected to be compliant with these updated rules requiring new and enhanced information about the way investors' orders are handled.
The new broker-dealer SEC 606 requirements for “not-held” orders are dramatically more complex than the existing version and include an expanded public-facing report along with a new mandate to, within 7 days of request, provide clients with six months of historical execution reports that need to include:
Details of note:
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