Abel Noser Solutions provides an experienced multi-faceted regulatory and analytics solution to assist your firm with a variety of mandatory regulatory compliance services. Our offering leverages our in-depth data handling capabilities, robust Compliance+ trade surveillance web portal, and industry-leading client services team to enable sell-side firms comply with various SEC, FINRA and MIFID2 data and reporting requirements.
SEC 605/606 Regulatory Reporting and Posting
Abel Noser has developed a reputation for being the most dependable provider of best execution regulatory services in the industry. As pioneers in the analytics and trade measurement space, we understand the entire transaction lifecycle like no other firm. Our deep experience enables us to provide you with a systematic and well thought-out approach to help you with your best execution and regulatory responsibilities.
Our SEC Rule 605/606 services include:
- Online posting of 606(a)(1) reports on customized company webpage
- Online posting of 605 reports on customized company webpage
- On-demand or scheduled 606(b)(3) reports
- Easy-to-use analytics interface
- TCA-generated contextual data to show order handling best execution
- Unparalleled client services team to help manage the process
We can also provide data and posting services relating to SEC Rule 605 and FINRA Rule 3310.
606 Reports with Contextual TCA Data
Without accompanying execution benchmarking, the fee/rebate data required by Rule 606 may do little to reveal how well a broker navigates a complex market structure. Details on fees and rebates can be particularly misleading without any accompanying context. This is particularly true with the IOI data, which is reported on an aggregate basis with little connection to execution results. This is why Abel Noser can also provide TCA-generated data with client requested reports to show a more complete best execution story.
Dynamic, easy-to-read trade and routing data within our Trade Zoom interface.
SEC Rule 606 Revisions
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.
Basic SEC 606 Overview
Broker-dealer SEC 606 requirements for “not-held” orders are more complex than the prior 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:
- Execution by venue for S&P 500 and non-S&P 500 members
- IOI information
- Fee/rebate and incentive structure disclosures by venue
- Parent order information
- Route venue detail in addition to execution venue
- Order handling by type and duration
SEC Regulation Best Interest (Reg BI) Market Integrity Analysis
Abel Noser offers a complete set of tools and reporting capabilities to meet the SEC Reg. Best Interest (Reg BI) transactional reporting requirements and FINRA Rule 5310‘s regular and rigorous reviews of execution quality. Learn More >