Rule Atlas
SEC Rule 613: CAT Reporting: Data Elements and Submission Requirements for Equities
Under SEC Rule 613 (FINRA / SEC Reg NMS & Reg SHO), cAT Reporting: Data Elements and Submission Requirements for Equities establishes the authoritative rules tested on the FINRA Series 57. This lesson details the required data elements for equity order and trade events under Consolidated Audit Trail (CAT) reporting, including participant identifiers, order events, trade execution details, and technical submission requirements, verified against VoraPrep's FINRA Series 57 blueprint.
Core Statutory Concepts
| Data Element Category | Description | Example Data Points | Regulatory Basis |
|---|---|---|---|
| Order Origination | Initial receipt of an order. | Order ID, firm ID, customer ID, order type, side, quantity, symbol, price, timestamp, venue. | SEC Rule 613 |
| Order Routing | Transmission of an order between firms or to a venue. | Routing firm ID, receiving firm ID, route time, route venue, order ID. | SEC Rule 613 |
| Order Modification | Changes to an existing order. | Modified quantity, modified price, modification timestamp, order ID. | SEC Rule 613 |
| Order Cancellation | Removal of an order from the market. | Cancellation timestamp, order ID. | SEC Rule 613 |
| Trade Execution | Completion of an order. | Execution ID, execution price, executed quantity, execution timestamp, venue, order ID. | SEC Rule 613 |
| Customer Information | Details about the customer placing the order. | Customer account type, customer type (e.g., individual, institution), customer unique ID. | SEC Rule 613 |
A registered representative places a customer order to buy 500 shares of XYZ stock, an NMS security. This order is subsequently executed on a national securities exchange. Which regulatory system is designed to capture and report all material order and trade event data from its receipt through its execution or cancellation?
Practitioner Application: CAT Reporting: Data Elements and Submission Requirements for Equities
A proprietary trading firm's automated trading system (ATS) executes thousands of equity orders daily across multiple venues. One morning, a system glitch causes a delay in transmitting order event data for a subset of these trades to the Consolidated Audit Trail (CAT). The firm's compliance officer must immediately assess the impact, identify the specific missing data elements, and determine the appropriate corrective action to avoid FINRA violations, all while adhering to strict CAT reporting deadlines. The exam question will test your ability to identify which specific data points are critical for a complete CAT submission and the consequences of their omission.
- The Consolidated Audit Trail (CAT) is a comprehensive, consolidated order and trade reporting system designed to create a single, accurate, and time-sequenced audit trail of all equity and option orders and trades across U.S. markets. It was established under SEC Rule 613 of Regulation NMS to enhance regulators' ability to monitor market activity, reconstruct events, and investigate misconduct. All CAT Reporters, including broker-dealers, exchanges, and alternative trading systems (ATSs), are obligated to report specific data elements for every order and trade event.
- Order Events: Capturing the lifecycle of an order from origination, routing, modification, cancellation, to execution. Trade Events: Reporting the actual execution details of a trade. Participant Identifiers: Unique identifiers for firms and customers involved. Timeliness: Strict deadlines for data submission.
Common FINRA Series 57 Distractors on SEC Rule 613
- 1Test-makers frequently try to confuse candidates on CAT reporting by focusing on specific details or deadlines:
- 2CAT Purpose: Comprehensive audit trail of all equity and option order and trade events, mandated by SEC Rule 613 of Regulation NMS.
- 3CAT Reporters: Broker-dealers, exchanges, and ATSs.
- 4Required Data Elements: Include firm ID, customer ID, order ID, symbol, side, quantity, price, order type, timestamps for origination, routing, modification, cancellation, and execution details.
- 5Submission Deadline: All CAT data must be submitted by 8:00 AM ET on T+1 (the next business day).
Frequently Asked Questions: SEC Rule 613
What is the core rule under SEC Rule 613 (CAT Reporting: Data Elements and Submission Requirements for Equities)?
Under SEC Rule 613 (FINRA / SEC Reg NMS & Reg SHO), cAT Reporting: Data Elements and Submission Requirements for Equities establishes the authoritative rules tested on the FINRA Series 57. This lesson details the required data elements for equity order and trade events under Consolidated Audit Trail (CAT) reporting, including participant identifiers, order events, trade execution details, and technical submission requirements, verified against VoraPrep's FINRA Series 57 blueprint.
How is SEC Rule 613 tested on the FINRA Series 57?
Test-makers frequently try to confuse candidates on CAT reporting by focusing on specific details or deadlines: CAT Purpose: Comprehensive audit trail of all equity and option order and trade events, mandated by SEC Rule 613 of Regulation NMS.
Where can I practice FINRA Series 57 questions on CAT Reporting: Data Elements and Submission Requirements for Equities?
Test yourself instantly with the free playable FINRA Series 57 question on this page, or launch VoraPrep's full FINRA Series 57 adaptive question bank, interactive lessons, and 1:1 exam simulator at voraprep.com/series57.