SEC Votes To Establish Audit Trail For All Stock Trades

Law360, New York (July 11, 2012, 1:25 PM EDT) -- A divided U.S. Securities and Exchange Commission on Wednesday adopted new rules requiring stock exchanges and self-regulatory organizations like the Financial Industry Regulatory Authority to create a marketwide audit system to track stock trades.

In a 3-2 vote, with commissioners Elisse Walter and Luis Aguilar dissenting, the SEC adopted a proposal that gives the exchanges and FINRA 330 days to jointly develop a plan for creating the audit trail and then submit it to the commission for approval.

The SEC hopes the information provided by the...
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