Firm Takes On NASD Reporting System

Law360, New York (October 25, 2006, 12:00 AM EDT) -- A disgruntled brokerage firm has taken on the National Association of Securities Dealers in a move that could change the way banks submit reports required by the regulator.

Lek Securities has criticized the NASD’s reporting system, the Order Audit Trail System (OATS), claiming that technical difficulties with the system keep brokers’ reports from reaching the NASD on time.

Lek attacked OATS in response to an NASD action against the firm, which alleged that Lek was late in submitting trading reports. The broker has argued that it...
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