The Financial Industry Regulatory Authority released Regulatory Notice 15-52 to remind firms and registered representatives of their obligations under the Vendor Display Rule of Regulation NMS. Under the Vendor Display Rule, vendors and broker-dealers are required to provide customers with a consolidated display of information from all the market centers on which a given security is traded. FINRA noted that the Securities and Exchange Commission staff recently made clear in the denial of a no-action request that relying on non-consolidated market information when giving quotes to customers is inconsistent with the Vendor Display Rule. Based on this SEC staff position, FINRA recommends that vendors and broker-dealers ensure that a consolidated display of market data is being used when providing quotation information to customers.

FINRA Regulatory Notice 15-52 is available here.