Effortless SEC Rule 605/606 Compliance with RSMS

 

Capital Market Solutions (CMS) is a leading provider of Regulatory Surveillance, Compliance, and Regulatory Reporting solutions. RSMS — CMS’s trusted and proven compliance platform — is widely used for Consolidated Audit Trail (CAT) Compliance, FINRA CAT, CAIS Reporting, and Trading Compliance. With deep integrations across major OMS and EMS platforms, RSMS ensures seamless, fast onboarding and reliable operations for broker-dealer firms.

RSMS is engineered for accuracy, efficiency, and near-zero rejection rates, giving firms a complete, unified ecosystem for regulatory reporting. With growing demand from the market and existing clients, CMS is now introducing SEC Rule 605/606 reporting within the RSMS platform — closely integrated with CAT and CAIS workflows for a smooth and consistent compliance experience.

Understanding SEC Rule 606 Requirements

Rule 606 aims to bring complete transparency to how broker-dealers route non-directed customer orders. It ensures investors understand:

  • Where their trades are routed
  • Why those routing decisions are made
  • How routing impacts execution quality

Broker-dealers must:

  • Publish quarterly public reports (PDF + XML) detailing routing of non-directed NMS stock and listed options orders
  • Provide customer-specific order routing reports upon request
  • Deliver these reports free of charge when requested

While the rule appears straightforward, meeting its operational requirements is complex, data-heavy, and time-sensitive.

Why Rule 606 Reporting Is So Difficult

Preparing a compliant Rule 606 report requires collecting and harmonizing data from multiple internal systems, execution venues, routing partners, and fee/rebate sources. Firms must:

  • Validate and standardize massive datasets
  • Fix data gaps and inconsistencies
  • Format reports per SEC specifications
  • Post reports publicly, submit to FINRA, and service customer requests

For firms relying on spreadsheets, manual processes, or outdated tools, this becomes a recurring operational burden. Even minor inaccuracies can lead to audit risk, making smart RegTech automation essential.

RSMS: Your Reliable SEC Rule 606 Reporting Partner

RSMS is a secure, cloud-hosted compliance platform designed to automate and simplify SEC Rule 605/606 reporting. Built with modern infrastructure, scalable integrations, and intuitive workflows, RSMS eliminates manual work and ensures consistent, audit-ready reporting.

Firms using RSMS benefit from:

  • End-to-end automation from data ingestion to public posting
  • Trusted, secure cloud architecture
  • Deep OMS & EMS integrations
  • Streamlined monitoring and compliance operations
  • Accurate data management and reporting
  • Support for CAT, CAIS, FINRA CAT, and now Rule 606 — all on one platform

Seamless Data Ingestion and Intelligent Processing

One of RSMS’s strongest capabilities is its advanced Datamart, which handles the complexity of:

  • Execution data
  • Order routing details
  • Venue fee/rebate information

RSMS transforms, standardizes, and validates each dataset using strict SEC rule-based checks. Once validated, RSMS enriches the data for regulatory reporting and surveillance.

The result:
Clean, reliable, compliance-ready data — without manual intervention or error risk.

Complete Support for Reporting, Consultation & Surveillance

RSMS not only processes data — it operationalizes your entire Rule 606 reporting lifecycle:

  • Automatically formats 606 reports for public posting, FINRA centralization, and customer-specific requests
  • Provides expert guidance on compliance frameworks, data governance, and regulatory readiness
  • Supports cross-regulation surveillance across Rule 605, Rule 606, CAT, CAIS, and FINRA CAT
  • Ensures consistency across datasets, reducing discrepancies and improving data quality

Firms gain a structured, predictable, and fully compliant reporting workflow.

Coming Soon: SEC Rule 605 Reporting

CMS continues to expand RSMS based on client needs. Since Rules 605 and 606 are closely aligned, RSMS will soon include a full Rule 605 reporting module, enabling firms to manage both requirements within a single, unified system.

Your needs drive our innovation—and RSMS is evolving to provide the most complete regulatory reporting suite available.

Turn SEC Rule 606 Complexity Into Simplicity

In today’s regulatory environment—where accuracy, transparency, and audit readiness are critical—RSMS transforms complexity into clarity. Broker-dealers can shift focus back to clients and growth, while RSMS handles the heavy lifting behind SEC Rule 606, Rule 605, CAT Compliance, CAIS, and FINRA CAT.

If your firm is seeking a smarter, automated, and more dependable way to manage SEC regulatory reporting, RSMS is the RegTech partner that brings simplicity, precision, and confidence to every step.

Connect with our team to learn more about RSMS and its SEC Rule 606 Reporting capabilities.

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