Capital Market Solutions (CMS) continues to strengthen its position as a leading provider of Regulatory Surveillance, Compliance, and Regulatory Reporting technology. RSMS — our proven compliance platform — has already established trust among broker-dealers for its seamless [Consolidated Audit Trail (CAT) Compliance](https://capmarketsolutions.com/cat/),[ FINRA CAT](https://capmarketsolutions.com/cat/), and FINRA CAIS reporting capabilities. Integrated with major OMS/EMS systems, RSMS enables fast onboarding, streamlined data ingestion, and unmatched accuracy in regulatory submissions.

As compliance demands evolve, CMS is pleased to introduce SEC Rule 605/606 reporting within the RSMS platform — offering broker-dealers a unified, scalable, and dependable RegTech experience.

Understanding What SEC Rule 606 Really Requires
SEC Rule 606 was created to increase transparency into how broker-dealers route customer orders. It helps investors understand where their trades go, why they are routed there, and how routing decisions may influence execution quality.

Under SEC Rule 606, broker-dealers must:

Release quarterly public reports detailing the routing of non-directed customer orders in NMS stocks and listed options — published in both PDF and XML formats.
Provide customer-specific routing reports on request, including details of all venues involved.
Deliver the requested report free of charge.
While the rule sounds simple, the data volume and accuracy requirements are significant — and that’s where many firms struggle.

Why SEC Rule 606 Reporting Is So Challenging
Rule 606 reporting involves collecting massive datasets from multiple systems: routing details, execution data, fees/rebates, venue identifiers, timestamps, and more.
These datasets must then be:

Cleaned
Standardized
Validated
Formatted to SEC specifications (PDF and XML)
Posted publicly and delivered to customers
Submitted to FINRA (where applicable)
Any inconsistency — even a minor one — creates compliance risk. Firms relying on manual processes or legacy tools often face delays, errors, and last-minute data scrambles.

That’s exactly why RSMS was built.

RSMS: Your Reliable Partner for SEC Rule 606 Reporting
RSMS by Capital Market Solutions is a cloud-hosted, secure, and automation-driven platform engineered to simplify regulatory reporting. Already trusted for CAT, CAIS, FINRA CAT, [FINRA CAIS](https://capmarketsolutions.com/cais/), and Consolidated Audit Trail (CAT) compliance, RSMS now extends the same reliability to SEC Rule 606 reporting.

Become a member
Instead of juggling spreadsheets and manual cross-checks, RSMS provides a fully managed workflow — from ingestion to validation to final publication.

RSMS Key Advantages
Secure, modern cloud infrastructure
Broad integration across OMS & EMS platforms
Powerful monitoring and operations dashboard
Automated data transformation and validation
Unified interface for reporting, review, and approvals
Seamless ingestion and high-speed processing
Effortless Data Ingestion and Processing
RSMS handles the entire complexity of data operations through its robust datamart architecture. The platform ingests and manages:

Execution data
Routing and venue details
Fee and rebate information
Market center-specific data
RSMS then applies strict SEC-defined integrity checks to ensure:

Data accuracy
Standardization
Completeness
Error-free transformation
Once validated, the data becomes fully compliance-ready — without the manual effort or operational risk typically associated with 606 reporting.

Complete Support: Reporting, Consultation & Surveillance
RSMS goes far beyond generating reports:

Formats 606 data for public posting, FINRA centralization, and customer-specific delivery
Provides expert guidance on data governance, audit readiness, and compliance controls
Supports cross-regulation surveillance, allowing firms to analyze Rule 605, Rule 606, FINRA CAT, and CAIS data together
Enhances consistency and eliminates discrepancies across regulatory filings
This means firms can maintain strong compliance oversight in one unified system.

Integrated and Easy-to-Manage Workflows
RSMS provides smooth, end-to-end regulatory workflows:

Integrates venue-specific rate data and firm reference datasets
Automates validations and verification steps
Generates customer on-demand reports
Handles public posting automatically
Provides a clean interface for reviews, approvals, and audit trails
Your compliance team gains efficiency, control, and visibility — all without operational chaos.

Looking Ahead: SEC Rule 605 Reporting Coming Soon
Since SEC Rule 605 and Rule 606 reporting complement each other, CMS is expanding RSMS to support Rule 605 as well.
Client feedback shows a strong need for joint reporting under a single system — and RSMS is preparing exactly that: a complete, unified regulatory reporting experience for broker-dealers.

Your needs drive our innovation, and CMS is committed to delivering smarter, simpler, and scalable RegTech solutions.