The Securities and Exchange Commission (SEC) has granted a partial stay of the amendments to Rules 610 and 612 of Regulation NMS. The SEC’s December 12 order came in response to a motion filed by Nasdaq and Cboe, among...more
Enhancing market efficiency, transparency, and investor protection - The US Securities and Exchange Commission (SEC) adopted amendments to Regulation National Market System (Regulation NMS or Reg NMS). Regulation NMS was...more
Despite the SEC’s already prolific rulemaking under Chair Gensler, the agency still has a few dozen additional rulemaking initiatives in the queue. Broker-dealers, exchanges, and other trading and markets participants can...more
The SEC voted unanimously to adopt changes to Regulation NMS (Reg. NMS) that address minimum pricing increments for securities, the access fees that securities exchanges charge, and increased transparency order prices....more
On September 18, 2024, the Securities and Exchange Commission (SEC or Commission) approved amendments to Regulation NMS (the Amendments) that take several steps intended to narrow bid/ask spreads, reduce transaction costs for...more
The SEC's five commissioners on March 6, 2024, will vote on whether to adopt long-awaited public company climate disclosure rules that would require registrants to report climate-related risks and metrics. In a Feb. 28, 2024,...more
On December 14, 2022, the Securities and Exchange Commission (“SEC” or “Commission”) released four sweeping rulemaking proposals that would change market structure as we currently know it and introduce a new federal standard...more
We here at SECond Opinions pride ourselves on staying current on all things SEC. But how about when in a single day, the SEC finalizes one rule and proposes four others (totaling 1,656 pages!) that could drastically change...more
On December 14, 2022, the SEC proposed four separate equity market structure rulemakings, each of which, if adopted, will have significant effects on the markets and various industry participants. While designed to address...more
At its next open meeting on December 14, 2022, the US Securities and Exchange Commission is expected to propose a series of rules and rule amendments that have the potential to fundamentally reshape the structure of the US...more
Rule 606: EXAMS – the Division of Examinations – published a Risk Alert on November 10, 2022, providing its Observations Related to Regulation NMS Rule 606 Disclosures. That Rule requires broker-dealers to provide enhanced...more
The Financial Industry Regulatory Authority (“FINRA”) on October 6, 2021, published a regulatory notice (“Notice”) requesting comment on a proposal requiring broker-dealers to publish quarterly order routing disclosure...more
BROKER-DEALER - SEC Chairman Clayton and Trading and Markets Director Redfearn Call for a Reassessment of Regulation NMS - On March 8, US Securities and Exchange Commission chairman Jay Clayton and director, Division...more
The Securities and Exchange Commission has solicited the views of exchanges, broker-dealers and investors on a range of questions related to market data since at least 1999 when it published SEC Concept Release: Regulation of...more
On July 18, 2018, the Securities and Exchange Commission (SEC or Commission) voted unanimously to adopt significant amendments to Regulation ATS (Reg ATS). The amendments, which impose heightened public disclosure...more
ATSs that trade NMS stocks should prepare for new Form ATS-N filings requiring substantial public disclosure of their operations and their broker-dealer operator’s ATS-related activities. Summary - On July 18, 2018,...more
On March 14, 2018, the Securities and Exchange Commission (SEC) proposed new Rule 610T of Regulation NMS, which would establish a pilot program to study the effects of potential changes considered by the SEC on certain...more
On March 14, 2018, the Securities and Exchange Commission (SEC) proposed Rule 610T of Regulation NMS under the Securities Exchange Act of 1934 to conduct a pilot program (Pilot) to study the effect of equity exchange...more
BROKER-DEALER - SEC Proposes Transaction Fee Pilot Program On March 14, the Securities and Exchange Commission proposed new Rule 610T of Regulation National Market System (Reg NMS), which would create a Transaction Fee...more
SEC/CORPORATE - On May 4, Jay Clayton was sworn into office as the new chairman of the Securities and Exchange Commission. As discussed in the January 6 edition of the Corporate & Financial Weekly Digest, Mr. Clayton was a...more
In case you missed it, Investors’ Exchange LLC (IEX), which the SEC approved last June as the first new national stock exchange since 2010, began operations on September 2, 2016 according to its website. This is newsworthy...more
The U.S. Securities and Exchange Commission (SEC) has published proposed amendments to Rule 606 under Regulation NMS of the Securities Exchange Act of 1934 (Exchange Act), which would require broker-dealers to disclose...more
Court Refuses to Dismiss Malpractice Claim Against MF Global Accountant: PriceWaterhouseCoopers LLP failed in its effort to have a federal court in New York City dismiss a malpractice claim brought against it by the plan...more
BROKER-DEALER - FINRA Issues Notice Regarding SEC’s Approval of New NMS Stock Recording and Reporting Requirements Rule - On August 8, the Financial Industry Regulatory Authority issued Regulatory Notice 16-28,...more
BROKER-DEALER - FINRA Adopts Amendments on Resumption of Trading - The Financial Industry Regulatory Authority has adopted amendments to clarify the operation of the Regulation NMS Plan to Address Extraordinary...more