EMSAC to Examine Reg NMS "Order Protection Rule" and SRO Rule-Based Limitations

The SEC Equity Market Structure Advisory Committee ("EMSAC") will meet on April 5, 2017. EMSAC will consider updates from the Regulation NMS subcommittee on the Regulation NMS Rule 611 (Order Protection Rule) and the Trading Venues Regulation subcommittee on SRO rule-based limitations of liability and regulatory centralization.

The published meeting agenda is as follows:

9:30 a.m. Welcoming Remarks by Acting SEC Chair Piwowar, Commissioner Stein, and Acting Director of Trading and Markets Heather Seidel

10:00 a.m. Regulation NMS Subcommittee Presentation and Preliminary Recommendations Relating to Rule 611

10:10 a.m. Discussion of Rule 611 and Preliminary Recommendations

• Jeff Brown, SVP, Legislative & Regulatory Affairs, Charles Schwab
• Charles Jones, Professor of Finance & Economics, Columbia Business School
• Adam Nunes, Head of Business Development, Hudson River Trading
• Paul Russo, Global Co-COO – Equities, Goldman Sachs
• Thomas Wittman, EVP for Global Equities & CEO, NASDAQ/PHLX/ISE/BX Exchanges

11:30 a.m. Lunch

12:30 p.m. Trading Venues Regulation Subcommittee Presentation on Regulatory Centralization and Preliminary Recommendations Relating to SRO Rule-Based Limitations of Liability

12:40 p.m. Discussion of Regulatory Centralization and Preliminary Recommendations

• Anthony Albanese, Chief Regulatory Officer, NYSE
• Lev Bagramian, Senior Securities Policy Advisor, Better Markets, Inc.
• Thomas Gira, EVP, Market Regulation & Transparency Services, FINRA
• John Kerin, CEO & President, Chicago Stock Exchange
• Brett Redfearn, Global Head of Equity Market Structure Strategy, JP Morgan Securities

2:00 p.m. Break

2:15 p.m. Market Quality Subcommittee Status Report to the Committee

2:45 p.m. Customer Issues Subcommittee Status Report to the Committee

3:15 p.m. Discussion of Next Steps / Adjournment