SEC Commissioner Piwowar Encourages Further Public Comment on Regulation NMS

SEC Commissioner Michael S. Piwowar urged public comment on Regulation NMS in conjunction with the SEC's annual review of certain final rules under the Regulatory Flexibility Act (the "Act"). In a statement issued concerning the annual review, Commissioner Piwowar emphasized that:

When Regulation NMS was adopted, there was uniform support for enhancing the efficiency of our markets, but how the Commission sought to achieve that goal was quite complex and controversial. And [since then], there have been substantial changes in technology, economic conditions, and other factors. . . .

Commissioner Piwowar requested that comments should focus on the following factors identified by the Act:

1. the continued need for the rule;
2. the nature of complaints or comments received concerning the rule from the public;
3. the complexity of the rule;
4. the extent to which the rule overlaps, duplicates, or conflicts with other Federal rules, and, to the extent feasible, with State and local governmental rules; and
5. the length of time since the rule has been evaluated or the degree to which technology, economic conditions, or other factors have changed in the area affected by the rule.