SIFMA Submits Reply Brief to SEC Regarding Procedures to Be Adopted in NYSE Proceedings

SIFMA filed a reply brief in connection with its application for review of certain NYSE and other exchange data fees. SIFMA's brief focuses on procedural issues, including whether exchange market data is a service offered by the exchanges and, therefore, whether market data fees can be challenged under Exchange Act Section 19(d) ("Registration, Responsibilities, and Oversight of Self-Regulatory Organizations"). Assuming a challenge can be made, the brief also focused on the applicable standard of review. SIFMA argues that the plain language of Section 19(d) makes it clear that the SEC must disapprove the fees unless it finds them to be consistent with all applicable regulatory requirements, including the requirement that they be "fair and reasonable."

See: SIFMA Reply Brief.