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SEC Proposes Rescinding Certain Regulation NMS Provisions on Fee Change Amendments

Steven.Lofchie@cwt.com's picture
Commentary by Steven Lofchie

The SEC proposed rescinding certain exceptions under Regulation NMS concerning fee changes to a national market system plan.

Generally, Rules 608(a) and (b) of Regulation NMS require that amendments to an NMS plan (i) must be published in the Federal Register and be subject to public comment, and (ii) may be implemented only upon approval by the SEC. Rule 608(b)(3)(i) of Regulation NMS provides an exception under which fee changes may go into effect upon filing with the SEC without any public comment period or express SEC approval. The SEC proposes to do away with this exception.

Comments on the proposed amendment must be submitted within 60 days of its publication in the Federal Register.

Commentary

This is an early shot in what is likely to be an extended battle over potential revisions to the National Market System and, most importantly, how fees relating to trading through the system are charged.

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