Federal Register: SEC Proposes Rescinding Certain Regulation NMS Provisions on Fee Change Amendments

The SEC proposal to rescind certain exceptions concerning national market system plan fee changes was published in the Federal Register. Comments must be submitted by December 10, 2019.

As previously covered, 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.