SEC Extends Regulation NMS Compliance Deadlines

The SEC issued an Order granting temporary exemptive relief from several upcoming compliance dates under Regulation NMS amendments related to minimum pricing increments, access fees and timing for determination of exchange fees and rebates.  

The SEC extended the compliance dates for the amended minimum pricing increment rules to the first business day of November 2026. 

The SEC extended the compliance dates for the amended access fee cap rules to the first business day of November 2026.

The SEC extended the compliance date for the rule requiring exchange fees and rebates to be determinable at the time of execution to the first business day of February 2026. The SEC noted that the extension allows exchanges additional time to file the required proposed rule changes to amend their fee schedules, which cannot be completed during the current government shutdown.

The SEC also maintained the original compliance date of the first business day of November 2025 for implementation of the new "Round Lot" definition ("Rule 600(b)(93)") but granted exchanges temporary relief from filing related rule amendments. The SEC explained that exchanges must submit related rule amendments within 30 calendar days following the end of the lapse in appropriations, ensuring that rule filings can occur in an orderly manner once normal operations resume.

The SEC cited two principal reasons for ordering the relief: (i) the D.C. Circuit’s recent denial of petitions for review, which concluded litigation that had partially stayed certain Regulation NMS rules; and (ii) the ongoing government shutdown, which prevents national securities exchanges from filing required proposed rule changes. The SEC stated that the temporary relief was necessary to provide market participants with additional time to make systems changes and ensure compliance with the amended requirements.