SIFMA Submits Comments and Petition for Disapproval of Proposal to Extend a Fee Pilot Program for NASDAQ Last Sale

SIFMA submitted comments and a petition to the SEC for disapproval of a proposed rule change to extend for three months the fee pilot program for the distribution of NASDAQ Last Sale market data products.

According to the letter, the rule change is unlawful because it is based on invalid grounds and omitted cost data, and otherwise fails to comport with the Exchange Act, as interpreted by the D.C. Circuit decision in NetCoalition v. SEC. The NetCoalition decision generally requires the SEC to review cost data or other relevant evidence to meet the SEC's "competitive forces" test before approving this or any other future market data fee filing.

See: SIFMA Comment Letter.