SEC Sets Effective Date on Order Execution Disclosure Amendments

An SEC rule expanding the disclosure requirements under Regulation NMS Rule 605 ("Disclosure of order execution information") will go into effect on June 14, 2024.

The rule requires "market centers" to make available standardized, monthly reports of statistical information concerning order executions in national market systems ("NMS") stocks. The amendments (i) expand the scope of reporting entities to include broker-dealers who introduce or carry 100,000 or more customer accounts and (ii) modify the definition of a "covered order" to include certain orders submitted outside of regular trading hours and certain orders submitted with stop prices. (See related coverage.)

The final rule was published in the Federal Register.