The SEC extended the compliance date for certain Regulation NMS rule amendments that were adopted to increase the transparency of broker-dealers' "handling and routing of orders in NMS stock." The compliance date for broker-dealers to meet the disclosure requirements under Rules 606(a) and 606(b) was extended from May 20, 2019 to September 30, 2019.
As previously covered, the recently adopted amendments to Rules 606(a) and 606(b) will (i) require broker-dealers to disclose, upon request, the routing and execution of a customer's NMS stock orders submitted for the prior six months, subject to two de minimis exceptions, and (ii) expand the existing quarterly public order-routing disclosure requirement to include NMS stock orders submitted on a held basis and to make targeted enhancements.
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