The SEC published in the Federal Register amendments to Regulation NMS that expand national market system information required to be collected, consolidated and disseminated "with respect to quotations for, and transactions in, national market system stocks." The amendments will go into effect on June 8, 2021.
With regard to the transition and compliance dates, the SEC stated that the amendments should be implemented in three phases in order to: (i) facilitate an orderly transition; (ii) avoid unnecessary stress on the functioning of the market; and (iii) avoid unnecessary and duplicative programming and development by existing market participants. The three phases are intended to address comments on the uncertainty surrounding the details of the proposed transition period, establishing "finite time limits for the steps in the transition process based on discrete periods of time from key implementation milestones."
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