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Oct 22, 2024 | 
law360.com | Charles Sommers |Andrew Blake |Thomas Archer
By Charles Sommers, Andrew Blake and Thomas Archer ( October 22, 2024, 2:00 PM EDT) -- On Sept. 18, in a unanimous vote, the U.S. Securities and Exchange Commission adopted rules amending the minimum pricing increments, or tick sizes,[1] for the quoting and trading of national market system stocks under Rule 612 of Regulation NMS.... Law360 is on it, so you are, too.
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Oct 8, 2024 | 
lexology.com | Michael D. Wolk |Charles Sommers |W. Hardy Callcott |Michael J. Ogershok |Thomas Archer
On September 20, 2024, the SEC approved proposed rule changes submitted by FINRA and the MSRB to require reporting of trades in most fixed-income securities and municipal securities to FINRA’s TRACE or the MSRB’s RTRS “as soon as practicable” but no later than one minute from the time the trade was executed, subject to certain exceptions for manual trades and firms with limited trading activity.
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Jul 9, 2024 | 
lexology.com | W. Hardy Callcott |Stephen Cohen |Ranah Esmaili |John I. Sakhleh |Charles Sommers |Daniel P. Atchue
On May 23, 2024, Gurbir S.
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Jun 4, 2024 | 
lexology.com | Andrew Blake |Colleen Brown |W. Hardy Callcott |Stephen Cohen |David Lashway |Charles Sommers | +2 more
To view this article you need a PDF viewer such as Adobe Reader. If you can't read this PDF, you can view its text here. Go back to the PDF. USAJune 4 2024On May 16, 2024, the U.S. Securities and Exchange Commission (SEC) adopted amendments to its Regulation S-P.
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Apr 18, 2024 | 
lexology.com | Andrew Blake |John I. Sakhleh |Charles Sommers |Michael D. Wolk |Michael J. Ogershok |Jorge Ortiz
On March 6, 2024, in a unanimous vote, the U.S. Securities and Exchange Commission (SEC) adopted amendments to the disclosure requirements under Rule 605 of Regulation NMS for executions on covered orders in national market system (NMS) stocks (the Final Rule).1 The Final Rule seeks to modernize and enhance execution quality reporting and, among other things, (i) expands the scope of entities subject to Rule 605, (ii) modifies the categorization and content of order information required to be...
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Mar 4, 2024 | 
lexology.com | Jay G. Baris |Charles Sommers
Click here to listen to the audioAre you now a securities dealer?
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Feb 12, 2024 | 
lexology.com | Charles Sommers |Andrew Blake |W. Hardy Callcott |Kevin J. Campion |David Katz |Patrick M. Mellon | +2 more
On February 6, 2024, in a 3–2 vote along party lines, the U.S. Securities and Exchange Commission (SEC) adopted rules that further define what constitutes “dealer” or “government securities dealer” activity for purposes of the Securities Exchange Act of 1934 (Exchange Act).1 The adopted rules generally require any person that engages in a regular pattern of buying and selling securities (or government securities) that has the effect of providing liquidity to other market participants to have...
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Nov 8, 2023 | 
lexology.com | Andrew Blake |Charles Sommers |Michael J. Ogershok
On October 18, 2023, in a 3-2 vote along party lines, the U.S. Securities and Exchange Commission (SEC or Commission) proposed new Rule 6b-1 under the Securities Exchange Act of 1934 (Exchange Act), which would prohibit national securities exchanges from offering volume-based transaction pricing in connection with the execution of agency or riskless principal-related orders in national market system (NMS) stocks1 The rule would also require exchanges that offer such pricing in connection with...
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Jun 29, 2023 | 
lexology.com | Sonia Gupta Barros |Colleen Brown |Charles Sommers |Sasha P. Hondagneu-Messner
On June 13, 2023, the Office of Management and Budget released its Spring 2023 Unified Agenda of Regulatory and Deregulatory Actions, which includes updates on Securities and Exchange Commission (“SEC”) proposed rules. The SEC pushed back its estimate for the final action date to October 2023 for its proposed cybersecurity rules related to public companies, as well as for its investment advisers and funds proposal.
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Apr 26, 2023 | 
lexology.com | Andrew Blake |Charles Sommers |Lilya Tessler |Conner Brown |Michael J. Ogershok |Andrew J. Sioson
On April 14, 2023, the U.S. Securities and Exchange Commission (SEC) reopened the comment period — for the second time — for proposed amendments to Rule 3b-16 (the Proposal) under the Securities Exchange Act of 1934 (Exchange Act), which defines certain terms used in the statutory definition of “exchange,” excludes certain systems from the definition of exchange, and provides a functional test to assess whether a trading platform meets the definition of exchange.
