The Securities and Exchange Commission announced that it has issued an exemptive order regarding compliance with certain rules under Regulation NMS.
Regulation NMS, adopted in 2005, established substantive rules designed to modernize and strengthen the regulatory structure of the U.S. equities market. The SEC’s order grants temporary exemptive relief from certain compliance dates adopted under the regulation: Minimum Pricing Increments, Access Fees and Transparency of Better Priced Orders.
The exemptions were as follows:
-Rules 600(b)(89)(i)(F) and 612 of Regulation NMS implementing the amended minimum pricing increment: Until the first business day of November 2026.
-Rule 610(c) of Regulation NMS implementing the amended access fee caps: Until the first business day of November 2026.
-Rule 610(d) of Regulation NMS implementing the requirement that exchange fees be determinable at the time of execution: Until the first business day of February 2026.
The SEC said it was also giving the exchanges temporary relief from the requirement to file proposed rule changes to amend any exchange rules to reflect the round lot definition in Rule 600(b)(93) of Regulation NMS until 30 calendar days following the end of the lapse in appropriations.
The commission said it is granting this exemptive relief due to denial of a petition for review issued by the U.S. Court of Appeals for the District of Columbia Circuit. The action was also taken in anticipation of an end to the SEC’s partial stay of the effect of the amendments to Rules 600(b)(89)(i)(F), 610(c) and 612 upon the completion of judicial review, as well as concerns about market participants’ ability to comply with certain amendments by Nov. 3, 2025, during the lapse in appropriations.
“The order issued today will provide clarity to the market regarding certain upcoming compliance dates, said SEC Chairman Paul S. Atkins. “In light of recent events, exemptive relief from the Nov. 3, 2025, compliance date is necessary to facilitate orderly market functions.”
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