Securities and Exchange Commission
Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Securities and Exchange Commission [Release No. 34-105136] April 1, 2026. I. Introduction Rule 605 of Regulation NMS  [ 1 ] under the Securities Exchange Act of 1934 ( printed page 17314) (“Exchange Act”)  [ 2 ] requires certain market participants to make available to the public monthly electronic reports on order executions in national market system stocks (“NMS stocks”)  [ 3 ] that include uniform statistical measures of execution quality. [ 4 ] In 2024, the Commission adopted amendments that updated the disclosures required under Rule 605. [ 5 ] The amendments expanded the scope of entities subject to Rule 605 (including larger broker-dealers, in addition to market centers), [ 6 ] modified the categorization and content of order information required to be disclosed in the detailed execution quality reports published under Rule 605 (including by modifying the scope of covered orders subject to disclosures), and required reporting entities to produce a summary report of execution quality in addition to the existing detailed disclosures regarding execution quality for covered orders in NMS stocks. [ 7 ] The Commission, by the Division of Trading and Markets pursuant to delegated authority, previously granted several exemptive requests from Rule 605 to market participants. [ 8 ] By letter dated June 24, 2024, [ 9 ] the Financial Information Forum (“FIF”), among other things, requests that the Commission provide an excep…
Citation: 91 FR 17313
