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. 34-105656] June 11, 2026. I. Introduction On September 18, 2024, the Securities and Exchange Commission (“SEC” or “Commission”) adopted Regulation NMS: Minimum Pricing Increments, Access Fees and Transparency of Better Priced Orders, [ 1 ] which among other things: (1) amended Rule 612 of Regulation NMS to establish a minimum pricing increment of $0.005 for bids, offers, orders and indications of interest that are priced equal to or greater than $1.00 per share in certain NMS stocks;  [ 2 ] (2) reduced the level of the access fee caps under Rule 610(c) of Regulation NMS to $0.001 per share for protected quotations and other best bids and offers in NMS stocks priced at $1.00 or more per share and 0.1 percent of the quotation price for protected quotations and other best bids and offers in NMS stocks priced less than $1.00 per share, [ 3 ] and adopted Rule 610(d) of Regulation NMS  [ 4 ] to require all exchange fees and rebates to be determinable at the time of execution; and (3) accelerated the implementation of the round lot  [ 5 ] and odd-lot information  [ 6 ] definitions in Rule 600(b) of Regulation NMS and added information about the best odd-lot order to the definition of odd-lot information. [ 7 ] After the Commission issued the Adopting Release, between September 18, 2024, and October 30, 2024, petitions seeking review of certain of the amended rules were filed in the U.…
Citation: 91 FR 36022
