The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS

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 17 CFR Parts 240 and 242 [Release No. 34-105655; File No. S7-2026-20] RIN 3235-AN50 ( printed page 36656) AGENCY: Securities and Exchange Commission. ACTION: Proposed rule. SUMMARY: The Securities and Exchange Commission (“Commission” or “SEC”) is proposing amendments to Regulation NMS (“Regulation NMS”) under the Securities Exchange Act of 1934 (“Exchange Act”). The proposed amendments would rescind the trade-through rule for NMS stocks, the provision regarding locking and crossing quotations for NMS stocks, and certain defined terms. The proposed amendments would also make conforming changes to other related provisions. DATES: Comments should be received on or before August 17, 2026. ADDRESSES: Comments may be submitted by any of the following methods: Electronic Comments Use the Commission's internet comment form ( https://www.sec.gov/​comments/​s7-2026-20/​amendments-regulation-nms ); or Send an email to rule-comments@sec.gov . Please include File Number S7-2026-20 on the subject line. Paper Comments Send paper comments to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number S7-2026-20. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method of submission. The Commission will…