SEC Extends BDs’ Compliance Deadline With Amended Reg NMS
April 30, 2019 by Melanie Waddell
The Securities and Exchange Commission has extended the deadline for broker-dealers to comply with recently adopted amendments to Rule 606 of Regulation National Market System, or Reg NMS, which requires BDs to provide additional disclosures concerning the handling of customer orders.
Broker-dealers have told the agency they need more time beyond the May 20 deadline, so the agency has moved it to Oct. 1.
“The Commission understands that, as broker-dealers have worked to meet the May 20, 2019, compliance date set forth in the Adopting Release, some have determined that additional time is needed to complete the systems changes and implement business process changes necessary to comply with the amended rule,” the SEC said Wednesday.
On Nov. 2, 2018, the Commission adopted amendments to Rules 600, 605, and 606 of Reg NMS.