Statement on the Proposed Amendments to Regulation NMS
AI Analysis
Commissioner Uyeda’s statement announces a proposed SEC rollback of core Regulation NMS protections, centered on rescinding Rule 611’s trade-through prohibition and Rule 610(e)’s locked/crossed market restrictions. The proposal matters because it would materially change how national market system stocks are quoted and executed, shifting market structure obligations away from federal price-protection rules.
Key dates
- 2026-06-11
- SEC issued the proposed amendments to rescind Regulation NMS Rule 611 and Rule 610(e)
- 2026-08-17 Deadline
- Public comment period closes according to contemporaneous SEC practitioner coverage of the proposal
Suggested considerations
- Compliance teams may wish to review whether routing, best-execution, and market access controls rely on the continued operation of Rule 611 protected quotation logic.
- Firms may wish to assess whether any surveillance, OMS/EMS configuration, or venue selection logic should be updated if trade-through and locked/crossed market protections are rescinded.
- Market participants may wish to monitor the SEC comment process and any conforming amendments that could affect execution quality metrics, routing obligations, and exchange rulebooks.
What changed
The SEC proposes to rescind Rule 611 of Regulation NMS, which currently prohibits trade-throughs in national market system stocks. It also proposes to rescind Rule 610(e), which restricts locking and crossing quotations in national market system stocks. The proposal would additionally remove related defined terms in Rule 600 and make conforming changes to related provisions. Separately, the SEC’s June 11, 2026 action is paired in the market with other Regulation NMS changes discussed in contemporaneous materials, but this statement itself is focused on the rollback of the trade-through and locked/crossed market rules.
Compliance impact
The SEC describes this as a significant restructuring of Regulation NMS that would remove core federal protections against trade-throughs and locked/crossed quotations. For firms active in U.S. equities, the practical impact would likely be broad, because routing, execution oversight, and venue behavior would no longer be governed by those specific Rule 611 and Rule 610(e) constraints.
Who is affected
Related regulations
References
AI-generated analysis. May contain errors or omissions — verify with the original SEC source before acting. Full disclaimer.
What the SEC said
Commissioner Mark T. Uyeda
Published by SEC . Read the full notice at the source for the authoritative text.