The U.S. Securities and Exchange Commission issued an order granting temporary exemptive relief from certain compliance dates for recent Regulation NMS amendments covering minimum pricing increments, access fee caps and transparency-related requirements. Compliance with Rules 600(b)(89)(i)(F) and 612 (amended minimum pricing increment) and Rule 610(c) (amended access fee caps) is deferred until the first business day of November 2026, while compliance with Rule 610(d) (requirement that exchange fees be determinable at the time of execution) is deferred until the first business day of February 2026. The order also relieves exchanges from the requirement to file proposed rule changes to update exchange rules to reflect the round lot definition in Rule 600(b)(93) until 30 calendar days after the end of the lapse in appropriations. The SEC linked the relief to developments in related litigation, including the U.S. Court of Appeals for the District of Columbia Circuit’s denial of a petition for review, and to the anticipated end of the Commission’s partial stay upon completion of judicial review, alongside concerns about market participants’ ability to meet the 3 November 2025 compliance date during the lapse in appropriations.
U.S. Securities & Exchange Commission 2025-10-31
U.S. Securities and Exchange Commission grants temporary exemptive relief extending Regulation NMS compliance dates to February 2026 and November 2026
The U.S. Securities and Exchange Commission (SEC) granted temporary exemptive relief from certain compliance dates for Regulation NMS amendments, including minimum pricing increments and access fee caps. Compliance with specific rules is deferred to November 2026 and February 2026, due to ongoing litigation and concerns about market participants' readiness. The order also delays the requirement for exchanges to update rules reflecting the round lot definition until 30 days post-appropriations lapse.