The Securities and Exchange Commission (SEC) has announced a temporary exemption from specific compliance dates stemming from Regulation NMS, which addresses Minimum Pricing Increments, Access Fees, and Transparency of Better Priced Orders. This relief also extends to exchanges, postponing their requirement to file proposed rule changes reflecting the round lot definition outlined in Rule 600(b)(93) of Regulation NMS. This particular extension will remain in effect until 30 calendar days after the current lapse in appropriations concludes.
This decision by the Commission was made in response to several factors. It follows the U.S. Court of Appeals for the District of Columbia Circuit's denial of a petition for review and anticipates the eventual lifting of the Commission's partial stay on the effect of amendments to Rules 600(b)(89)(i)(F), 610(c), and 612, once the judicial review process is complete. Furthermore, the SEC expressed concern regarding the capacity of market participants to meet certain amendment compliance deadlines, notably November 3, 2025, amidst the ongoing lapse in appropriations.
SEC Chairman Paul S. Atkins commented on the order, stating, "The order issued today will provide clarity to the market regarding certain upcoming compliance dates. In light of recent events, exemptive relief from the Nov. 3, 2025, compliance date is necessary to facilitate orderly market functions."