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SEC Extends Adopted Amendments to Rule 606
Traders Magazine Online News, April 29, 2019
The Securities and Exchange Commission (SEC) has eased back on compliance for one of its Rules.
When it comes to order handling, the SEC remains vigilant and continues to implement changes and amendments to several of the regulations that govern order handling – such as 600, 605 and 606 of RegNMS. While the effective date for the amendments to Rules 600, 605, and 606 of Regulation NMS remain January 18, 2019. The compliance date for the recently adopted amendments to Rule 606 is extended.
The compliance date remains May 20, 2019 for all other amendments not subject to this extension.
Here is the statement from the SEC:
The Commission is extending the compliance date for the recently adopted amendments to Rule 606 of Regulation National Market System (“Regulation NMS”) under the Securities Exchange Act of 1934 (“Exchange Act”), which require additional disclosures by broker-dealers to customers concerning the handling of customer orders.
Specifically, the Commission is extending the compliance date for the recently adopted amendments to Rule 606. Following September 30, 2019, broker-dealers must begin to collect the information required by Rules 606(a) and 606(b) as amended. The compliance date remains May 20, 2019 for the amendments to Rule 605.
The Commission is extending the compliance date for the recently adopted amendments to Rule 606 in order to give broker-dealers additional time to develop, program, and test for compliance with the new and amended requirements of the rule.
DATES: The effective date for this release is [insert date of publication in Federal Register]. The effective date for the amendments to Rules 600, 605, and 606 of Regulation NMS remains January 18, 2019.
Please click on this link for the complete SEC analysis and timeframe.
https://www.sec.gov/rules/final/2019/34-85714.pdf
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