2026-08721: Technical Amendments to Rule 610(e) of Regulation NMS and to Delegation of Authority To Grant or Deny Exemptions From Rule 610 of Regulation NMS
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The Securities and Exchange Commission ("Commission") is adopting technical amendments to correct an outdated cross-reference in its rules relating to locking and crossing quotations, and to correct an outdated cross-reference in its rules delegating authority to the Commission's staff to grant certain exemptions.
The agency’s own summary, as published.
The rule, in full
1,174 words as published, May 05, 2026. View the original →
Federal Register, Volume 91 Issue 86 (Tuesday, May 5, 2026) [Federal Register Volume 91, Number 86 (Tuesday, May 5, 2026)] [Rules and Regulations] [Pages 24115-24116] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 2026-08721] ======================================================================== Rules and Regulations Federal Register ________________________________________________________________________ This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510. The Code of Federal Regulations is sold by the Superintendent of Documents. ======================================================================== Federal Register / Vol. 91, No. 86 / Tuesday, May 5, 2026 / Rules and Regulations [[Page 24115]] SECURITIES AND EXCHANGE COMMISSION 17 CFR Parts 200 and 242 [Release No. 34-105346] Technical Amendments to Rule 610(e) of Regulation NMS and to Delegation of Authority To Grant or Deny Exemptions From Rule 610 of Regulation NMS
Agency
Securities and Exchange Commission.
Action
Final rule; technical amendment. -----------------------------------------------------------------------
Summary
The Securities and Exchange Commission (``Commission'') is adopting technical amendments to correct an outdated cross-reference in its rules relating to locking and crossing quotations, and to correct an outdated cross-reference in its rules delegating authority to the Commission's staff to grant certain exemptions.
Dates
The amendments are effective May 5, 2026.
For Further Information Contact
Jennifer Dodd, Special Counsel, Office of Market Supervision, at (202) 551-5500, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549.
Supplementary Information
The Commission is adopting technical amendments to the following rules: ------------------------------------------------------------------------ CFR Commission reference citation (17 CFR) ------------------------------------------------------------------------ Securities Exchange Act of 1934 (``Exchange Act'')......... Sec. 200.30-3 Regulation NMS: Rule 610................................... Sec. 242.610 ------------------------------------------------------------------------
I. Introduction
Pursuant to Rule 610(e)(1) of Regulation NMS under the Exchange Act, each national securities exchange and national securities association shall establish, maintain, and enforce written rules that require its members reasonably to avoid displaying quotations that lock or cross any protected quotation in an NMS stock; and displaying manual quotations that lock or cross any quotation in an NMS stock disseminated pursuant to an effective national market system plan.\1\ Rule 610(e)(3) requires that each national securities exchange and national securities association shall also establish, maintain, and enforce written rules that prohibit its members from engaging in a pattern or practice of displaying quotations that lock or cross any protected quotation in an NMS stock, or of displaying manual quotations that lock or cross any quotation in an NMS stock disseminated pursuant to an effective national market system plan, other than displaying quotations that lock or cross any protected or other quotation as permitted by an exception contained in its ``rules established pursuant to paragraph (d)(1)'' of Rule 610.\2\ On September 18, 2024, the Commission adopted Regulation NMS: Minimum Pricing Increments, Access Fees and Transparency of Better Priced Orders \3\ which, among other things, renumbered former paragraph (d) of Rule 610 as paragraph (e), without making any substantive changes. This amendment makes a technical correction to Rule 610(e)(3) to reflect that the cross reference to ``paragraph (d)(1)'' should be updated to instead reference ``paragraph (e)(1)'' to conform to such renumbering. --------------------------------------------------------------------------- \1\ 17 CFR 242.610(e)(1). \2\ 17 CFR 242.610(e)(3). \3\ See Securities Exchange Act Release No. 101070, 89 FR 81620 (Oct. 8, 2024) (Regulation NMS 2024 Release). --------------------------------------------------------------------------- Pursuant to 17 CFR 200.30-3, the Commission has delegated certain functions to the Director of the Division of Trading and Markets (``Director'') to be performed by the Director or under the Director's direction by such person or persons as may be designated from time to time by the Chairman of the Commission, including the authority to grant and deny exemptions from Rule 610. The Commission is amending 17 CFR 200.30-3(a)(81) to correct an outdated cross-reference to the subsection of Rule 610 that authorizes the Commission to grant exemptions from Rule 610. Currently, 17 CFR 200.30-3(a)(81) states that the Commission delegates to the Director the ability to ``grant or deny exemptions from Rule 610 (17 CFR 242.610), pursuant to Rule 610(e) (17 CFR 242.610(e)).'' As discussed above, in the Regulation NMS 2024 Release, the Commission renumbered certain paragraphs of Rule 610, including renumbering Rule 610(e), which previously provided the Commission's authority to grant exemptions from Rule 610, as Rule 610(f), without making any substantive changes to such authority. This amendment makes a technical correction to 17 CFR 200.30-3(a)(81) to reflect such renumbering. Statutory Authority We are adopting these technical amendments under the authority set forth in sections 4A and 23(a) of the Securities Exchange Act of 1934. List of Subjects 17 CFR Part 200 Authority delegations (Government agencies). 17 CFR Part 242 Brokers, Reporting and recordkeeping requirements, Securities. Text of Amendments For reasons set forth in the preamble, title 17, chapter II of the Code of Federal Regulations is amended as follows: PART 200--ORGANIZATION; CONDUCT AND ETHICS; AND INFORMATION AND REQUESTS Subpart A--Organization and Program Management 0
1. The authority citation for part 200 continues to read as follows:
Authority: 5 U.S.C. 552, 552a, 552b, and 557; 11 U.S.C. 901 and 1109(a); 15 U.S.C. 77c, 77e, 77f, 77g, 77h, 77j, 77o, 77q, 77s, 77u, 77z-3, 77ggg(a), 77hhh, 77sss, 77uuu, 78b, 78c(b), 78d, 78d-1, 78d- 2, 78e, 78f, 78g, 78h, 78i, 78k, 78k-1, 78l, 78m, 78n, 78o, 78o-4, 78q, 78q-1, 78t-1, 78u, 78w, 78ll(d), 78mm, 78eee, 80a-8, 80a-20, 80a-24, 80a-29, 80a-37, 80a-41, 80a-44(a), 80a-44(b), 80b-3, 80b-4, 80b-5, 80b-9, 80b-10(a), 80b-11, 7202, and 7211 et seq.; 29 U.S.C. 794; 44 U.S.C. 3506 and 3507; Reorganization Plan No. 10 of 1950 (15 U.S.C. 78d); sec. 8G, Pub. L. 95-452, 92 Stat. 1101 (5 U.S.C. App.); sec. 913, Pub. L. 111-203, 124 Stat. 1376, 1827; sec. 3(a), Pub. L. 114-185, 130 Stat. 538; E.O. 11222, 30 FR 6469, 3 CFR, 1964-1965 Comp., p. 36; E.O. 12356, 47 FR 14874, 3 CFR, 1982 Comp., p. 166; E.O. 12600, 52 FR 23781, 3 CFR, 1987 Comp., p. 235; Information Security Oversight Office Directive No. 1, 47 [[Page 24116]] FR 27836; and 5 CFR 735.104 and 5 CFR parts 2634 and 2635, unless otherwise noted. 0
2. Amend Sec. 200.30-3 by revising paragraph (a)(81) to read as
follows: Sec. 200.30-3 Delegation of authority to Director of Division of Trading and Markets. * * * * * (a) * * * (81) To grant or deny exemptions from Rule 610 (17 CFR 242.610), pursuant to Rule 610(f) (17 CFR 242.610(f)). * * * * * PART 242--REGULATIONS M, SHO, ATS, AC, NMS, SE, AND SBSR, AND CUSTOMER MARGIN REQUIREMENTS FOR SECURITY FUTURES 0
3. The authority citation for part 242 continues to read as follows:
Authority: 15 U.S.C. 77g, 77q(a), 77s(a), 78b, 78c, 78c-4, 78g(c)(2), 78i(a), 78j, 78k-1(c), 78l, 78m, 78n, 78o(b), 78o(c), 78o(g), 78q(a), 78q(b), 78q(h), 78w(a), 78dd-1, 78mm, 80a-23, 80a- 29, 80a-37, and 8343. Sec. 242.610 [Amended] 0
4. Amend Sec. 242.610 in paragraph (e)(3) by removing the text
``paragraph (d)(1)'' and adding in its place ``paragraph (e)(1)''. Dated: May 1, 2026.
J. Matthew DeLesDernier,
Deputy Secretary. [FR Doc. 2026-08721 Filed 5-4-26; 8:45 am] BILLING CODE 8011-01-P
What this changes
Amends 2 parts of the Code of Federal Regulations — the standing rules this notice rewrites.
Documents
- Full text (Federal Register) · May 05, 2026
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