2020-18572: Rescission of Effective-Upon-Filing Procedure for NMS Plan Fee Amendments and Modified Procedures for Proposed NMS Plans and Plan Amendments

Summary

The Securities and Exchange Commission ("Commission" or "SEC") is amending Regulation NMS under the Securities Exchange Act of 1934 ("Exchange Act") to rescind a provision that allows a proposed amendment to a national market system plan ("NMS plan") to become effective upon filing if the proposed amendment establishes or changes a fee or other charge. As a result of rescinding the provision, such a proposed amendment instead will be subject to the procedures under which there must be an opportunity for public comment and Commission approval by order prior to effectiveness. The Commission also is amending its regulations to require that proposed NMS plans and proposed amendments to existing NMS plans be filed with the Commission by email, and is amending its regulations to modify the procedures applicable to the Commission's handling of proposed NMS plans and plan amendments, including fee amendments. Finally, the Commission is adopting amendments to its rules of practice regarding disapproval proceedings and its delegations of authority to the Director of the Division of Trading and Markets ("Division").

The agency’s own summary, as published.

What this changes

Amends 4 parts of the Code of Federal Regulations — the standing rules this notice rewrites.

• 17 CFR 200 Organization; Conduct and Ethics; and Information and Requests
• 17 CFR 201 Rules of Practice
• 17 CFR 240 General Rules and Regulations, Securities Exchange Act of 1934
• 17 CFR 242 Regulations M, Sho, ATS, AC, NMS, SE, and SBSR, and Customer Margin Requirements for Security Futures