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Is This The Best Execution We Can Get?, SEC Commissioner Hester M. Peirce, Dec. 14, 2022

Date 14/12/2022

Thank you, Mr. Chair. A broker’s best execution obligation is one of its fundamental duties to its customers. The customer relies on the broker to exercise its judgment to figure out how best to execute a trade to achieve the customer’s objectives. The broker, as agent, must follow its principal’s—meaning its customer’s—orders and, as articulated in judicial precedents going back at least to the nineteenth century, must do so in good faith.
Statement On Proposed Rule Regarding Best Execution, SEC Commissioner Mark T. Uyeda, Dec. 14, 2022

Date 14/12/2022

Thank you, Chair Gensler. As with any proposed rule, a central question should be: does this rule address an important problem or failure in the markets? If not, then given that government regulation typically imposes costs, and often has unintended negative consequences, we should be circumspect.
SEC Proposes Regulation Best Execution

Date 14/12/2022

The Securities and Exchange Commission today proposed Regulation Best Execution, which would establish through Commission rules a best execution regulatory framework for brokers, dealers, government securities brokers, government securities dealers, and municipal securities dealers. While a best execution rule was first established in 1968 by the National Association of Securities Dealers, Inc., the predecessor to the Financial Industry Regulatory Authority, Inc., the proposed rule, if adopted, would create the first SEC-established rule concerning best execution.
Statement On Proposed Amendments Regarding Order Execution Quality, SEC Chair Gary Gensler, Dec. 14, 2022

Date 14/12/2022

Today, the Commission will consider a proposal to enhance disclosure requirements for order execution quality. I am pleased to support this proposal because, if adopted, it would improve transparency on execution quality and facilitate investors’ ability to compare brokers, thereby enhancing competition in our markets.
Statement On Best Execution Proposal, SEC Chair Gary Gensler, Dec. 14, 2022

Date 14/12/2022

Today, the Commission will consider a proposal to establish a Commission rule setting forth a best execution standard and accompanying framework for broker-dealers. I am pleased to support this proposal because, if adopted, it would help ensure that brokers have policies and procedures in place to uphold one of their most important obligations: to seek best execution when trading securities, whether equities, fixed income, options, crypto security tokens, or other securities.

Statement On Minimum Price Increments, Access Fee Caps, Round Lots, And Odd-Lots, SEC Chair Gary Gensler, Dec. 14, 2022

Date 14/12/2022

Today, the Commission will consider a proposal regarding the equity markets, relating to minimum price increments (also known as tick size), access fee caps, round lots, and odd-lots. I am pleased to support this proposal because, if adopted, it would enhance competition and help level the playing field across the equity markets, benefitting retail and institutional investors alike.
Statement On Proposal To Enhance Order Competition, SEC Chair Gary Gensler, Dec. 14, 2022

Date 14/12/2022

Today, the Commission will consider a proposal to require a certain segment of the equity market — marketable orders of individual investors — to be exposed to competition in fair and open auctions. I am pleased to support this proposal because, if adopted, it would promote competition for the orders of individual investors, to the benefit of these investors and our capital markets as a whole.
Statement On Final Rule: “Insider Trading Arrangements And Related Disclosures”, SEC Commissioner Hester M. Peirce, Dec. 14, 2022

Date 14/12/2022

Thank you, Chair Gensler. While this rulemaking is more prescriptive and restrictive than I would have preferred, I support it for likely doing more good than bad. It should help insiders to trade without fear of liability, while making it more difficult to misuse 10b5-1 plans.
Statement On Final Amendments To Rule 10b5-1 And Other Insider Trading Requirements, SEC Chair Gary Gensler, Dec. 14, 2022

Date 14/12/2022

Today, the Commission will consider whether to adopt amendments to Rule 10b5-1, as well as new required corporate disclosures related to executive officers’ and directors’ trading. I am pleased to support these new requirements because, if adopted, they will help close potential gaps in our insider trading regime.
Statement On The Final Rule: Insider Trading Arrangements And Related Disclosures, SEC Commissioner Mark T. Uyeda, Dec. 14, 2022

Date 14/12/2022

Thank you, Chair Gensler. The Commission initially adopted rule 10b5-1 under the Securities Exchange Act of 1934 in the year 2000 and has not revised it since. In the past 22 years, thousands of public company employees, directors, and officers have entered into written plans designed to satisfy rule 10b5-1’s affirmative defenses. These “10b5-1 plans” have received much scrutiny because of concerns that corporate insiders have claimed reliance on an affirmative defense while possibly trading on the basis of material nonpublic information. Today’s amendments are intended to address these concerns, attempting to strike the right balance between (1) eliminating opportunistic behavior and (2) providing a rule that can be implemented on a practical basis. While I support the final amendments, which have been reached through discussions among the commissioners, I hope that market participants will provide the Commission with feedback on whether the right balance was struck.