The Securities and Exchange Commission today issued an order granting temporary exemptive relief from certain compliance dates adopted under Regulation NMS: Minimum Pricing Increments, Access Fees and Transparency of Better Priced Orders as follows:
- Rules 600(b)(89)(i)(F) and 612 of Regulation NMS implementing the amended minimum pricing increment: Until the first business day of November 2026.
- Rule 610(c) of Regulation NMS implementing the amended access fee caps: Until the first business day of November 2026.
- Rule 610(d) of Regulation NMS implementing the requirement that exchange fees be determinable at the time of execution: Until the first business day of February 2026.
The Commission also provided temporary exemptive relief to the exchanges from the requirement to file proposed rule changes to amend any exchange rules to reflect the round lot definition in Rule 600(b)(93) of Regulation NMS until 30 calendar days following the end of the lapse in appropriations.
The temporary exemptive relief was issued by the Commission in light of a denial of a petition for review issued by the U.S. Court of Appeals for the District of Columbia Circuit, and in anticipation of an end to the Commission’s partial stay of the effect of the amendments to Rules 600(b)(89)(i)(F), 610(c) and 612 upon the completion of judicial review, as well as concerns about market participants’ ability to comply with certain amendments by Nov. 3, 2025, during the lapse in appropriations.
"The order issued today will provide clarity to the market regarding certain upcoming compliance dates, said SEC Chairman Paul S. Atkins. "In light of recent events, exemptive relief from the Nov. 3, 2025, compliance date is necessary to facilitate orderly market functions.
