SEC Proposes Equity Market Structure Revamp and Regulation Best Execution

3 January 2023
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Key Takeaways:
  • On December 14, 2022, the U.S. Securities and Exchange Commission (the “SEC”) voted to approve four proposals that taken together represent the most significant market structure reforms since Regulation NMS was adopted in 2005.
  • Each of the proposals addresses a different aspect of market structure: (i) disclosure of order execution information; (ii) Regulation NMS; (iii) order competition rule; and (iv) Regulation Best Execution.
  • The SEC has indicated that the comment period for each proposal will remain open until the later of March 31, 2023 or 60 days after publication in the Federal Register.