SEC Proposes New and Enhanced Order Handling Disclosure Requirements
On July 13, 2016, the Securities and Exchange Commission (“SEC”) proposed amendments (the “Proposal”) to Rule 606 of Regulation NMS that would require, for the first time, broker-dealers to disclose standardized information on their handling of large, “institutional-size” orders—both in response to individual, customer requests and on a quarterly, aggregated basis. The Proposal would also enhance current broker-dealer order routing disclosure requirements concerning smaller, “retail” orders.
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