On October 31st, the SEC issued an order granting temporary exemptive relief from certain compliance dates for Rules 600(b)(89)(i)(F), 610, and 612, all adopted under Regulation National Market System (Regulation NMS). Due to recent events, the SEC deemed exemptive relief from the November 3, 2025, compliance date necessary in order to facilitate orderly market functions.
In September 2024, the SEC approved amendments to certain rules under Regulation NMS that would update variable minimum pricing increments for the quoting and trading of NMS stocks, reduce the access fee caps, and increase the transparency of better-priced orders placed in the NMS.
The order grants temporary exemptive relief for the following rules:
- Rules 600(b)(89)(i)(F) and 612 of Regulation NMS, which implement the amended minimum pricing increment (exemptive relief through the first business day of November 2026)
- Rule 610(c) of Regulation NMS, which implements the amended access fee caps (exemptive relief through the first business day of November 2026)
- Rule 610(d) of Regulation NMS, which implements the requirement that exchange fees be determinable at the time of execution (exemptive relief through the first business day of February 2026)
Additionally, the SEC 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 after the end of the lapse in appropriations.
For more information, please see the Order Granting Temporary Exemptive Relief on the SEC’s website.
Sources:
SEC Issues Exemptive Order Regarding Compliance with Certain Rules Under Regulation NMS (sec.gov)
Order Granting Temporary Exemptive Relief (sec.gov)
