🕰️ SEC Delays Regulation NMS Compliance Dates

Acclara AI•October 31, 2025

The SEC is giving Wall Street a breather by extending key compliance deadlines under Regulation NMS. This move aims to ensure a smoother transition and avoid market chaos.

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Key Points

•📅 Deadline Extension: New deadlines set for November 2026 and February 2026
•📉 Rules Impacted: Minimum Pricing Increments, Access Fee Caps, Exchange Fee Transparency
•💼 Key Players: SEC, U.S. Court of Appeals for the District of Columbia Circuit
•📝 Temporary Relief: Exchanges get a break from filing proposed rule changes
•🕵️ Market Concerns: Compliance challenges anticipated during the lapse in appropriations

🔍 What Happened

The SEC has issued an order granting temporary exemptive relief from certain compliance dates under Regulation NMS. This includes rules on minimum pricing increments, access fees, and transparency of better-priced orders. The new deadlines are now set for November 2026 and February 2026, giving market participants more time to adjust.

📅 Deadlines Extended

Minimum Pricing Increments: Extended until November 2026
Access Fee Caps: Extended until November 2026
Exchange Fee Transparency: Extended until February 2026

This decision follows a denial of a petition for review by the U.S. Court of Appeals for the District of Columbia Circuit and aims to facilitate orderly market functions.

📝 Relief for Exchanges

The SEC has also provided temporary relief to exchanges from the requirement to file proposed rule changes to amend exchange rules related to the round lot definition. This relief lasts until 30 days after the end of the lapse in appropriations.

🚀 Why This Matters

The exemptive relief issued by the SEC is crucial for maintaining market stability. With the original compliance date set for November 2025, there were concerns about the ability of market participants to meet the requirements amidst appropriations lapses.

"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."