3235-AM57 202410 The Regulatory Plan and the Unified Agenda of Federal Regulatory and Deregulatory Actions 3235 Securities and Exchange Commission SEC Order Competition Rule

The Division is considering recommending that the Commission amend the regulation governing the national market system ("NMS") under the Securities Exchange Act of 1934 to add a new rule designed to promote competition as a means to protect the interests of individual investors and to further the objectives of an NMS. The rule would prohibit a restricted competition trading center from internally executing certain orders of individual investors at a price unless the orders are first exposed to competition at that price in a qualified auction operated by an open competition trading center. The rule would also include limited exceptions to this general prohibition. In addition, the Division is considering recommending that the Commission amend the regulation governing the NMS to add new defined terms included in the rule.

]]> Substantive, Nonsignificant Previously Published in The Unified Agenda Final Rule Stage Undetermined No 17 CFR 242.600 17 CFR 242.605 ... 15 U.S.C. 78c(b) 15 U.S.C. 78e 15 U.S.C. 78f 15 U.S.C. 78k-1 15 U.S.C. 78o 15 U.S.C. 78o-5 15 U.S.C. 78q(a) 15 U.S.C. 78q(b) 15 U.S.C. 78s 15 U.S.C. 78w(a) 15 U.S.C. 78mm ... No NPRM 01/03/2023 88 FR 128 NPRM Comment Period End 03/31/2023 Final Action 04/00/2025 No None No No No No Dan Gray Division of Trading and Markets 3235 Securities and Exchange Commission SEC 202 551-5603 grayd@sec.gov 100 F Street NE, Washington DC 20549