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SEC RIN: 3235-AM57 Publication ID: Spring 2024 
Title: 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.

Agency: Securities and Exchange Commission(SEC)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: 17 CFR 242.600    17 CFR 242.605    ...     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 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    ...   
Legal Deadline:  None
Action Date FR Cite
NPRM  01/03/2023  88 FR 128   
NPRM Comment Period End  03/31/2023 
Final Action  10/00/2024 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Dan Gray
Division of Trading and Markets
Securities and Exchange Commission
100 F Street NE,
Washington, DC 20549
Phone:202 551-5603