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News December 6, 2004 Issue

Reg. NMS to be Re-Proposed

The SEC plans to re-propose Reg. NMS to provide a brief notice and comment period on several changes, prior to its expected adoption early in 2005. The announcement follows a November 22, 2004 Wall Street Journal article that reported that the changes would couple best price priority with an intermarket sweep.

Last week, the agency spokesperson issued a statement that the Commission planned to re-propose Reg. NMS, rather than adopting it outright, as had been anticipated. The statement acknowledged that the staff’s recommendations "differ in some respects from the rule text originally proposed."