The Securities and Exchange Commission (SEC) has requested approval from the Office of Management and Budget (OMB) to extend the information collection requirements under Rule 606 of Regulation NMS. Rule 606 mandates that broker-dealers disclose certain information about their order routing practices to ensure transparency, particularly regarding stocks and options. The SEC estimates that compliance with this rule involves a significant annual time burden of 183,000 hours and an annual cost burden of $1,300,000 across the industry. The public is invited to comment on this request by February 18, 2025.
Simple Explanation
The Securities and Exchange Commission (SEC) wants permission to keep a rule that makes stock helpers (broker-dealers) tell people where they send stocks to be bought or sold, hoping to be clear about these actions. People can share their thoughts about this by February 18, 2025.