Posted on Monday, March 23, 2020

The Securities and Exchange Commission published a rule proposal to amend 17 CFR 242, Rules 600 and 603 and to adopt new Rule 614 of Regulation National Market System (“Regulation NMS”) under the Securities Exchange Act of 1934 (“Exchange Act”) to update the national market system for the collection, consolidation, and dissemination of information with respect to quotations for and transactions in national market system (“NMS”) stocks (“NMS information”). Specifically, the Commission proposes to expand the content of NMS information that is required to be collected, consolidated, and disseminated as part of the national market system under Regulation NMS and proposes to amend the method by which such NMS information is collected, calculated, and disseminated by introducing a decentralized consolidation model where competing consolidators replace the exclusive securities information processors (SIP).

As part of this new rule, the SEC has proposed the requirement for new Form CC to govern the registration and responsibilities of competing consolidators. Form CC (which is described on page 561 of the proposal) contains general and business information, fees and services, as well as operational capabilities. The SEC presents alternatives for Form CC, including the possibility of preparing the form in Inline XBRL.

The SEC has asked for public comments during a 60 day period which closes on June 24, 2020.

Read the proposal.

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