SEC Proposes Rescinding Rules 611 and 610(e) of Regulation NMS

Two provisions of Regulation NMS, Rules 611 and 610(e), would be struck out under amendments the Commission has put forward. The proposal was detailed in press release number 2026-54, dated June 11, 2026. That same date, 11 June 2026, is when the release itself was last touched.

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SEC Proposes Rescinding Rules 611 and 610(e) of Reg NMS

Highlights

  • The SEC proposed amendments to rescind Rules 611 and 610(e) of Regulation NMS.
  • The trade-through prohibition covering NMS stocks lives in Rule 611.
  • Locked and crossed quotations in those same stocks are restricted under Rule 610(e).
  • Defined terms tied to the two provisions, carried in Rule 600, would go as well.
  • Comments are due 60 days after the proposing release reaches the Federal Register.

What the Rules Cover

One of the two, Rule 611, is where the trade-through prohibition for NMS stocks sits. Its companion, Rule 610(e), sets the limits on locked and crossed quotations in the same stocks. In addition to rescinding these two rules, the SEC's proposal includes an additional action to rescind related defined terms in Rule 600 of Regulation NMS.

Chairman's Statement

“After two decades of Rule 611, it is high time that the Commission review its unintended consequences that have hindered — rather than enhanced — the long-term growth of our markets.”

Paul S. Atkins, SEC Chairman

Public Comment Period

Sixty days of public comment begin once the proposing release is published in the Federal Register.