SEC - U.S. Securities and Exchange Commission
06/11/2026 | Press release | Distributed by Public on 06/11/2026 12:21
Statement Regarding Minimum Pricing Increments and Access Fee Caps
On September 18, 2024, the Commission adopted Regulation NMS: Minimum Pricing Increments, Access Fees and Transparency of Better Priced Orders.[1] On October 31, 2025, the Commission, among other things, granted temporary exemptive relief from the compliance dates for Rules 600(b)(89)(i)(F) and 612 of Regulation NMS (implementing the reduction of the minimum pricing increment for quotations and orders for certain NMS stocks) and Rule 610(c) of Regulation NMS (implementing the reduction of the access fee caps for protected quotations) until the first business day of November 2026 to allow affected entities additional time to come into compliance with the amendments.[2]
On March 20, 2026, the Commission issued a notice of an application by MEMX LLC for exemptive relief to temporarily delay implementation of certain amendments to Rule 610(c) of Regulation NMS, and requested public comment on, among other things, whether such relief should be granted and what the potential benefits and drawbacks may be of granting the relief as requested.[3] In connection with the notice of MEMX LLC's application for exemptive relief, the Commission also requested comment more broadly on whether a temporary exemption from the amended compliance dates for Rules 600(b)(89)(i)(F), 610(c), and 612 of Regulation NMS, as amended, is warranted.[4] Today, the Commission further extended the temporary exemptive relief from the compliance dates for Rules 600(b)(89)(i)(F), 610(c) and 612 of Regulation NMS until the first business day of November 2027 to allow for an orderly implementation of these rules in light of other regulatory initiatives scheduled for the balance of 2026.[5]
Today, the Commission also proposed to rescind Rule 611 of Regulation NMS, known as the trade-through rule.[6]
In light of the Commission's proposed rescission of Rule 611 of Regulation NMS, the exemptive relief issued today, and the pending application by MEMX LLC for exemptive relief and comments received thereon, I have directed the staff to prioritize a review of Rules 610(c) and 612 of Regulation NMS by the end of the year, including whether potential changes to the access fee caps and minimum pricing increments may be appropriate.
[1] See Securities Exchange Act Release No. 101070 (Sept. 18, 2024), 89 FR 81620 (Oct. 8, 2024). Among other things, the Commission: (1) amended Rule 612 of Regulation NMS to establish a minimum pricing increment of $0.005 for bids, offers, orders and indications of interest that are priced equal to or greater than $1.00 per share in certain NMS stocks; and (2) reduced the level of the access fee caps under Rule 610(c) of Regulation NMS to $0.001 per share for protected quotations and other best bids and offers in NMS stocks priced at $1.00 or more per share and 0.1 percent of the quotation price for protected quotations and other best bids and offers in NMS stocks priced less than $1.00 per share. Id.
[2] See Securities Exchange Act Release No. 104172 (Oct. 31, 2025), 90 FR 51418 (Nov. 17, 2025).
[3] See Securities Exchange Act Release No. 105058 (Mar. 20, 2026), 91 FR 14602 (Mar. 25, 2026).
[4] Id.
[6] See Securities Exchange Act Release No. 34-105655 (June 11, 2026) available at 34-105655. As part of the same action, the Commission also proposed to: (1) rescind Rule 610(e), the locked and crossed market provisions of Regulation NMS; (2) rescind related defined terms in Rule 600 of Regulation NMS; and (3) make conforming changes to other related provisions. Id.
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