Rule2025-19316
Extension of Compliance Date for Disclosure of Order Execution Information
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
October 2, 2025
Effective
October 2, 2025
Issuing agencies
Securities and Exchange Commission
Abstract
The Securities and Exchange Commission ("Commission") is extending the compliance date for the amendments to the rules requiring the disclosure of order executions in national market system ("NMS") stocks from December 14, 2025, to August 1, 2026.
Full Text
<html>
<head>
<title>Federal Register, Volume 90 Issue 189 (Thursday, October 2, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 189 (Thursday, October 2, 2025)]
[Rules and Regulations]
[Pages 47552-47556]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-19316]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
17 CFR Parts 240 and 242
[Release No. 34-104147; File No. S7-29-22]
RIN 3235-AN22
Extension of Compliance Date for Disclosure of Order Execution
Information
AGENCY: Securities and Exchange Commission.
[[Page 47553]]
ACTION: Final rule; extension of compliance date.
-----------------------------------------------------------------------
SUMMARY: The Securities and Exchange Commission (``Commission'') is
extending the compliance date for the amendments to the rules requiring
the disclosure of order executions in national market system (``NMS'')
stocks from December 14, 2025, to August 1, 2026.
DATES: Effective Date: The effective date for this release is October
2, 2025.
Compliance Date: The compliance date for the amendments to Rules
600 and 605 of Regulation NMS, published on April 15, 2024, at 89 FR
26428, is extended from December 14, 2025, to August 1, 2026.
FOR FURTHER INFORMATION CONTACT: Kathleen Gross, Senior Special
Counsel; Lauren Yates, Senior Special Counsel; Susie Cho, Special
Counsel; or David Michehl, Special Counsel at (202) 551-5500, Division
of Trading and Markets, Commission, 100 F Street NE, Washington, DC
20549.
SUPPLEMENTARY INFORMATION:
I. Discussion
On March 6, 2024, the Commission adopted amendments to 17 CFR
242.600 and 17 CFR 242.605 (``Rule 605''), which, among other things,
expand the scope of entities subject to Rule 605 (including larger
broker-dealers, in addition to market centers), modify the
categorization and content of information required to be disclosed in
the detailed execution quality reports published under Rule 605
(including by modifying the scope of covered orders subject to
disclosures), and require reporting entities to produce a summary
report of execution quality in addition to the existing detailed
disclosures regarding execution quality for covered orders in NMS
stocks (``Rule 605 Amendments'').\1\
---------------------------------------------------------------------------
\1\ See Securities Exchange Act Release No. 99679 (Mar. 6,
2024), 89 FR 26428 (Apr. 15, 2024) (``Adopting Release'').
---------------------------------------------------------------------------
The Commission addressed the compliance date for the Rule 605
Amendments in the Adopting Release.\2\ The effective date of the Rule
605 Amendments was June 14, 2024 (``Effective Date''). In the Adopting
Release, the Commission stated that the compliance date for the Rule
605 Amendments will be 18 months after the Effective Date (``Compliance
Date'').\3\ Accordingly, the Compliance Date is December 14, 2025. The
Commission stated that the Compliance Date was designed to allow time
for participants to amend the National Market System Plan Establishing
Procedures Under Rule 605 of Regulation NMS (the ``Rule 605 NMS
Plan''), which addresses procedures for making Rule 605 reports
available in a uniform, readily accessible, and usable electronic
format, and time for brokers, dealers, and market centers to comply
with Rule 605 as amended.\4\ The Commission recognized that preexisting
market centers and vendors will need time to update their systems and
processes to ensure that data responsive to the amended Rule 605
requirements are correctly collected and formatted, and that larger
broker-dealers and market centers newly subject to Rule 605 will need
time to create such systems and processes.\5\
---------------------------------------------------------------------------
\2\ See Adopting Release, 89 FR at 26495-97.
\3\ See Adopting Release, 89 FR at 26496. Paragraphs
(a)(1)(ii)(M) through (Q) of Rule 605 require reporting entities to
calculate price improvement statistics relative to the best
available displayed price. In the Adopting Release, the Commission
stated that, notwithstanding the Compliance Date, ``Rule 605's price
improvement statistics that are relative to the best available
displayed price will not be required to be reported until six months
after odd-lot order information needed to calculate the best
available displayed price is made available pursuant to an effective
national market system plan.'' See Adopting Release, 89 FR at 26482.
The Commission is not altering this aspect of the rule and
compliance with this aspect of Rule 605 is therefore required
beginning November 2026. See also infra note 20.
\4\ See Adopting Release, 89 FR at 26497.
\5\ See Adopting Release, 89 FR at 26496.
---------------------------------------------------------------------------
Since the Rule 605 Amendments were adopted, Commission staff has
been working with market participants to address certain technical and
interpretative issues relating to the implementation of the amended
rule. In connection with these efforts, market participants have
requested additional time to implement the Rule 605 Amendments. For
instance, in March 2025, the Financial Information Forum (``FIF'')
raised concerns about whether the Compliance Date was feasible. FIF
stated that it had requested that the Commission provide written
clarification or guidance on numerous issues and scenarios given the
``complexity of the Rule 605 reporting requirements and the complexity
of order types and order handling processes in the market'' \6\ and
that its members were unclear about the timing and content of a Rule
605 NMS Plan amendment.\7\ FIF also stated that ``FIF members are
unable to determine the timeline that would be required for reporting
firms to implement the Rule 605 amendments.'' \8\ In August 2025, FIF
submitted an additional comment letter asking for an extension of the
Compliance Date ``as soon as possible.'' \9\ In addition, FIF requested
that the Commission set the compliance date for the Rule 605 amendments
as the first day of a calendar month because ``implementing the Rule
605 amendments mid-month would be very costly for market participants''
and would be ``throwaway work that would only apply for one specific
month.'' \10\
---------------------------------------------------------------------------
\6\ See Letter from Howard Meyerson, Managing Director, FIF,
dated Mar. 17, 2025 (``FIF II''), at 1-2, available at <a href="https://fif.com/index.php/working-groups/category/271-comment-letters?download=3215:fif-letter-to-the-sec-relating-to-the-implementation-of-the-2024-amendments-to-rule-605&start=20&view=category">https://fif.com/index.php/working-groups/category/271-comment-letters?download=3215:fif-letter-to-the-sec-relating-to-the-implementation-of-the-2024-amendments-to-rule-605&start=20&view=category</a> (citing Letter from Howard Meyerson,
Managing Director, FIF, dated June 24, 2024 (``FIF I''), at 1,
available at <a href="https://fif.com/index.php/working-groups/category/271-comment-letters?download=2954:fif-letter-to-the-sec-relating-to-the-implementation-of-the-sec-s-amendments-to-rule-605&start=60&view=category">https://fif.com/index.php/working-groups/category/271-comment-letters?download=2954:fif-letter-to-the-sec-relating-to-the-implementation-of-the-sec-s-amendments-to-rule-605&start=60&view=category</a>).
\7\ See FIF II, at 2. See also FIF I, at 2 (stating that the
Rule 605 Amendments ``can only be implemented as designed'' if the
participants to the Rule 605 NMS Plan update the procedures for Rule
605 reporting).
\8\ FIF II, at 2. See also FIF I, at 25 (requesting a minimum
implementation period of one year from the date that the Commission
provides written guidance in response to the issues and questions
set forth in their letter).
\9\ Letter from Howard Meyerson, Managing Director, FIF, dated
Aug. 20, 2025 (``FIF III''), at 2, available at <a href="https://fif.com/index.php/working-groups/category/271-comment-letters?download=3359:fif-letter-to-the-sec-relating-to-the-implementation-of-rule-605&view=categorye">https://fif.com/index.php/working-groups/category/271-comment-letters?download=3359:fif-letter-to-the-sec-relating-to-the-implementation-of-rule-605&view=categorye</a> Implementation of Rule
605.
\10\ FIF III, at 3. See also FIF I, at 25.
---------------------------------------------------------------------------
After consideration of these requests, and for the reasons
described below, the Commission is extending the compliance date for
the Rule 605 Amendments to August 1, 2026. Beginning on August 1, 2026,
market centers, brokers, and dealers subject to Rule 605 must begin to
collect the information needed to prepare the execution quality reports
required under the Rule 605 Amendments.\11\ This extension will provide
market centers, brokers, and dealers with additional time to develop or
modify the systems and processes necessary to collect and make publicly
available the data required by the Rule 605 Amendments, while complying
with required formats and procedures .\12\ The extension will also
provide market participants with
[[Page 47554]]
time to continue to work with Commission staff to address outstanding
interpretative and compliance questions. An extension of the compliance
date until August 1, 2026, strikes an appropriate balance between the
goal of the Rule 605 Amendments to update and improve the disclosure of
execution quality information and market participants' request for
additional time for implementation of the Rule 605 Amendments.\13\ In
addition, to address concerns about unnecessary costs associated with
implementing the requirements mid-month, the extension will align the
monthly disclosure obligation with the beginning of a month.
---------------------------------------------------------------------------
\11\ 17 CFR 242.605(a)(6) requires market centers, brokers, and
dealers to make the Rule 605 detailed and summary reports publicly
available within one month after the end of the month addressed in
the report. Thus, reporting entities will have until the end of
September 2026 to make their August 2026 reports publicly available.
\12\ The Commission recently approved an amendment to the Rule
605 NMS Plan to reflect the Rule 605 Amendments and has issued
schemas, PDF renderers, sample reports, and technical specifications
for the new Rule 605 summary reports (collectively, ``Rule 605
Formats and Fields Documents''). See Securities Exchange Act Release
No. 103939 (Sept. 10, 2025), 90 FR 44438 (Sept. 15, 2025) and
<a href="https://www.sec.gov/data-research/taxonomies-schemas/technical-specifications-schemas">https://www.sec.gov/data-research/taxonomies-schemas/technical-specifications-schemas</a>.
\13\ See supra notes 6-9 and accompanying text.
---------------------------------------------------------------------------
II. Economic Analysis
The Commission is mindful of the economic effects, including the
benefits and costs, of the compliance date extension. Section 3(f) of
the Securities Exchange Act of 1934 (``Exchange Act'') requires the
Commission, when it is engaged in rulemaking pursuant to the Exchange
Act and is required to consider or determine whether an action is
necessary or appropriate in the public interest, to consider, in
addition to the protection of investors, whether the action will
promote efficiency, competition, and capital formation.\14\ In
addition, Exchange Act section 23(a)(2) requires the Commission, when
making rules pursuant to the Exchange Act, to consider among other
matters the impact that any such rule would have on competition and not
to adopt any rule that would impose a burden on competition that is not
necessary or appropriate in furtherance of the purposes of the Exchange
Act.\15\
---------------------------------------------------------------------------
\14\ See 15 U.S.C. 78c(f).
\15\ See 15 U.S.C. 78w(a)(2).
---------------------------------------------------------------------------
The baseline against which the benefits, costs, and the effects on
efficiency, competition, and capital formation of the compliance date
extension are measured consists of the current state of the market for
NMS stocks, current practices related to reporting under preexisting
Rule 605, and changes in reporting requirements brought by the Rule 605
Amendments.\16\ As discussed above,\17\ pursuant to the Adopting
Release, the Compliance Date for the Rule 605 Amendments is December
14, 2025, but market participants have stated that additional time is
needed to implement the Rule 605 Amendments, and that a mid-month
compliance date will impose an unnecessary burden.
---------------------------------------------------------------------------
\16\ The changes in reporting requirements brought by the Rule
605 Amendments also include the approved amendment to the Rule 605
NMS Plan and other Rule 605 Formats and Fields Documents discussed
above. See supra section I.
\17\ See id.
---------------------------------------------------------------------------
The Commission is extending the compliance date for the Rule 605
Amendments to August 1, 2026.\18\ This extension will affect market
centers that currently prepare reports under preexisting Rule 605;
larger brokers and dealers and new market centers \19\ that will need
to begin preparing reports under the Rule 605 Amendments; vendors that
currently prepare or will prepare Rule 605 reports for reporting
entities; smaller brokers and dealers that will not be required to
prepare reports under the Rule 605 Amendments; market participants that
currently utilize Rule 605 reports or those that will utilize the
detailed or summary reports under the Rule 605 Amendments; and
investors that trade NMS stocks.
---------------------------------------------------------------------------
\18\ On August 1, 2026, market centers, brokers, and dealers
subject to Rule 605 will need to begin collecting the information
needed to prepare the execution quality reports required under the
Rule 605 Amendments. Reporting entities will then need to make their
detailed and summary reports covering data from August 2026 publicly
available by the end of September 2026. See 17 CFR 242.605(a)(6).
\19\ These include single-dealer platforms and market centers
that exclusively execute fractional shares.
---------------------------------------------------------------------------
The extension of the compliance date will delay the realization of
economic benefits associated with the Rule 605 Amendments.\20\ The Rule
605 Amendments, which expand the scope of reporting entities, modernize
the content of Rule 605 reports, and broaden the reports'
accessibility, are expected to increase the relevance and use of the
information contained in the reports, and promote competition among
market centers and broker-dealers. This increase in competition is
expected to ultimately lead to improved execution quality for
investors. The extension of the compliance date will delay the
improvement in transparency of order execution quality information,
which will also delay the increased competition and improvements in
execution quality resulting from this additional transparency.
---------------------------------------------------------------------------
\20\ See Adopting Release, sections IX.A and IX.D.1. Market
centers, brokers, and dealers will have six months after odd-lot
order information sufficient to calculate the best available
displayed price is made available pursuant to an effective national
market system plan to start including price improvement statistics
relative to the best available displayed price in their Rule 605
reports. See Adopting Release, 89 FR at 26497. A subsequent release
set the compliance date for every national securities exchange on
which an NMS stock is traded and national securities association to
make available to the exclusive securities information processors
(``SIPs'') all data necessary to generate odd-lot information, and
for the SIPs to collect, consolidate, and disseminate odd-lot
information, including the best odd-lot order to buy and the best
odd-lot order to sell (``BOLO''), to the first business day of May
2026. See Securities Exchange Act Release No. 101070 (Sept. 18,
2024), 89 FR 81620, 81680 (Oct. 8, 2024) (``Tick Size and Access
Fees Adopting Release''). The Commission is not extending the six-
month implementation period for market centers, brokers, and dealers
to include price improvement statistics relative to the best
available displayed price in their Rule 605 reports. Therefore, the
compliance date for including price improvement statistics relative
to the best available displayed price in Rule 605 reports is still
six months after the first business day in May 2026 (i.e., in
November 2026) and the benefits and costs associated with these Rule
605 Amendments will not be delayed. See Adopting Release, sections
IX.D.1.b)(2)(b)(vii) and IX.D.2. See infra note 25 and accompanying
text for a discussion of the effects of the extension of the
compliance date on the costs associated with incorporating odd-lot
information into the Rule 605 Amendment price improvement statistics
relative to the best available displayed price.
---------------------------------------------------------------------------
The extension of the compliance date will also delay the ongoing
costs of complying with the Rule 605 Amendments. We estimate these
compliance cost savings from the delay to be about $7.1 million in
aggregate.\21\ Additional time to work with Commission staff to address
outstanding interpretative and compliance questions may also reduce the
likelihood that reporting entities incur additional implementation
costs associated with re-programming systems to comply with the
requirements of the Rule 605 Amendments.\22\ Further, extending the
compliance date could reduce the likelihood that reporting entities
report the Rule 605 Amendments in an inconsistent manner and help
ensure that amended Rule 605 reports are comparable across reporting
entities.\23\ Extending the compliance date and aligning it with the
beginning of a calendar month will also avoid any additional costs to
reporting entities to develop processes for generating partial-month
reports.
---------------------------------------------------------------------------
\21\ The Rule 605 Amendments are estimated to have aggregate
annual ongoing compliance costs of $11.3 million dollars for all
reporting entities. See Adopting Release, section IX.D.2.(a). This
extension will extend the compliance date for the Rule 605
Amendments by approximately 7.5 months. Therefore, the compliance
date extension will result in a savings of approximately $11.3
million * 7.5/12 months = $7.1 million in ongoing compliance costs.
\22\ See FIF III, at 3.
\23\ See id.
---------------------------------------------------------------------------
In addition to delaying compliance costs, the extension of the
compliance date will also delay the realization of other economic costs
that may result from market participants adjusting their behavior in
response to increased transparency and competition on the basis of
execution quality caused by the Rule 605 Amendments.\24\ Extending the
[[Page 47555]]
compliance date will reduce the implementation costs of the Rule 605
Amendment metrics that are affected by other adopted Commission Rules
with earlier compliance dates and also mitigate the potential costs
associated with overlapping compliance dates. This includes the
separate implementation periods for the round lot definition and odd-
lot information definition,\25\ as well as other provisions of the
Market Data Infrastructure Rules (``MDI Rules'') \26\ and other adopted
Commission Rules.\27\
---------------------------------------------------------------------------
\24\ See Adopting Release, section IX.D.2.(b). For example, the
extension would delay costs that reporting entities may need to
incur to update or improve their routing or execution systems due to
increased competition on the basis of execution quality caused by
the Rule 605 amendments. See Adopting Release, section
IX.D.2.(b).(1).
\25\ The compliance date for implementing the round lot
definition and round lot indicator is the first business day of
November 2025. See Tick Size and Access Fee Adopting Release, 89 FR
at 81681. Extending the Compliance Date for the Rule 605 Amendments
from December 14, 2025 to August 1, 2026 will allow more time for
reporting entities to incorporate the round lot definition changes
into their implementation of the Rule 605 Amendments, which may
reduce compliance costs. The compliance date for the SIPs to
collect, consolidate, and disseminate odd-lot information is the
first business day of May 2026, with an implementation period for
reporting entities to include this information in their Rule 605
reports ending the first business day of November 2026. See supra
note 20. Extending the compliance date for the Rule 605 Amendments
until after odd-lot information becomes available may reduce
compliance costs by allowing reporting entities, if they so choose,
to incorporate this information into their initial Rule 605
Amendment metrics calculating price improvement statistics relative
to the best available displayed price, rather than having to make
initial reports without these metrics and then updating their
reporting systems after the information becomes available.
\26\ Securities Exchange Act Release No. 90610 (Dec. 9, 2020),
86 FR 18596 (Apr. 9, 2021).
\27\ The Adopting Release discussed potential costs arising from
the overlap in compliance dates between the Rule 605 Amendments and
the additional MDI Rule amendments besides the round lot definition
and odd-lot information definition. The Adopting Release estimated
that the full implementation of the MDI Rules would be at least two
years after the Commission's approval of amendments to the effective
national market system plan(s) as required by Rule 614(e). See
Adopting Release, 89 FR at 26506. The Commission believes that the
extension of the compliance date for the Rule 605 Amendments and the
expected two-year implementation period for the additional MDI Rules
will mitigate the cost of any overlapping compliance period between
these two rules. The Adopting Release also discussed potential costs
arising from the overlap in compliance dates between the Rule 605
Amendments and Securities Exchange Act Release No. 96930 (Feb. 15,
2023), 88 FR 13872 (Mar. 6, 2023) (``Settlement Cycle Adopting
Release''). See Adopting Release, 89 FR at 26508 & n.1050. But the
compliance period of the Settlement Cycle Adopting Release concluded
on May 28, 2024, so the overlap in compliance periods ended over a
year ago. Additionally, the Financial Industry Regulatory Authority
has stated that its Trade Reporting Facilities and the exclusive
SIPs will begin reporting and disseminating fractional share
transaction quantities on February 23, 2026. See Technical Notice,
Update--Fractional Shares Reporting Effective Date Set for February
23, 2026 and UAT Schedule Beginning in November 2025 (Mar. 28,
2025), FINRA, <a href="https://www.finra.org/filing-reporting/technical-notices/update-fractional-shares-reporting-20250328">https://www.finra.org/filing-reporting/technical-notices/update-fractional-shares-reporting-20250328</a>. See also SIP
Fractional Share Reporting Enhancements--Update 2, CTA (Mar. 28,
2025, at 12:58 ET), <a href="https://www.ctaplan.com/announcements#110000948153">https://www.ctaplan.com/announcements#110000948153</a>. Delaying the compliance date for the
Rule 605 Amendments may reduce compliance costs by allowing
reporting entities to incorporate this information into their
initial Rule 605 Amendment updates, rather than having to make
additional updates later to include this information if it became
available after they implemented the Rule 605 Amendments.
---------------------------------------------------------------------------
The extension of the compliance date will delay the effects on
efficiency, competition, and capital formation of the Rule 605
Amendments.\28\ The extension of the compliance date will delay the
increase in transparency of order execution quality information, which
will delay the expected increase in competition among reporting
entities on the basis of execution quality resulting from this
increased transparency.\29\ Finally, the extension of the compliance
date will delay the increase in price efficiency, and the associated
improvement in capital allocation and promotion of capital formation,
that may result from improved order execution quality caused by the
Rule 605 Amendments.\30\
---------------------------------------------------------------------------
\28\ See Adopting Release, section IX.D.3.
\29\ See Adopting Release, section IX.D.1. The extension of the
compliance date will also delay additional affects the Rule 605
Amendments may have on competition, such as increasing the extent to
which Rule 605 reporting entities compete within other quality areas
(such as rebates and transaction fees) and increasing competition in
related markets (such as the market for Transaction Cost Analysis
services). See Adopting Release, section IX.D.3.b).
\30\ See Adopting Release, sections IX.D.3.a), IX.D.3.c).
---------------------------------------------------------------------------
The Commission considered reasonable alternatives to the new
compliance date, namely a shorter or longer extension. A shorter
extension would realize some of the benefits arising from the Rule 605
Amendments sooner. However, to the degree that a shorter extension
would result in inconsistent readiness and inconsistent reporting
outcomes across broker-dealers and market centers, a key benefit of the
Rule 605 Amendments--the ability to compare order execution quality
across reporting entities--would not fully be realized.\31\ A shorter
extension might not allow reporting entities sufficient time to
implement additional clarification and guidance on implementing the
Rule 605 Amendments, which could increase their implementation costs as
well as contribute to inconsistent reporting outcomes.
---------------------------------------------------------------------------
\31\ See FIF III, at 3 (``broker-dealers reporting in an
inconsistent manner . . . . would defeat a primary objective of the
Rule 605 amendments, which is to allow for a quantitative comparison
of order handling performance across broker-dealers and execution
venues'').
---------------------------------------------------------------------------
While a longer extension would further delay both the benefits and
costs arising from the Rule 605 Amendments, reporting entities might
not need additional time beyond the extended compliance date to update
their systems and reporting methods. Therefore, a longer extension
might not result in significant reductions to reporting entity
implementation costs compared to the current extension.
III. Procedural and Other Matters
The Administrative Procedure Act (``APA'') generally requires an
agency to publish notice of a rulemaking in the Federal Register and
provide an opportunity for public comment. This requirement does not
apply, however, if the agency ``for good cause finds . . . that notice
and public procedure are impracticable, unnecessary, or contrary to the
public interest.'' \32\
---------------------------------------------------------------------------
\32\ 5 U.S.C. 553(b)(B).
---------------------------------------------------------------------------
The Commission, for good cause, finds that notice and solicitation
of comment regarding the extension of the compliance date set forth
herein is impracticable, unnecessary, or contrary to the public
interest.\33\ This rule does not impose any new substantive regulatory
requirements on any person and merely reflects the extension of the
compliance date for the Rule 605 Amendments. As discussed above, the
Commission has been engaging with market participants regarding the
implementation of the Rule 605 Amendments and has become aware of
various logistical, operational, and interpretive challenges that raise
questions about the ability of firms to come into compliance by the
initial December 14, 2025, compliance date. Accordingly, the Commission
has determined that an extension of the compliance date is needed in
order to ensure an orderly implementation of the Rule 605 Amendments.
Given the time constraints, a notice and comment period could not
reasonably be completed before the December 14, 2025, compliance date.
Further, given the operational challenges and associated costs firms
would face in to meet the December compliance date, providing immediate
certainty that the compliance date is extended will enable firms to
adjust their implementation plans accordingly and facilitates an
orderly implementation of the Rule 605
[[Page 47556]]
Amendments, consistent with the intended purpose of the extension.\34\
---------------------------------------------------------------------------
\33\ See id. (stating that an agency may dispense with prior
notice and comment when it finds, for good cause, that notice and
comment are ``impracticable, unnecessary, or contrary to the public
interest'').
\34\ The compliance date extension set forth in this release is
effective upon publication in the Federal Register. Section
553(d)(1) of the APA allows effective dates that are less than 30
days after publication for a ``substantive rule which grants or
recognizes an exemption or relieves a restriction.'' 5 U.S.C.
553(d)(1).
---------------------------------------------------------------------------
For similar reasons, although the publication of a rule is
generally required at least 30 days before its effective date, the
requirements of 5 U.S.C. 553(d)(3) and 808(2) are satisfied
(notwithstanding the requirement of 5 U.S.C. 801) \35\ and therefore
the good cause exception applies to this action.
---------------------------------------------------------------------------
\35\ See 5 U.S.C. 553(d)(3) (the publication of a substantive
rule may be less than 30 days before its effective date for good
cause found and published with the rule); 5 U.S.C. 808(2) (if a
Federal agency finds that notice and public comment are
impracticable, unnecessary or contrary to the public interest, a
rule shall take effect at such time as the Federal agency
promulgating the rule determines). This rule also does not require
analysis under the Regulatory Flexibility Act. See 5 U.S.C. 604(a)
(requiring a final regulatory flexibility analysis only for rules
required by the APA or other law to undergo notice and comment).
Finally, this rule does not contain any collection of information
requirements as defined by the Paperwork Reduction Act of 1995
(``PRA''). 44 U.S.C. 3501 et seq. Accordingly, the PRA is not
applicable.
---------------------------------------------------------------------------
The Office of Management and Budget has determined that this action
is not a significant regulatory action as defined in Executive Order
12866, as amended, and therefore it was not subject to Executive Order
12866 review. Pursuant to the Congressional Review Act, the Office of
Information and Regulatory Affairs has designated the extension of the
compliance date not a ``major rule,'' as defined by 5 U.S.C. 804(2).
IV. Conclusion
The Commission extends until August 1, 2026, the compliance date
for the Rule 605 Amendments.
By the Commission.
Dated: September 30, 2025.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2025-19316 Filed 10-1-25; 8:45 am]
BILLING CODE 8011-01-P
</pre></body>
</html>Indexed from Federal Register on October 2, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.