Rule2026-08721
Technical Amendments to Rule 610(e) of Regulation NMS and to Delegation of Authority To Grant or Deny Exemptions From Rule 610 of Regulation NMS
Primary source
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Published
May 5, 2026
Effective
May 5, 2026
Issuing agencies
Securities and Exchange Commission
Abstract
The Securities and Exchange Commission ("Commission") is adopting technical amendments to correct an outdated cross-reference in its rules relating to locking and crossing quotations, and to correct an outdated cross-reference in its rules delegating authority to the Commission's staff to grant certain exemptions.
Full Text
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<title>Federal Register, Volume 91 Issue 86 (Tuesday, May 5, 2026)</title>
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[Federal Register Volume 91, Number 86 (Tuesday, May 5, 2026)]
[Rules and Regulations]
[Pages 24115-24116]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-08721]
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Rules and Regulations
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
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Federal Register / Vol. 91, No. 86 / Tuesday, May 5, 2026 / Rules and
Regulations
[[Page 24115]]
SECURITIES AND EXCHANGE COMMISSION
17 CFR Parts 200 and 242
[Release No. 34-105346]
Technical Amendments to Rule 610(e) of Regulation NMS and to
Delegation of Authority To Grant or Deny Exemptions From Rule 610 of
Regulation NMS
AGENCY: Securities and Exchange Commission.
ACTION: Final rule; technical amendment.
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SUMMARY: The Securities and Exchange Commission (``Commission'') is
adopting technical amendments to correct an outdated cross-reference in
its rules relating to locking and crossing quotations, and to correct
an outdated cross-reference in its rules delegating authority to the
Commission's staff to grant certain exemptions.
DATES: The amendments are effective May 5, 2026.
FOR FURTHER INFORMATION CONTACT: Jennifer Dodd, Special Counsel, Office
of Market Supervision, at (202) 551-5500, Division of Trading and
Markets, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549.
SUPPLEMENTARY INFORMATION: The Commission is adopting technical
amendments to the following rules:
------------------------------------------------------------------------
CFR
Commission reference citation
(17 CFR)
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Securities Exchange Act of 1934 (``Exchange Act'')......... Sec.
200.30-3
Regulation NMS: Rule 610................................... Sec.
242.610
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I. Introduction
Pursuant to Rule 610(e)(1) of Regulation NMS under the Exchange
Act, each national securities exchange and national securities
association shall establish, maintain, and enforce written rules that
require its members reasonably to avoid displaying quotations that lock
or cross any protected quotation in an NMS stock; and displaying manual
quotations that lock or cross any quotation in an NMS stock
disseminated pursuant to an effective national market system plan.\1\
Rule 610(e)(3) requires that each national securities exchange and
national securities association shall also establish, maintain, and
enforce written rules that prohibit its members from engaging in a
pattern or practice of displaying quotations that lock or cross any
protected quotation in an NMS stock, or of displaying manual quotations
that lock or cross any quotation in an NMS stock disseminated pursuant
to an effective national market system plan, other than displaying
quotations that lock or cross any protected or other quotation as
permitted by an exception contained in its ``rules established pursuant
to paragraph (d)(1)'' of Rule 610.\2\ On September 18, 2024, the
Commission adopted Regulation NMS: Minimum Pricing Increments, Access
Fees and Transparency of Better Priced Orders \3\ which, among other
things, renumbered former paragraph (d) of Rule 610 as paragraph (e),
without making any substantive changes. This amendment makes a
technical correction to Rule 610(e)(3) to reflect that the cross
reference to ``paragraph (d)(1)'' should be updated to instead
reference ``paragraph (e)(1)'' to conform to such renumbering.
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\1\ 17 CFR 242.610(e)(1).
\2\ 17 CFR 242.610(e)(3).
\3\ See Securities Exchange Act Release No. 101070, 89 FR 81620
(Oct. 8, 2024) (Regulation NMS 2024 Release).
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Pursuant to 17 CFR 200.30-3, the Commission has delegated certain
functions to the Director of the Division of Trading and Markets
(``Director'') to be performed by the Director or under the Director's
direction by such person or persons as may be designated from time to
time by the Chairman of the Commission, including the authority to
grant and deny exemptions from Rule 610. The Commission is amending 17
CFR 200.30-3(a)(81) to correct an outdated cross-reference to the
subsection of Rule 610 that authorizes the Commission to grant
exemptions from Rule 610. Currently, 17 CFR 200.30-3(a)(81) states that
the Commission delegates to the Director the ability to ``grant or deny
exemptions from Rule 610 (17 CFR 242.610), pursuant to Rule 610(e) (17
CFR 242.610(e)).'' As discussed above, in the Regulation NMS 2024
Release, the Commission renumbered certain paragraphs of Rule 610,
including renumbering Rule 610(e), which previously provided the
Commission's authority to grant exemptions from Rule 610, as Rule
610(f), without making any substantive changes to such authority. This
amendment makes a technical correction to 17 CFR 200.30-3(a)(81) to
reflect such renumbering.
Statutory Authority
We are adopting these technical amendments under the authority set
forth in sections 4A and 23(a) of the Securities Exchange Act of 1934.
List of Subjects
17 CFR Part 200
Authority delegations (Government agencies).
17 CFR Part 242
Brokers, Reporting and recordkeeping requirements, Securities.
Text of Amendments
For reasons set forth in the preamble, title 17, chapter II of the
Code of Federal Regulations is amended as follows:
PART 200--ORGANIZATION; CONDUCT AND ETHICS; AND INFORMATION AND
REQUESTS
Subpart A--Organization and Program Management
0
1. The authority citation for part 200 continues to read as follows:
Authority: 5 U.S.C. 552, 552a, 552b, and 557; 11 U.S.C. 901 and
1109(a); 15 U.S.C. 77c, 77e, 77f, 77g, 77h, 77j, 77o, 77q, 77s, 77u,
77z-3, 77ggg(a), 77hhh, 77sss, 77uuu, 78b, 78c(b), 78d, 78d-1, 78d-
2, 78e, 78f, 78g, 78h, 78i, 78k, 78k-1, 78l, 78m, 78n, 78o, 78o-4,
78q, 78q-1, 78t-1, 78u, 78w, 78ll(d), 78mm, 78eee, 80a-8, 80a-20,
80a-24, 80a-29, 80a-37, 80a-41, 80a-44(a), 80a-44(b), 80b-3, 80b-4,
80b-5, 80b-9, 80b-10(a), 80b-11, 7202, and 7211 et seq.; 29 U.S.C.
794; 44 U.S.C. 3506 and 3507; Reorganization Plan No. 10 of 1950 (15
U.S.C. 78d); sec. 8G, Pub. L. 95-452, 92 Stat. 1101 (5 U.S.C. App.);
sec. 913, Pub. L. 111-203, 124 Stat. 1376, 1827; sec. 3(a), Pub. L.
114-185, 130 Stat. 538; E.O. 11222, 30 FR 6469, 3 CFR, 1964-1965
Comp., p. 36; E.O. 12356, 47 FR 14874, 3 CFR, 1982 Comp., p. 166;
E.O. 12600, 52 FR 23781, 3 CFR, 1987 Comp., p. 235; Information
Security Oversight Office Directive No. 1, 47
[[Page 24116]]
FR 27836; and 5 CFR 735.104 and 5 CFR parts 2634 and 2635, unless
otherwise noted.
0
2. Amend Sec. 200.30-3 by revising paragraph (a)(81) to read as
follows:
Sec. 200.30-3 Delegation of authority to Director of Division of
Trading and Markets.
* * * * *
(a) * * *
(81) To grant or deny exemptions from Rule 610 (17 CFR 242.610),
pursuant to Rule 610(f) (17 CFR 242.610(f)).
* * * * *
PART 242--REGULATIONS M, SHO, ATS, AC, NMS, SE, AND SBSR, AND
CUSTOMER MARGIN REQUIREMENTS FOR SECURITY FUTURES
0
3. The authority citation for part 242 continues to read as follows:
Authority: 15 U.S.C. 77g, 77q(a), 77s(a), 78b, 78c, 78c-4,
78g(c)(2), 78i(a), 78j, 78k-1(c), 78l, 78m, 78n, 78o(b), 78o(c),
78o(g), 78q(a), 78q(b), 78q(h), 78w(a), 78dd-1, 78mm, 80a-23, 80a-
29, 80a-37, and 8343.
Sec. 242.610 [Amended]
0
4. Amend Sec. 242.610 in paragraph (e)(3) by removing the text
``paragraph (d)(1)'' and adding in its place ``paragraph (e)(1)''.
Dated: May 1, 2026.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2026-08721 Filed 5-4-26; 8:45 am]
BILLING CODE 8011-01-P
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