Rule 606 of Regulation NMS (f/k/a Rule 11Ac1-6)

The information disclosed by Rule 606 of Regulation NMS will be used by investors to evaluate their brokers' order routing decisions, and by broker-dealers to compete on the basis of order routing services. Respondents will be broker-dealers. The Commission adopted amendments to Rule 606 of Regulation NMS to require disclosure by broker-dealers of (1) a report, upon request of a customer that places with the broker-dealer, directly or indirectly, NMS stock orders of any size that are submitted on a not held basis (subject to two de minimis exceptions), containing certain information on the broker-dealer’s handling of such orders for that customer for the prior six months (“Customer-Specific Disclosure on Handling of Non-Exempt Not Held Orders”); (2) a quarterly aggregated public report on the handling of orders in NMS stocks that are submitted on a held basis and orders in NMS securities that are option contracts with a market value less than $50,000 (“Quarterly Public Disclosure on Routing of Held Orders and Options Contracts”); and (3) a report, upon request of a customer, on the routing of that customer’s orders in NMS stocks that are submitted on a held basis; orders in NMS stocks that are submitted on a not held basis and do not qualify for the two de minimis exceptions; and orders in NMS securities that are option contracts, containing certain information on the broker-dealer’s routing of such orders for that customer for the prior six months. The amendments to Rule 606 would require collections of information.

The latest form for Rule 606 of Regulation NMS (f/k/a Rule 11Ac1-6) expires 2022-02-28 and can be found here.

Rule 606 (a)(1) - Issue Quarterly Disclosure

Federal Enterprise Architecture: Economic Development - Business and Industry Development