November 3, 2019
Release No. 34-87193 File No. S7-15-19, Rescission of Effective-Upon-Filing Procedure for NMS Plan Fee Amendments is a proposed regulation from the Securities and Exchange Commission seeking to amend Regulation NMS under the Securities Exchange Act of 1934 (Exchange Act) to rescind a provision that allows a proposed amendment to a national market system plan (NMS plan) to become effective upon filing if the proposed amendment establishes or changes a fee or other charge. This change would make it so that any proposed amendments that establish or change a fee or other charges will not become effective upon filing. Instead, they will be required to follow the standard procedure that requires the Commission to publish the proposed amendment, provide an opportunity for public comment, and preclude a proposed amendment from becoming effective unless approved by the Commission.
I fully support this proposition because I think the public should have a say when it comes to new fees similar to the way the public gets to vote on increasing property taxes to help school districts. The government should not be allowed to freely administer fees on the public without their consent. In order for this to be a true Democracy, all proposed amendments should be open to public discussion.