Division of Trading and Markets: Frequently Asked Questions
Oct. 11, 2017
These responses to frequently asked questions on various topics have been prepared by staff in the Division of Trading and Markets. Staff may update this information from time to time to include responses to additional questions. These responses represent the views of the staff and are not rules, regulations, or statements of the Commission. The Commission has neither approved nor disapproved the answers to these FAQs, which like all staff statements have no legal force or effect, do not alter or amend applicable law, and create no new or additional obligations.
Latest Updates
All Topics
| Title | Date (Last Updated) |
|---|
| Automated Quotations Under Regulation NMS | June 17, 2016 |
| Broker-Dealer Duties When Relying on Securities Act Section 4(a)(4) Exemption to Execute Customer Orders | Oct. 9, 2014 |
| Broker-Dealer Financial Reporting Rule Amendments and Form Custody | Sept. 6, 2022 |
| Broker-Dealer Financial Responsibility Rule Amendments | March 6, 2014 |
| Broker-Dealer Liability of Compliance and Legal Personnel Under Sections 15(b)(4) and 15(b)(6) of Exchange Act | Sept. 30, 2013 |
| Broker-Dealer Market Access - Risk Management Controls | April 15, 2014 |
| Broker-Dealer Registration Exemption (Title II of JOBS Act) | Feb. 5, 2013 |
| Crowdfunding Intermediaries (JOBS Act) | May 7, 2012 |
| Crypto Asset Activities and Distributed Ledger Technology | Feb. 19, 2026 |
| Electronic Recordkeeping Requirements (Broker-Dealers, Security-Based Swap Dealers, and Major Security-Based Participants) | Jan. 18, 2023 |
| Financial Responsibility Requirements (Security-Based Swap Activities of Broker-Dealers and Security-Based Swap Dealers) | Oct. 8, 2021 |
| Foreign Broker-Dealers - Rule 15a-6 | April 14, 2014 |
| Form CRS | Feb. 11, 2020 |
| Form X-17A-5 (Electronic Submissions) | March 13, 2026 |
| Large Trader Reporting | April 13, 2012 |
| Regulation Analyst Certification | April 26, 2005 |
| Regulation Best Interest | Aug. 4, 2020 |
| Regulation Crowdfunding and Intermediary Requirements | Sept. 25, 2018 |
| Regulation M (Staff Legal Bulletin No. 9) | Nov. 22, 2019 |
| Regulation NMS - Rule 610 and Rule 611 | April 4, 2008 |
| Regulation NMS - Rule 612 (Minimum Pricing Increment) | Oct. 21, 2005 |
| Regulation SBSR | May 23, 2024 |
| Regulation SCI | Aug. 21, 2019 |
| Regulation SHO | March 18, 2015 |
| Regulation SHO - Pilot Data | March 4, 2005 |
| Regulation SHO - Rule 201 | Jan. 20, 2011 |
| Research Analysts and Underwriters (JOBS Act) | Aug. 22, 2012 |
| Rule 10b-18 - "Safe Harbor" for Issuer Repurchases | 2003 |
| Rule 11Ac1-5 (Staff Legal Bulletin No. 12R) | June 22, 2001 |
| Rule 11Ac1-6 (Staff Legal Bulletin No. 13) | June 22, 2001 |
| Rule 11Ac1-6 (Staff Legal Bulletin No. 13A) | Oct. 16, 2001 |
| Rule 15c3-3 and Daily Customer and PAB Reserve Computations | Dec. 8, 2025 |
| Rule 194 Application and Notice Submissions | May 10, 2022 |
| Rule 301(b)(5) Under Regulation ATS - “Fair Access Rule” | April 24, 2020 |
| Rule 605 of Regulation NMS (regarding rule amendments published April 15, 2024) | April 1, 2026 |
| Rule 605 of Regulation NMS | Feb. 22, 2013 |
| Rule 606 of Regulation NMS | June 3, 2022 |
| Sale of Loaned But Recalled Securities | Sept. 28, 2008 |
| SCI Industry Standards (Staff Guidance) | Nov. 19, 2014 |
| Security-Based Swaps | July 11, 2022 |
| Security-Based Swap Dealer and Major Security-Based Swap Participant - CCO Annual Reports | Jan. 26, 2022 |
| Security-Based Swap Entities (Non-U.S./Nonresident) | May 23, 2024 |
| Security-Based Swap Trading Relationship Documentation Audits | April 17, 2026 |
| Short Selling - 2008 Emergency Order | July 18, 2008 |
| Short Selling Disclosure - 2008 Emergency Order | Sept. 24, 2008 |
| Short Selling - Temporary Rule 204T in September 2008 | Sept. 23, 2008 |
| Treasury Clearing | March 30, 2026 |
| Treasury Clearing and Rule 15c3-3a | Aug. 6, 2025 |
| Volcker Rule | March 4, 2016 |
Last Reviewed or Updated: April 17, 2026
