OPEN MEETING AGENDA

Wednesday, December 14, 2022

ITEM 1: Insider Trading Arrangements and Related Disclosures

OFFICE: Division of Corporation Finance   

STAFF: Renee Jones, Erik Gerding, Elizabeth Murphy, Felicia Kung, Sean Harrison, and Brian Galle    

The Commission will consider whether to adopt amendments to Rule 10b5-1 under the Securities Exchange Act, and new disclosure regarding Rule 10b5-1 trading arrangements and insider trading policies and procedures, as well as amendments regarding the disclosure of the timing of certain equity compensation awards and reporting of gifts on Form 4.

For further information, please contact Sean Harrison in the Division of Corporation Finance at (202) 551-3430.

ITEM 2: Disclosure of Order Execution Information

OFFICE: Division of Trading and Markets   

STAFF: Haoxiang Zhu, David Saltiel, Andrea Orr, David Shillman, Eric Juzenas, Kathleen Gross, Lauren Yates, Christopher Chow, and David Michehl

The Commission will consider whether to propose rule amendments to update the disclosure required by Rule 605 under Regulation NMS of the Securities Exchange Act of 1934 for order executions in national market system stocks. The proposed rule amendments would expand the scope of entities subject to Rule 605, modify the information required to be reported under the rule, and change how orders are categorized for purposes of the rule.

For further information, please contact Kathleen Gross or Lauren Yates in the Division of Trading and Markets at (202) 551-5500.

ITEM 3: Regulation NMS: Minimum Pricing Increments, Access Fees, and Transparency of Better Priced Orders

OFFICE: Division of Trading and Markets

STAFF: Haoxiang Zhu, David Saltiel, Andrea Orr, David Shillman, Eric Juzenas, Kelly Riley, Johnna Dumler, Steve Kuan, Marc McKayle, and Ted Uliassi

The Commission will consider whether to propose amendments to certain rules under Regulation NMS of the Securities Exchange Act of 1934 to adopt variable minimum pricing increments for the quoting and trading of NMS stocks, reduce access fee caps, and enhance the transparency of better priced orders.

For further information, please contact Kelly Riley in the Division of Trading and Markets at (202) 551-5500.

ITEM 4: Order Competition Rule

OFFICE: Division of Trading and Markets   

STAFF: Haoxiang Zhu, David Saltiel, Andrea Orr, David Shillman, Eric Juzenas, Daniel Gray, Jennifer Dodd, and Stacia Sowerby    

The Commission will consider whether to propose a new rule under Regulation NMS of the Securities Exchange Act of 1934 titled the Order Competition Rule, which would require certain equity orders of retail investors to be exposed to competition in fair and open auctions before such orders could be executed internally by any trading center that restricts order-by-order competition.

For further information, please contact Daniel Gray in the Division of Trading and Markets at (202) 551-5500.

ITEM 5: Regulation Best Execution

OFFICE: Division of Trading and Markets   

STAFF: Haoxiang Zhu, David Saltiel, Andrea Orr, David Shillman, Eric Juzenas, David Dimitrious, Deborah Flynn, and Arisa Kettig

The Commission will consider whether to propose new rules under the Securities Exchange Act of 1934 titled Regulation Best Execution, which would establish a best execution standard and require detailed policies and procedures for brokers, dealers, government securities brokers, government securities dealers, and municipal securities dealers and more robust policies and procedures for entities engaging in certain conflicted transactions with retail customers, as well as related review and documentation requirements.

For further information, please contact David Dimitrious in the Division of Trading and Markets at (202) 551-5500.