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SEC Issues Order Requiring Changes to NMS Plan Governance

By Annette L. Nazareth, Jai R. Massari, Gabriel D. Rosenberg, Zachary J. Zweihorn, Mark A. Sater & Tyler X. Senackerib on May 11, 2020
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The Securities and Exchange Commission acted on the first of its proposals to substantially revamp the regulations concerning equity market data by issuing an order directing the national securities exchanges and the Financial Industry Regulatory Authority to propose a new National Market System equity market data plan. The new plan, which would replace the three existing NMS Plans that govern the operation of the securities information processor data feeds and implement various governance changes, is intended to address perceived conflicts of interest in managing, and undue concentration of control of, the securities information processors under the existing plans.

Please see our client memorandum for further details on the plan.

Law Clerk Charles Klug contributed to this blog post.

 

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Annette L. Nazareth

Ms. Nazareth is a partner and head of Davis Polk’s Washington DC office and leads the trading and markets practice within the firm’s Financial Institutions Group. [Full Bio]

Read more about Annette L. NazarethEmail
Jai R. Massari

Ms. Massari is a partner in Davis Polk’s Financial Institutions Group and the trading and markets practice, based in the Washington DC office. [Full Bio]

Read more about Jai R. MassariEmail
Gabriel D. Rosenberg

Mr. Rosenberg is a partner in Davis Polk’s Financial Institutions Group. [Full Bio]

Read more about Gabriel D. RosenbergEmail
Zachary J. Zweihorn

Mr. Zweihorn is counsel in Davis Polk’s Financial Institutions Group and the trading and markets practice. [Full Bio]

Read more about Zachary J. ZweihornEmail
Mark A. Sater

Mr. Sater is an associate in Davis Polk’s Financial Institutions Group. [Full Bio]

Read more about Mark A. SaterEmail
Tyler X. Senackerib

Mr. Senackerib is an associate in Davis Polk’s Financial Institutions Group. [Full Bio]

Read more about Tyler X. SenackeribEmail
  • Posted in:
    Corporate & Commercial, Financial
  • Blog:
    FinReg
  • Organization:
    Davis Polk & Wardwell LLP
  • Article: View Original Source

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