SEC Issues Order to Modernize the Governance Structure of NMS Plans

The SEC has issued Order Directing the Exchanges and the Financial Industry Regulatory Authority to Submit a New National Market System Plan Regarding Consolidated Equity Market Data. The order directs “the equity exchanges and FINRA to submit a New Consolidated Data Plan within 90 days that includes specific governance provisions that the Commission believes will enable the plan to address concerns that have been raised about the governance of the existing Equity Data Plans and the provision of equity market data to market participants.”

For more information, see the press release as well as statements by SEC Chair Jay Clayton and Commissioners Allison H. Lee, Hester M. Peirce, and Elad L. Roisman on the SEC’s Web site.