SEC Alert! Proposal request for approval of extension for Rule 607, which requires disclosure on each new account and on a yearly basis thereafter, on the annual statement, the firm's policies regarding receipt of payment for order flow.
Source: https://public-inspection.federalregister.gov/2023-04825.pdf
Rule 607 requires disclosure on each new account and on a yearly basis thereafter, on the annual statement, the firm's policies regarding receipt of payment for order flow from any market makers, exchanges or exchange members to which it routes customers' order in national market system securities for execution; and information regarding the aggregate amount of monetary payments, discounts, rebates or reduction in fees received by the firm over the past year. The information collected pursuant to Rule 607 is necessary to facilitate the establishment of a national market system for securities. The purpose of the rule is to ensure that customers are adequately apprised of the broker-dealer's order routing practices with respect to the customer's order, in furtherance of the Commission's statutory mandate to protect investors.
How to comment:
The public may view background documentation for this information collection at the following website: www.reginfo.gov.
- Find this particular information collection by selecting "Currently under 30-day Review - Open for Public Comments" or by using the search function.
- Written comments and recommendations for the proposed information collection should be sent by [INSERT DATE 30 DAYS AFTER DATE OF PUBLICATION IN THE FEDERAL REGISTER] to (i)
[email protected]and (ii) David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/o John Pezzullo, 100 F Street, NE, Washington, DC 20549, - or by sending an email to:
[email protected]. subject: [SEC File No. 270-382, OMB Control No. 3235-0435]
