John D’Antona, Editor of Traders Magazine speaks exclusively to S3 CEO Mark Davies on the delay of SEC Rule 606
by John D’Antona
1 April 2020
The current COVID-19 pandemic has forced a change in the amended Rule 606 timeframe.
Last week the Securities and Exchange Commission (SEC) looked at the state of the industry and determined market focus and resources should be fully dedicated to keeping the market open and functioning smoothly and not putting further undue stress on the system. The Commission’s thinking is that due to the extraordinary market environment brought on by COVID-19 and the need to redeploy assets to maintain regular market function, the regulator opted to err on the side of caution and give firms additional time to comply with the updated/revised order handling disclosure rules.
The relief is as follows: one month for 606(a) compliance and two months for 606(b)(3) look through.