Advisories

SEC Publishes Re-proposed Regulation NMS

January 2005

The Securities and Exchange Commission has published for comment a revised version of Regulation NMS — four interrelated proposals designed to modernize the regulatory structure of the national market system (the "NMS") for equity securities. Regulation NMS was originally published for comment in February 2004. Based on the numerous comment letters received by the SEC, and statements and suggestions made at subsequent public hearings and roundtables, the SEC revised the proposal. The SEC requests comments by January 26, 2005.