SEC Issues Exemptive Order Relating to Rule 606

SEC Issues Exemptive Order Relating to Rule 606

The SEC has granted a temporary exemption from reporting obligations under Rule 606 to “provide additional time for broker-dealers to complete the development of systems and processes necessary to begin collecting the data required by the rule.” ¬†The exemptive order can be found here. ¬†Specifically, the order states that: (1) all broker-dealers are exempt from the requirement to comply with Rule 606(a) until January 1, 2020; (2) all broker- dealers that engage in self-routing activity are exempt from the requirement to comply with Rule 606(b)(3) until January 1, 2020; and (3) all broker-dealers that engage in outsourced routing activity are exempt from the requirement to comply with Rule 606(b)(3) until April 1, 2020.