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United States: SEC promotes Order Competition — by limiting it?

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SEC New Year’s resolution? Market restructuring for all!

In brief

On 14 December 2022, the Securities and Exchange Commission (SEC) proposed four separate rulemakings under the Securities Exchange Act of 1934 (“Exchange Act“) that would create a federally defined best execution standard for broker-dealers and overhaul the US equities market structure (collectively, the “Market Structure Proposals“).

If adopted in their current form, these proposals would meaningfully impact market participants and practices. Given the nearly 1,700 pages of combined rules proposals, firms may need to devote significant resources just to digest their potential impact on particular business models.

In a series of Client Alerts, we attempt to dissect each of these Market Structure Proposals. Our first in the series on Regulation Best Execution Proposal can be found here. In this Client Alert, we provide an overview, insights, and key takeaways for the Order Competition Rule Proposal.

Click here to access full alert.

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Author

Amy serves as the Co-chair of Baker McKenzie's North American Financial Regulation and Enforcement Practice, which provides our clients with a full range of regulatory advice and enforcement counseling. Amy also serves on the steering committees of the Firm's Global Financial Services Regulatory and Global Financial Institutions Groups. Previously, Amy has served as chief litigation counsel at the US Securities and Exchange Commission's (SEC) Philadelphia regional office and managed a team of lawyers overseeing a wide variety of enforcement matters.

Author

Jennifer L. Klass serves as the co-chair of Baker McKenzie's North America Financial Regulation and Enforcement Practice, which provides clients with a full range of regulatory advice and enforcement counseling. Jen is an experienced financial services regulatory lawyer with particular focus on investment adviser regulation and the convergence of investment advisory and brokerage services. She regularly represents clients before the US Securities and Exchange Commission (SEC), both in seeking interpretative guidance and in managing examination and enforcement matters.

Author

Gavin Meyers is an associate in Baker McKenzie's Financial Regulation and Enforcement Practice Group in North America. Gavin is an experienced regulatory lawyer with a focus on federal and state securities laws impacting the broker-dealer and investment adviser industries. Immediately prior to joining the Firm Gavin was an Assistant General Counsel with Raymond James, and previously served as Senior Counsel in the Office of General Counsel at the Financial Industry Regulatory Authority (FINRA). As Assistant General Counsel with Raymond James, Gavin provided practical guidance to business, supervision, and compliance groups regarding securities regulations and FINRA rules, including with respect to implementation of the Securities and Exchange Commission (SEC)'s Regulation Best Interest. As Senior Counsel at FINRA, Gavin was responsible for providing guidance on complex regulatory initiatives and FINRA rules and developing and drafting regulatory guidance and rule filings for submission to SEC. Gavin also served in FINRA's Office of Fraud Detection and Market Intelligence (OFDMI), where he conducted regulatory investigations involving insider trading.

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