[17217]
March 16, 2004
TO: EQUITY MARKETS ADVISORY COMMITTEE No. 8-04
SEC RULES COMMITTEE No. 25-04
RE: SEC ENCOURAGES ICI MEMBERS TO COMMENT ON PROPOSED REGULATION
NMS
SEC Division of Market Regulation Director Annette L. Nazareth has sent a letter to ICI
President Matthew P. Fink inviting ICI members to submit comments to the SEC on proposed
Regulation NMS. A copy of the letter is attached.
Proposed Regulation NMS contains four substantive proposals that are designed to
modernize the regulatory structure of the U.S. securities markets including proposals relating to
intermarket “trade-throughs,” intermarket access, sub-penny pricing, and market data.1 The
letter states that by publishing a concrete proposal, the SEC intends to further focus and inform
the dialogue among industry participants on these important market structure issues.
Comments on proposed Regulation NMS are due to the SEC no later than May 24, 2004.
Ari Burstein
Associate Counsel
Attachment (in .pdf format)
1 See Memorandum to Equity Markets Advisory Committee No. 6-04 and SEC Rules Committee No. 23-04, dated
March 12, 2004 [17206].