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B-333217 May 04, 2021 1 (2021-05-04)

handle is hein.gao/gaolnj0001 and id is 1 raw text is: 1O 0 U.S. GOVERNMENT ACCOUNTABILITY OFFICE A Century of Non-Partisan Fact-Based Work 441 G St. N.W. Washington, DC 20548 B-333217 May 4, 2021 The Honorable Sherrod Brown Chairman The Honorable Patrick J. Toomey Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Market Data Infrastructure Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (Commission) entitled Market Data Infrastructure (RIN: 3235-AM61).' We received the rule on December 10, 2020. It was published in the Federal Register as a final rule on April 9, 2021. 86 Fed. Reg. 18596. The effective date is June 8, 2021. According to the Commission, the final rule modernizes the national market system for the collection, consolidation, and dissemination of information with respect to quotations for and transactions in national market system (NMS) stocks (NMS information). Specifically, the Commission is expanding the content of NMS information that is required to be collected, consolidated, and disseminated as part of the NMS under Regulation NMS and is amending the method by which such NMS information is collected, calculated, and disseminated by fostering a competitive environment for the dissemination of NMS information via a decentralized consolidation model with competing consolidators. Enclosed is our assessment of the Commission's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the 1 The due date for this major rule report was April 26, 2021. Due to a processing error on our part, we are delayed in our issuance of this report.

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