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B-330804 1 (2019-03-05)

handle is hein.gao/gaobadvqt0001 and id is 1 raw text is: G U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-330804 March 5, 2019 The Honorable Mike Crapo Chairman The Honorable Sherrod Brown 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: Transaction Fee Pilot for NMS Stocks 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 Transaction Fee Pilot for NMS Stocks (RIN: 3235-0761). We received the rule on December 21, 2018. It was published in the Federal Register as a final rule on February 20, 2019. 84 Fed. Reg. 5202. The effective date of the final rule is April 22, 2019, through December 29, 2023. The final rule conducts a Transaction Fee Pilot for National Market System stocks to study the effects that exchange transaction fee-and-rebate pricing models may have on order routing behavior, execution quality, and market quality. The Commission expects the data generated by the pilot, combined with data from existing sources, will facilitate an empirical evaluation of whether the existing exchange transaction-based fee and rebate structure is operating effectively to further statutory goals. The Congressional Review Act requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. § 801 (a)(3)(A). The Senate received the final rule on January 9, 2019. 165 Cong. Rec. S101 (daily ed. January, 9, 2019). The Congressional Record does not reflect the date of receipt by the House of Representatives. It was published in the Federal Register on February 20, 2019, and has a stated effective date of April 22, 2019. 84 Fed. Reg. 5202. If the House of

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