[Federal Register Volume 66, Number 51 (Thursday, March 15, 2001)]
[Rules and Regulations]
[Pages 15028-15029]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-6431]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 240

[Release No. 34-44060; File No. S7-16-00]
RIN 3235-AH95


Disclosure of Order Execution and Routing Practices

AGENCY: Securities and Exchange Commission.

ACTION: Final rule; extension of initial compliance date.

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SUMMARY: The Commission is extending the initial compliance date of 
Rule 11Ac1-5 of the Securities Exchange Act of 1934. Rule 11Ac1-5 and 
Rule 11Ac1-6 require improved public disclosure of order execution and 
order routing practices and were published on December 1, 2000 (65 FR 
75414).

DATES: Effective Date: The effective date of Rule 11Ac1-5 published on 
December 1, 2000 (65 FR 75414) remains January 30, 2001.
    Compliance Date: The initial compliance date for the first phase-in 
of securities subject to Rule 11Ac1-5 is extended from April 2, 2001, 
to May 1, 2001. While this order alters the initial compliance date for 
Rule 11Ac1-5, the subsequent phase-in dates of Rule 11Ac1-5 and the 
compliance date of Rule 11Ac1-6 are unchanged.

FOR FURTHER INFORMATION CONTACT: Susie Cho, Attorney, at (202) 942-
0748, Division of Market Regulation, Securities and Exchange 
Commission, 450 Fifth Street, NW., Washington, DC 20549-1001.

SUPPLEMENTARY INFORMATION: On November 17, 2000, the Securities and 
Exchange Commission (``SEC'' or ``Commission'') adopted Rule 11Ac1-5 
\1\ (``Rule'') under the Securities Exchange Act of 1934 (``Exchange 
Act'') to improve public disclosure of order execution practices.\2\ 
Under the Rule, market centers that trade national market system 
securities are required to make available to the public monthly 
electronic reports that include uniform statistical measures of 
execution quality.

[[Page 15029]]

The compliance date for the first phase-in of securities subject to the 
Rule was Monday, April 2, 2001.
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    \1\ 17 CFR 240.11Ac1-5.
    \2\ See Securities Exchange Act Release No. 43590 (November 17, 
2000), 65 FR 75414.
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    The Rule also directs the self-regulatory organizations (``SROs'') 
that trade national market system securities to act jointly in 
establishing procedures for market centers to follow in making their 
monthly order execution reports available to the public in a readily 
accessible, uniform, and usable electronic format. On February 21, 
2001, the Commission issued a release giving notice of the filing of a 
proposed plan establishing such procedures by the SROs (``Joint SRO 
Plan'').\3\ In addition, the Commission's staff has been working with 
market participants to answer frequently asked interpretive questions 
concerning the implementation and operation of the Rule.
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    \3\ See Securities Exchange Act Release No. 43992 (February 21, 
2001).
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    The Commission is extending the initial compliance date of Rule 
11Ac1-5 to May 1, 2001. The extension is intended to allow market 
centers a fuller opportunity to implement procedures for making reports 
available to the public and to incorporate the Commission staff's 
interpretive guidance on the Rule. The market centers will have 
additional time to program their systems to comply with the Rule's 
reporting requirements and to produce accurate, reliable, and usable 
monthly reports.

    Dated: March 9, 2001.

    By the Commission.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-6431 Filed 3-14-01; 8:45 am]
BILLING CODE 8010-01-M