Securities Regulation Daily Wrap Up, WORTH NOTING—Other litigation, regulatory activity and industry news, (Jun 12, 2026)

By WK Editorial Staff

A weekly roundup of items of interest to the securities, derivatives and corporate governance communities.

SEC NEWS AND SPEECHES—Following the SEC’s proposal this week to rescind Rule 611 of Regulation NMS, known as the trade-through rule, and a pending application by MEMX LLC for exemptive relief, SEC Chairman Paul Atkins said he has directed the staff to prioritize a review of Rules 610(c) and 612 of Regulation NMS by the end of the year, including whether potential changes to the access fee caps and minimum pricing increments may be appropriate.

SEC NEWS AND SPEECHES—Reacting to the SEC’s proposal to rescind the trade-through rule, Benjamin Schiffrin, director of Securities Policy for Better Markets, said, “There is no question that the Trade-through Rule has had unintended consequences. But simply rescinding the Trade-through Rule is not the answer. Doing so would eliminate a core investor protection. The SEC says that rescinding the rule will assist investors for whom speed and quantity matter more than price. But it would leave investors for whom price is the priority unprotected.”

SEC NEWS AND SPEECHES—The SEC has appointed John Moses as director of the agency’s Office of Investor Education and Assistance, which provides services and resources to help investors build their finances and protect against fraud. Moses joined the SEC staff in 2016 and has served in a variety of positions, including as managing executive in the Office of the Chairman before becoming a deputy director in the SEC’s Office of Investor Education and Assistance in 2020. He was acting director of the office prior to his appointment to the permanent role. “John is an effective communicator who demonstrates a sincere passion for investor outreach and brings as much enthusiasm as he does wisdom to this position,” commented SEC Chairman Paul Atkins in a release.

ENFORCEMENT—President Trump has nominated Jay Clayton, the U.S. Attorney for the Southern District of New York, for the position of director of national intelligence, replacing Tulsi Gabbard, who announced her resignation last month. Before joining the U.S. Attorney’s Office, Clayton was chairman of the SEC from May 2017 to December 2020. His nomination for the director’s position follows pushback from Congress on Trump’s previous nominee for the position, Bill Pulte, who is head of the Federal Housing Finance Agency.

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