Federal Register #SR-NASDAQ-2026-083

SEC notice of Nasdaq’s proposed changes to clearly erroneous transaction review rules

The Securities and Exchange Commission (SEC) notice concerns Nasdaq’s proposed changes to its rules for reviewing clearly erroneous transactions. - Government agency: U.S. Securities and Exchange Commission (SEC). - Proponent: The Nasdaq Stock Market LLC (Nasdaq), which proposes amendments to Equity 11, Rule 11890. - Proposed changes: - Extend restrictions on transaction review to overnight protected hours when overnight price bands are in effect for 23/5 trading. - Define protected hours and price bands, update applicable percentage parameters, and clarify review procedures for securities not covered by the Limit Up-Limit Down (LULD) Plan. - Align the review process more closely with the LULD mechanism and improve consistency and certainty for market participants. - The SEC is soliciting public comments. This is a regulatory notice, not a procurement; no products, services, quantities, or performance period are specified.

Description

The Nasdaq Stock Market LLC proposes amendments to Equity 11, Rule 11890, concerning clearly erroneous transactions. The changes would extend certain limits on clearly erroneous review to overnight protected hours following approval of overnight price bands for 23/5 trading, and clarify review procedures for securities not subject to the LULD Plan. The notice states that the amendments are proposed to become operative at the commencement of 23/5 trading, scheduled to begin industry-wide on December 6, 2026. The SEC invites comments on the proposed rule change through November 3, 2026.

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