SEC Keeps Passive Market-Making Disclosure Rule Alive
Published Date: 6/4/2026
Notice
Summary
The SEC is asking to keep Rule 103’s info collection going, letting about 249 companies each year share their plans for passive market-making in Nasdaq stock sales. It takes about an hour and costs roughly $164 per company to comply. You’ve got until July 6, 2026, to share your thoughts on this extension!
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Paperwork Burden for Rule 103 Filers
Rule 103 allows passive market-making in Nasdaq distributions but requires firms to disclose to third parties that they intend to engage in passive market-making. The SEC estimates about 249 companies a year will each spend about 1 hour to comply, at an estimated internal cost of $164 per company (aggregate $40,836 per year). You can submit comments on this paperwork extension by July 6, 2026.
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Key Dates
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