Rule 102 Renewal: Wall Street's Info Overload Continues
Published Date: 3/25/2026
Notice
Summary
The SEC is asking for comments to keep collecting info under Rule 102, which stops certain people from buying securities during specific times. About 1,200 folks spend around 2,100 hours and $343K yearly to follow this rule. They want your thoughts on how to make this easier and clearer, so jump in before the deadline!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Rule 102 stops certain purchases
If you are a distribution participant, an issuer, or a selling security holder, Rule 102 of Regulation M prohibits you from engaging in purchasing activity at specified times during a distribution of securities. The rule also lists exceptions such as an exclusion for actively traded reference securities and the use of policies that maintain information barriers between affiliates.
Paperwork burden and compliance cost
About 1,194 respondents spend a total of approximately 2,094 hours per year complying with Rule 102, with each respondent filing about 1 response that takes on average 1.754 hours. The SEC estimates aggregate internal compliance costs of $343,416 per year, which is about $287.62 per respondent annually.
Exceptions allow some trading during distributions
Certain entities covered by Rule 102 may rely on exceptions — for example, an exclusion for actively traded reference securities or by maintaining policies that create information barriers between affiliates — to avoid the purchase prohibition during distributions.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-06475 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Amend Cboe Rule 5.4
Cboe Exchange is changing the smallest price step for options on its Mini Bitcoin ETF Index to make trading smoother and clearer. This change affects traders using these options and kicks in quickly after approval, with no extra costs involved. The SEC gave this update a fast green light, so expect the new rules to start soon!
2026-06469 — Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing of Proposed Rule Change To Amend BOX Rules 5055 (FLEX Equity Options) and 3120 (Position Limits)
BOX Exchange wants to update its rules for special options tied to popular Bitcoin and Ethereum ETFs and trusts. These changes affect traders using FLEX equity options and position limits, aiming to keep things fair and clear. The new rules could impact how much traders can hold and trade, with the proposal open for public comments starting April 2026.
2026-06473 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of a Proposal To Amend the Exchange's Anti-Internalization Functionality in Equity 4, Rule 3307, and To Extend the Implementation Date of the CORE FIX Order Entry Protocol
Nasdaq PHLX is updating a rule that helps stop trades from accidentally happening within the same firm, which keeps trading costs down. They’re also pushing back the start date for a new order entry system called CORE FIX. These changes affect traders using Nasdaq PHLX and aim to make trading smoother without extra costs, with the new system launch delayed to give everyone more time to get ready.
2026-06462 — Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Monthly Enterprise Fee for Its Depth of Book Proprietary Market Data Feed
24X National Exchange is starting a new monthly fee for companies using its special market data feed that shows detailed order info. This change affects businesses that rely on this data and kicks in right away, meaning they’ll pay a set monthly charge to access it. It’s a clear move to keep the data service running smoothly and fairly.
2026-06466 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposal To Amend the Exchange's Anti-Internalization Functionality in Equity 4, Rule 4757, and To Extend the Implementation Date of the CORE FIX Order Entry Protocol
Nasdaq is updating a rule that helps stop trades from accidentally happening within the same firm, which keeps trading fair and lowers costs. They’re also pushing back the start date for a new order entry system called CORE FIX to give everyone more time to get ready. These changes affect traders using Nasdaq and aim to make trading smoother without extra fees or delays.
2026-06463 — Joint Industry Plan; Notice of Filing of Amendment No. 1, and Order Instituting Proceedings To Determine Whether To Approve or Disapprove an Amendment to the National Market System Plan Regarding Consolidated Equity Market Data, as Modified by Amendment No. 1, To Adopt a Fee Schedule
Big stock market players like exchanges and trading groups want to start charging fees for sharing important stock data. They updated their plan after hearing feedback, and now the SEC is deciding if these new fees are fair and should go live. If approved, this could change how much it costs to get stock info starting soon.
Previous / Next Documents
Previous: 2026-05802 — Submission for OMB Review; Comment Request
The Department of Agriculture is asking for public feedback on a paperwork update about importing poultry and pork from parts of Mexico. This affects farmers, importers, and anyone involved in moving these products through the U.S. Comments are open until April 24, 2026, and the goal is to make the process clearer and less of a hassle without adding extra costs.
Next: 2026-05805 — High Purity Dissolving Pulp From Brazil: Preliminary Affirmative Countervailing Duty Determination and Alignment of Final Determination With Final Antidumping Duty Determination
The U.S. Department of Commerce found that Brazilian makers of high purity dissolving pulp got unfair government help, so they’re starting to add extra taxes to balance things out. This affects Brazilian exporters and U.S. buyers, with changes kicking in around March 25, 2026. The goal? Keep trade fair and protect American businesses from sneaky subsidies!
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in