The SEC granted a proposal to extend BATS BYX-Exchange, Inc. ("BYX") limited exemptive relief from Regulation NMS Rule 612(c) (the Sub-Penny Rule) related to the operation of BYX's Retail Price Improvement Program ("RPI Program"). The SEC also approved BYX's proposal to extend the RPI Program for a one-year pilot term. Both the exemption and the pilot program have been extended five times. The SEC actions extend the expiration date from July 31, 2018 to December 31, 2018.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.