The SEC recently released further guidance on the amendments to Rule 605, emphasizing critical updates to the technical specifications and reporting requirements. Under this guidance, broker-dealers with 100,000 or more customer accounts are officially required to comply fully with the amended Rule 605 Plan, aligning their reporting obligations with market centers. Additionally, the guidance clarifies that firms must publish both detailed monthly execution-quality reports and a new investor-friendly summary report designed to enhance transparency.

Significant technical changes include updated file formats—transitioning from legacy .dat and .zip formats to streamlined .txt and .gz files—as well as an increased maximum record count per security and a simplified, standardized order-type coding system. The guidance also streamlines reporting logistics by allowing Designated Participants to publish reports centrally, simplifying access for the investing public.

With a compliance date set for December 14, 2025, broker-dealers, ATS’s, and market centers must proactively update their reporting infrastructures to accommodate these changes. BXS remains at the forefront of regulatory compliance solutions, actively integrating the latest technical specifications into our Rule 605 reporting platform. Our goal is to ensure our clients are fully prepared, compliant, and confident well ahead of the upcoming compliance deadline.

For detailed information, refer to the full SEC notice here: https://www.sec.gov/files/rules/sro/nms/2025/34-103243.pdf

Best,

BXS