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The purpose of this paper is to explain the requirements of SEC Rule 613 under the Securities Exchange Act of 1934, which requires national securities exchanges and FINRA jointly to develop a national market system plan (NMS Plan) that provides for the creation, implementation and maintenance of a consolidated order tracking system (“consolidated order trail” or “CAT”) as well as the creation of a central repository responsible for the receipt, consolidation, and retention of all order and quote information for NMS securities.

The paper discusses weaknesses of current, multiple order tracking systems; core features of the framework adopted by the SEC to create a CAT, including the creation of a central repository; key considerations for market participants, including data reporting methods and funding the creation, implementation and maintenance of the CAT; timing and phased implementation of the NMS Plan; security and order types covered by the CAT; persons required to report information to the central repository; reportable events and CAT data elements; timing and reporting to the central repository; ownership, governance and operation of the central repository; access to CAT data; parties required to comply with Rule 613e and the NMS Plan; and governance and operation of the NMS Plan.

Under the requirements of Rule 613, and through the NMS Plan that must be developed by the exchanges and FINRA, the CAT is intended to provide a comprehensive and uniform tracking mechanism for secondary market activity in all NMS securities.

The paper provides guidance by experienced financial services lawyers.

Nurse managers’ planning practices are essential to the practice of management in the unit, and the overall efficiency of the healthcare service delivery. This study aims to explore the planning practices of nurse managers in the Greater Accra Region, Ghana.

A descriptive phenomenological design was employed to explore nurse managers' planning practices. In total, 15 nurse managers and 47 nurses from 19 primary and secondary hospitals of the Ghana Health Service and two specialized hospitals in the Greater Accra Region, Ghana, were involved in the study. Data were collected using semi-structured interview guides and probes.

The findings suggested that plans were widely common to all the units of the hospitals and were considered satisfactory by nurse managers. However, most of these plans were not effectively utilized. Nurse managers had only fair knowledge about the planning process and were moderately involved and communicated ideas to colleagues in the process. Furthermore, nurse managers do not frequently share the vision neither do they even communicate expectations to achieve unit goals and objectives with subordinates.

The research emphasizes the relevance of planning in healthcare management. It highlights the management practice of planning in the context of nurse managers and accentuates the values the healthcare system derives with effective planning practices.

The SEC has proposed several rules and rule amendments that, if adopted, would impact market structure of the equities markets for years to come. This article summarizes those proposed changes and describes some of the early reaction to them by both industry and regulators. Regulation NMS, as the rule proposals are collectively called, is intended to accomplish three primary objectives: (1) to promote equal regulation of market centers, (2) to update antiquated rules, and (3) to promote greater order interaction and displayed depth. Regulation NMS, which is intended to “advance the dialogue” on market structure issues, consists of rule proposals in four substantive areas. First, the SEC has proposed a uniform trade‐through rule for all national market system (“NMS”) market centers that would affirm the principle of price priority while addressing the differences between automated and manual markets. Second, the SEC has proposed a uniform market access rule with a de minimis fee standard intended to assure non‐discriminatory access to the best prices displayed by NMS market centers without mandating hard linkages such as the Intermarket Trading System (“ITS”).

To explain a joint effort by the national securities exchanges to implement a Tick Size Pilot program. The pilot program would widen the minimum quoting and trading increments for certain small cap stocks.

The article reviews the Tick Size Pilot plan generally, discusses how the final plan differs from proposed plan, describes securities that will be affected by the plan, and the various test groups under the plan.

Pilot program is designed to provide the SEC with empirical data regarding the impact that tick size may have on the trading of small cap stocks.

Exchanges will be required to adopt rules to implement the pilot program. Broker-Dealers will be required to adopt written policies and procedures to comply with the pilot plan when quoting and for trading.

Practical guidance from experienced securities lawyers. The article describes the operation of the new pilot program.

To explain an October 16, 2018 US Securities and Exchange Commission order that unanimously upheld a SIFMA challenge to fee increases for “depth-of-book” market data filed by Nasdaq and NYSE Arca and the SEC’s simultaneous remanding of over 400 market data fee and other filings back to the exchanges for consideration under the standards set out in the order.

Explains the criteria for fee increases under the Exchange Act, the SEC’s historic routine approval of exchanges’ proposed fee increases, the SEC’s challenge to two recent market data filings, and the SEC’s remanding of 400 additional market data fee filings challenged by SIFMA to the exchanges and the National Market System (NMS) for reconsideration. Analyzes and discusses the SEC’s order.

The SECs’ SIFMA order appears to raise the bar significantly for what exchanges must show to justify fee increases.More broadly, all five SEC Commissioners (of both parties) appear to be rethinking the role of for-profit exchanges in the regulatory structure.These orders have the potential to rewrite the regulation of market data, other exchange fees, and potentially the relationship between the exchanges and other market participants, for the entire securities industry.

Practical guidance from experienced securities lawyers.

This article provides a resource for traders and other market participants by providing an overview of certain automatic circuit breaker mechanisms and discretionary powers that the U.S. Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA) and the U.S. president, as applicable, can exercise to pause or stop the trading of individual securities or trading activities across exchanges during extreme market volatility, each of which can cause interruptions to trading activity.

This article surveys automatic and discretionary mechanisms to halt trading activity under extreme market conditions. In particular, the article examines automatic cross-market circuit breakers, limit up-limit down pauses, the alternative uptick rule, as well as discretionary authority to stop short selling of particular securities and to stop trading across exchanges.

The article concludes that market participants must be cognizant not only of automatic cross-market circuit breakers, but also several other forms of potential market disruptions that may occur due to increased market volatility during the COVID-19 pandemic and beyond.

By exploring various mechanisms that respond to market disruption, this article provides a valuable resource for traders and other market participants looking to identify and respond to potential interruptions to their trading activity.

The purpose of this paper is to provide selected Financial Industry Regulatory Authority (FINRA) regulatory notices and disciplinary actions issued in July and August 2011.

The paper provides Regulatory Notice 11‐31, July 2011, Credit Default Swaps: Interim Pilot Program on Margin Requirements for Credit Default Swaps; Notice 11‐37, July 2011, Trading Halts Due To Extraordinary Market Volatility: Trading Pause Rule Expanded to All NMS Stocks; Notice 11‐38, August 2011, Application of the SEC's Financial Responsibility Rules in Response to the Downgrade of US Long‐term Credit Rating by Standard & Poor's; Notice 11‐39, August 2011, Social Media Websites and the Use of Personal Devices for Business Communications: Guidance on Social Networking Websites and Business Communications; and selected FINRA disciplinary actions in July and August 2011.

Notice 11‐31: FINRA has extended the implementation of Rule 4240 so that it will expire on January 17, 2012; the Rule established an interim pilot program with respect to margin requirements for certain transactions in credit default swaps. Notice 11‐37: Beginning August 8, 2011, the trading pause pilot rule – currently applicable only to securities included in the S&P 500® Index, the Russell 1000® Index and a list of selected exchange‐traded products (ETPs) – will be expanded to include all National Market System (NMS) stocks. Notice 11‐38: FINRA staff has confirmed with the staff of the SEC that this ratings action by Standard & Poor's does not alter the net capital treatment of these government securities under SEA Rule 15c3‐1(c)(2)(vi)(A) and does not affect the definition of “qualified security” under SEA Rule 15c3‐3(a)(6). Notice 11‐39: Responds to questions regarding the application of Regulatory Notice 10‐06, January 2010, providing guidance on the application of FINRA rules governing communications with the public to social media sites and reminding firms of the recordkeeping, suitability, supervision and content requirements for such communications.

These are direct excerpts designed to provide a useful digest for the reader and an indication of regulatory trends.

The study aims to investigate the factors influencing customers’ behavioral intentions to adopt solar net metering systems (NMS) through environmental consciousness, perceived consumer effectiveness and government initiatives constructs along with “the theory of planned behavior” (TPB) constructs, namely, attitude, perceived behavioral control, behavioral intentions and subjective norms.

The data of 472 respondents were collected from 22 states of India using purposive sampling from January to May 2022. The study used international business machines corporation Statistical Package for Social Sciences software for descriptive analysis, and SmartPLS 3.5.5 software was used for structural equation modeling. The data were also checked for multicollinearity, common method bias, skewness and kurtosis using different tests.

The analysis revealed that environmental consciousness, perceived consumer effectiveness and government initiatives significantly influenced the attitude toward solar NMS. Furthermore, behavioral intentions were significantly impacted by three constructs of TPB, which signifies that environmentally conscious customers have a favorable attitude toward solar NMS adoption. Additionally, the role of government initiatives is essential in promoting solar NMS.

This study offers valuable insights for the government, solar product manufacturing companies and other stakeholders to increase the adoption of solar NMS.

This research explores the factors influencing the consumers’ adoption behavior regarding solar NMS; no dedicated study has tried to do so in the Indian context in the past. This study adds novel underpinnings to TPB, enabling better comprehension of solar NMS adoption.

The purpose of this paper is to investigate the influence of internal capabilities and environmental turbulence on market (e.g. cost leadership and differentiation) and nonmarket (e.g. political and social) strategies (NMS), and considers how these strategies impact financial and non-financial performance in firms in the United Kingdom.

A survey was administered online to 215 practicing managers in the UK. Measures for competitive strategy (i.e. cost leadership and differentiation), NMS, strategic capabilities, market turbulence and firm performance were adopted from or based on previous work. Hypotheses were tested via SmartPLS.

Findings underscore the impact of market turbulence across all market and nonmarket strategy dimensions. Multiple links between capabilities and strategies were identified. Both cost leadership and differentiation were significantly linked to non-financial performance, but only differentiation was significantly linked to financial performance. An increased emphasis on social NMS was linked to higher financial performance, but not non-financial performance. Political NMS was linked to neither financial nor non-financial performance.

The sample included managers in multiple industries. Self-typing scales were utilized to measure market turbulence, emphasis on capabilities, strategic emphasis and firm performance.

Emphasis on social NMS can promote financial performance, but political NMS does not appear to drive either financial or non-financial performance.

This paper provides empirical support for a UK-based model linking market turbulence, strategic capabilities, market and nonmarket strategies, and both social and firm performance. It supports NMS as a key performance driver, but with caveats.