Sec. 2. Safe harbor for payment for order flow
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Section 28 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78bb ) is amended by adding at the end the following: In this subsection, the term payment for order flow has the meaning given the term in section 240.10b–10(d) of title 17, Code of Federal Regulations, as in effect on the date of enactment of this subsection. No broker or dealer, or any person associated with a broker or dealer, using the mails, or any means or instrumentality of interstate commerce, shall be deemed to have acted unlawfully or to have breached a duty under State or Federal law solely by reason of having received payment for order flow.
Neither the Commission nor any national securities exchange or registered securities association may promulgate any rule or regulation that prohibits, limits, or directs the receipt or use of payment for order flow by— a broker or dealer; or any person associated with a broker or dealer. Nothing in this subsection may be construed to impair or limit the power of the Commission, any national securities exchange, or any registered securities association with respect to any other duties applicable to the execution of a customer’s order by a broker or dealer. .
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Sec. 2
Safe harbor for payment for order flow
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