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Email The Securities and Exchange Commission (the “SEC”) approved a new Nasdaq Stock Market LLC (“Nasdaq”) rule and proposed its own Rule 15c3-5 under the Securities Exchange Act of 1934 (the “Exchange Act”), each imposing restrictions on what are commonly called “sponsored access” or “direct market access” arrangements. The Nasdaq rule imposes regulatory requirements on Nasdaq members who allow their customers to access the Nasdaq Stock Market using the broker-dealer’s identification. https://www.cadwalader.com/resources/clients-friends-memos/the-securities-and-exchange-commission-approves-nasdaq-rule-on-sponsored-access-and-proposes-a-rule-to-prohibit-naked-sponsored-access-issues-concept-release-on-market-structure