Section 1 Short title
This Act may be cited as the “Accurate Pricing for Investors Act”.
Accurate Pricing for Investors Act
A BILL
To require the Securities and Exchange Commission to carry out a study on the need to revise the current tick size regime, and for other purposes.
Sec. 2 Study on the need to revise the current tick size regime
Study— The Securities and Exchange Commission shall carry out a study to—
assess the need to revise the current tick size regime, particularly for stocks that data suggests may be tick-constrained, to improve public price discovery and facilitate fair competition between exchange and non-exchange markets;
examine the impacts of artificially wide spreads that are a function of the tick size regime and their impacts on—
public price discovery; and
facilitating fair competition between exchange and non-exchange markets;
examine whether reducing the tick size for some stocks may lower execution costs for retail investors; and
examine whether identifying non-exchange market centers in trade reports published on the consolidated tape would enhance public price discovery and address market fragmentation.
Report— Not later than the end of the 180-day period beginning on the date of enactment of this Act, the Securities and Exchange Commission shall issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing all findings and determinations made in carrying out the study required under subsection (a).