The Securities and Exchange Commission proposed a new rule as part of a two-year pilot program that would subject stock exchange fee pricing to temporary pricing restrictions. Under the proposal, there would be three test groups – two would have different limits on fees for removing and providing displayed liquidity (with no cap on rebates), and the third would maintain current fee caps and prohibit rebates and linked pricing for removing and providing displayed or undisplayed liquidity. The SEC will accept comments on its proposal for 60 days following its publication in the Federal Register. The Canadian Securities Administrators previously considered adoption of a similar pilot program for Canadian marketplaces but decided not to go forward in 2016. In light of the SEC's implementation of a pilot program now, it will reconsider its prior action, but will propose a pilot program only after publication of a notice for comment (click here for details).