Thread by @dlauer

Today the SEC proposed the most significant changes to US market structure since Regulation NMS was passed, in 2005. These proposals incorporate many of the ideas that we - #WeTheInvestors - presented to the SEC earlier and repeatedly this year.

#WeTheInvestors have had a significant impact on the SEC’s actions - through our dialogue, our proposals, and our presence. These rule proposals are the culmination of those efforts.

But these proposals are only the beginning. Over the coming weeks, We The Investors plans to take seven action steps:
1. Read more than 1,600 pages of rule proposals. Yikes!

2. Write up summaries of the rule proposals with critical elements that we believe retail investors should be paying attention to.

3. Lead a comment letter campaign to ensure that our voices are not drowned out by conflicted industry firms. This will include writing up comment letters that you can use as a template, to either file in their entirety or to write your own.

4. Engage directly with you to answer any questions and discuss ways of getting involved in our effort to fight against the firms that will do everything possible to prevent these rules from being enacted.

5. Engage with the SEC Chair and Commissioners to bring your questions directly to them, and ensure that we are all being heard.
6. Plan a roundtable with industry experts to get their thoughts and opinions on both the proposals and our ideas for improvements or alternatives.

7. And, continue to promote the sign-on letter for our second effort, focused on FTDs, settlement/clearing, DRS and other issues (we’ve extended the deadline to sign).
urvin.finance/advocacy/we-th…

We're going to have many exciting announcements regarding our efforts & direct interactions w/the SEC coming soon. In the meantime, if you want to make sure that conflicted firms aren't able to write rules that advantage them, sign-up to join our efforts: urvin.finance/advocacy/equit…

Also as soon as the rules are up, I'll have links, high-level summaries, and thoughts to share! I'll be watching the SEC's open meeting, which starts at 11am and will be livestreamed: sec.gov/news/upcoming-…

So to kick things off - and I can hardly believe I'm writing these words - we'll be hosting a Twitter space with @GaryGensler this Friday, December 16th at 2pm, with our partners @tigerhillDC

twitter.com/i/spaces/1Yqxo…

The call will explicitly and exclusively focus on the rules proposals announced today. I know there are other issues and questions many of you - and I - would like to ask.

We will have the opportunity to ask those in the future, but for this week we are focused on the most significant changes to market structure in 17 years!