SEC Rule 605 & Rule 606
SEC Rule 605 & Rule 606
Empower Financial Services, Inc. (“EFSI”) is the affiliated broker-dealer through which certain Empower retail brokerage services are offered. Pershing, LLC (“Pershing”) serves as EFSI’s clearing firm for its brokerage platform and executes and clears securities transactions on a fully disclosed basis. EFSI is responsible for the public order execution and order routing disclosures for such services, as described below.
Securities and Exchange Commission rules mandate the public disclosure of order execution quality and order routing practices (the “Disclosure Rules”).
Rule 605 (formerly SEC Rule 11Ac1-5) requires covered reporting entities to make publicly available standardized monthly reports containing statistical information about covered order executions in National Market System securities. As of August 1, 2026, Rule 605 applies to market centers, including exchanges, market makers, and alternative trading systems, and to large broker-dealers that introduce or carry 100,000 or more customer accounts.
Rule 606 (formerly SEC Rule 11Ac1-6) requires broker-dealers that route customer orders in equity and option securities to make publicly available quarterly reports that identify the venues to which customer orders are routed for execution.
FINRA Rule 6151 (Disclosure of Order Routing Information for NMS Securities) and FINRA Rule 6152 (Disclosure of Order Execution Information for NMS Stocks) require members to submit to FINRA for centralized publication the order routing reports required under SEC Rule 605 and 606(a).
Such reports are made publicly available here:
Rule 605:
The Karn Group (“TKG”) on behalf of Empower Financial Services, Inc. (MPID: GWFS)
https://nms605.karngroup.com/a9bd892a5231644755773d3d
Rule 606(a):
Pershing LLC on behalf of Empower Financial Services, Inc. (MPID: GWFS)
https://www.orderroutingdisclosure.com/
At Broker-Dealer’s Full Name, type: Empower
FINRA’s centralized SEC 606(a) reporting website, where all current EFSI 606(a) reporting can be found:
NMS Equity and Option Order Routing Reports (SEC 606) | FINRA.org
For Firm Name or CRD#, type: Empower Financial Services, Inc.
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The Empower Financial Services, Inc. clearing firm relationship with National Financial Services LLC ended Q1 of 2024. 606(a) order routing information for that prior relationship is made publicly available here: