SEC Greenlights Mega-Plan for 30 Exchanges' Rule-Sharing Duties
Published Date: 7/16/2025
Notice
Summary
The SEC just approved an update to the plan that decides who watches over the big stock exchanges and regulators like FINRA. This change affects 30+ exchanges and firms, making sure they share responsibilities smoothly for important market rules and audit trails. The update is effective immediately, with no new costs announced, keeping the market safe and fair without missing a beat.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Who Oversees Regulation NMS and CAT
The Plan assigns FINRA to be the Designated Regulation NMS Examining Authority (DREA) and Designated CAT Surveillance Authority (DCSA) for common members that are FINRA members, and for common members that are not FINRA members the member's DEA (if that DEA operates an exchange that trades NMS stocks) serves as the DREA/DCSA. The Covered Rules include SEA Rules 606, 607, 611, 612, and 613 and the listed SRO Covered CAT Rules.
No Charge for Allocated Oversight
Under the Agreement, a DREA or DCSA shall not charge Participating Organizations for performing the Regulatory Responsibility allocated by the Plan. The Commission approved and declared the amended Plan effective on July 11, 2025.
24X Added to Oversight Plan
The amendment adds 24X National Exchange LLC as a Participating Organization and records the name change of NYSE Chicago to NYSE Texas. If you are a member of 24X or NYSE Texas, your regulatory oversight will now fall under this multi‑SRO allocation framework that the SEC declared effective on July 11, 2025.
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