Program for Allocation of Regulatory Responsibilities Pursuant to Rule 17d-2; Notice of Filing and Order Approving and Declaring Effective an Amendment to the Plan for the Allocation of Regulatory Responsibilities Between Cboe BZX Exchange, Inc., Cboe BYX Exchange, Inc., BOX Exchange LLC, Cboe Exchange, Inc., Cboe C2 Exchange, Inc., NYSE Texas, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc., Financial Industry Regulatory Authority, Inc., Long-Term Stock Exchange, Inc., MEMX LLC, Nasdaq ISE, LLC, Nasdaq GEMX, LLC, Nasdaq MRX, LLC, Investors Exchange LLC, Miami International Securities Exchange, LLC, MIAX PEARL, LLC, MIAX Emerald, LLC, MIAX Sapphire, LLC, The Nasdaq Stock Market LLC, Nasdaq BX, Inc., Nasdaq PHLX LLC, NYSE National, Inc., New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., Long-Term Stock Exchange, Inc., 24X National Exchange LLC, and Green Impact Exchange, LLC Concerning Covered Regulation NMS and Consolidated Audit Trail Rules
Published Date: 11/25/2025
Notice
Summary
The SEC just approved a new plan that updates how 35 stock exchanges and FINRA share their regulatory duties, especially around important trading rules and audit trails. This change helps these groups work better together to keep markets fair and transparent, with no new costs for the public. The update kicks in right away, making sure everyone’s on the same page fast!
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Fewer Duplicate Exams For Common Members
The amended Plan allocates examination and surveillance duties so that a single designated authority (DREA and DCSA) handles covered Regulation NMS and Consolidated Audit Trail (CAT) rules for common members. The Commission found this allocation should reduce unnecessary regulatory duplication and promote efficiency, reducing costs to common members.
Green Impact Exchange Added To Plan
The amendment filed September 23, 2025 adds Green Impact Exchange, LLC (GIX) as a Participating Organization to the multi‑party Rule 17d‑2 Plan. The Commission approved and declared the amended Plan effective on November 20, 2025, so GIX is now included among the Participating Organizations listed in the Plan.
Designated Authorities Won't Charge For Duties
Under the Agreement, a Designated Regulation NMS Examining Authority (DREA) or Designated CAT Surveillance Authority (DCSA) shall not charge Participating Organizations for performing the regulatory responsibilities assigned under the Plan. The Plan states explicitly: 'A DREA/DCSA shall not charge Participating Organizations for performing the Regulatory Responsibility under this Agreement.'
Plan Promotes Investor Protection And Coordination
The Commission found the amended Plan to be 'necessary or appropriate in the public interest and for the protection of investors' and concluded it fosters cooperation among self‑regulatory organizations and removes impediments to the national market system. The Commission declared the Plan effective to implement that allocation.
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