Cboe EDGX Updates Disqualification Policies for Members
Published Date: 5/11/2026
Notice
Summary
Cboe EDGX Exchange is updating its rules about members or their associates who face legal disqualifications, making sure their policies match industry standards like FINRA’s. This change affects anyone involved with the Exchange who might be disqualified by law and takes effect immediately, helping keep the market fair and trustworthy without extra costs. The Exchange is also asking for public feedback on these updates.
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Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Short 10‑Day Filing Deadline and Revocation Risk
If a sponsoring Member must file an application or written request for relief in certain circumstances, the proposed rule states the filing must be made within a 10-day period. If the Member fails to file within 10 days, the registration of the disqualified person will be revoked and the sponsoring Member must promptly terminate association with that person.
Rules Harmonize with FINRA to Reduce Duplication
If you are a Cboe EDGX Member that is also a FINRA member, the Exchange is changing its statutory-disqualification rules to largely conform to FINRA’s procedures and rely on FINRA processing. This alignment and use of the FINRA No-Action Letter may reduce duplicate filings and the number of Exchange 19h-1 notices required for dual members.
Exchange Requires Filings for Affiliates Under Common Control
Under current Exchange rules, an entity that is an affiliate under common control of a Member is considered a person associated with the Member, and a firm with such an affiliate that becomes statutorily disqualified is required to file an application with the Exchange even if FINRA would not require a filing. The filing obligation therefore applies to Members with affiliates under common control.
Rule Change Became Operative Immediately
The Commission waived the usual 30-day operative delay and designated the Exchange’s proposed rule change as operative upon filing. The Exchange filed the change on April 28, 2026, so the new procedures became operative as of that filing date.
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