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.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-11919 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule Concerning Equities Transaction Pricing
MEMX is changing its fees starting June 1, 2026, by lowering some rebates for certain stock trades that add liquidity, especially for hidden and price-improved orders. These updates affect traders and members who use MEMX, meaning they might earn a bit less back on some trades. The goal? Keep things fair and balanced while keeping the exchange running smoothly.
2026-11927 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rules 18.7 and 18.9 To Permit an Increase in Position and Exercise Limits for Options on IBIT
MEMX is raising the limits on how many options traders can hold and exercise for the iShares Bitcoin Trust ETF (IBIT). This change affects anyone trading IBIT options and lets them handle bigger positions starting right away. It’s designed to keep MEMX competitive and support growing market interest without any immediate cost impact.
2026-11922 — Self-Regulatory Organizations; Green Impact Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.240 (Trade Reporting and Dissemination of Quotations) To Conform With Amendments to Rules 600 and 603 of Regulation NMS Approved by the Commission That Concern the Reporting and Dissemination of Odd-Lot Information, and an Additional Ministerial Change to Rule 11.220 To Correct a Typographical Error
Green Impact Exchange is updating its trade reporting rules to match new federal rules about sharing odd-lot trade info (small stock orders). They’re also fixing a tiny typo in another rule. These changes take effect right away and help keep trading info clear and accurate for everyone involved.
Previous / Next Documents
Previous: 2025-13263 — Self-Regulatory Organizations; The Options Clearing Corporation; Order Granting Approval of Proposed Rule Change by The Options Clearing Corporation Concerning the Adoption of the Amended and Restated Participant Exchange Agreement Between OCC and Each of the National Securities Exchanges That List Equity Options
The Options Clearing Corporation (OCC) is updating its agreement with all national stock exchanges that list equity options to improve how they work together. This new deal replaces the old one from 2007, making sure clearing services run smoothly and clearly for everyone involved. The change kicks in soon and doesn’t affect costs, but it keeps the system fresh and ready for the future.
Next: 2025-13265 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Introduce a New Credit Under Equity 7, Section 118(a)
Nasdaq is rolling out a new credit to reward members who add lots of displayed liquidity—meaning they help keep the market active—by paying $0.0029 per share for stocks if they meet certain volume goals each month. This change kicks in right away and aims to encourage more trading activity on Nasdaq, benefiting active traders and the market overall.