NYSE Texas Aligns Rules: Matching FINRA Standards Now
Published Date: 8/1/2025
Notice
Summary
NYSE Texas is updating its supervision rules to match FINRA’s latest changes. This means eligible members can join FINRA’s remote inspections program and use a new Residential Supervisory Location setup. These updates take effect right away and help keep things smooth and modern for everyone involved.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 3 costs, 1 mixed.
Eligible Firms May Opt Into Remote Inspections
If your brokerage firm is a NYSE Texas Participant Firm and also a FINRA member, the firm may opt into FINRA’s voluntary three-year remote inspections Pilot Program to satisfy inspection obligations for OSJs, branch offices, and non-branch locations. This option is available beginning on the rule’s effective date and through June 30, 2027.
New Risk-Assessment Rules Before Remote Inspections
Participant Firms that choose remote inspections must perform and document a risk-based assessment for each office or location before inspecting it remotely. The assessment must consider factors such as volume of customer complaints, outside business activities, product complexity, vulnerable customers, heightened supervision, failures to follow supervisory procedures, and recordkeeping violations.
Quarterly Data Reporting and Documentation Required
Participant Firms in the Pilot Program must collect specified data and provide it to FINRA quarterly, including counts of offices inspected, counts inspected remotely, counts and lists of findings from remote and on-site inspections, and related information. Firms must also keep a centralized record for each Pilot Year that identifies offices inspected remotely and document results and any additional supervisory steps taken.
Firms Meeting Certain Conditions Are Ineligible
A Participant Firm would be ineligible to use remote inspections during the Pilot Period if, among other things, it is designated a Restricted Firm under FINRA Rule 4111, a Taping Firm under FINRA Rule 3170, receives certain capital-compliance notices under NYSE Texas rules, is suspended from Exchange or FINRA membership, had FINRA membership become effective within the prior 12 months, or was found in violation of office inspection obligations within the past three years.
Rules for Residential Supervisory Locations (RSLs)
The Exchange adopts an RSL classification so a private residence where supervisory activities occur can be treated as a non-branch location if conditions are met, for example: only one associated person (or immediate-family residents) conducts business there, the residence is not held out to the public, no customer meetings occur there, sales activity meets specified conditions, and no customer funds or securities are handled at the residence. If designated an RSL, that location is treated as a non-branch location and inspected on the periodic schedule that applies to non-branch locations rather than the annual OSJ/supervisory-branch schedule.
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