# 2025-20880: 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 2025-20880, 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, is a Federal Register notice from Securities and Exchange Commission published 2025-11-25, effective 2025-11-20; PRIA reads it as touching household money (as of 2026-06-08). - Canonical: https://policyrisk.com/federal-register/2025-20880 - As of: 2026-06-08 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Document number: 2025-20880 - Title: 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 - Type: Notice - Agencies: Securities and Exchange Commission - Citation: 90 FR 53405 - Published: 2025-11-25 - Effective: 2025-11-20 - Comments close: not stated - Significant: no - Touches household money: yes - Regulation identifier numbers: none - Last updated: 2026-06-08 ## 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! ## Effects PRIA read - Green Impact Exchange Added To Plan: benefit, low. 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… - Fewer Duplicate Exams For Common Members: benefit, medium. 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… - Designated Authorities Won't Charge For Duties: benefit, low. 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… - Plan Promotes Investor Protection And Coordination: benefit, low. 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 effectiv… ## Related documents - [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06 - [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21 - [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10 - [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04 - [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21 - [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17 ## Sources - [2025-20880 on federalregister.gov](https://www.federalregister.gov/documents/2025/11/25/2025-20880/program-for-allocation-of-regulatory-responsibilities-pursuant-to-rule-17d-2-notice-of-filing-and) - [2025-20880 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-11-25/pdf/2025-20880.pdf) ## Related - [Previous: 2025-20879, Center for Scientific Review; Notice of Closed Meetings](https://policyrisk.com/federal-register/2025-20879) - [Next: 2025-20881, Center for Scientific Review; Notice of Closed Meetings](https://policyrisk.com/federal-register/2025-20881) - [All Federal Register documents](https://policyrisk.com/federal-register) Source: PRIA, https://policyrisk.com/federal-register/2025-20880 (as of 2026-06-08).