# 2025-22144: SEC Delays Decision on Retail Trading Rule Shenanigans

2025-22144, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, To Amend Rule 11.21 To Allow a Retail Member Organization To Enter a Retail Order Onto the Exchange in a Principal Capacity, is a Federal Register notice from Securities and Exchange Commission published 2025-12-08, effective 2026-02-05 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-22144
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-22144
- Title: Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, To Amend Rule 11.21 To Allow a Retail Member Organization To Enter a Retail Order Onto the Exchange in a Principal Capacity
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 56806
- Published: 2025-12-08
- Effective: 2026-02-05
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

SEC Delays Decision on Retail Trading Rule Shenanigans

## Summary

The Cboe EDGX Exchange wants to change its rules so that retail member organizations can enter retail orders as principals, with new requirements to keep things fair and transparent. The SEC is taking extra time to review this change before deciding if it’s a go or no-go. This affects retail traders and could impact how their orders are handled on the exchange.

## Effects PRIA read

- Proposal: Firms May Act as Retail Principal: mixed, medium. The Exchange proposed to amend Rule 11.21 to allow a Retail Member Organization to enter a Retail Order onto the Exchange in a principal capacity if the requirements of proposed Rule 11.21(g) are satisfied. The SEC is reviewing that proposal and has extended its review period so it will act by Febr…
- New Compliance Steps for Retail Member Firms: cost, medium. The proposed rule would codify new requirements in Rule 11.21(g) and would require Retail Member Organizations to have policies and procedures reasonably designed to ensure compliance with Rule 11.21(g) and to produce documentation evidencing compliance upon request by the Exchange. These requireme…

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## Sources
- [2025-22144 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/08/2025-22144/self-regulatory-organizations-cboe-edgx-exchange-inc-notice-of-designation-of-a-longer-period-for)
- [2025-22144 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-08/pdf/2025-22144.pdf)

## Related
- [Previous: 2025-22143, Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Imm…](https://policyrisk.com/federal-register/2025-22143)
- [Next: 2025-22146, Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing a…](https://policyrisk.com/federal-register/2025-22146)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-22144 (as of 2026-06-08).