Program for Allocation of Regulatory Responsibilities Pursuant to Rule 17d-2; Notice of Filing of Proposed Plan for the Allocation of Regulatory Responsibilities Between the Financial Industry Regulatory Authority, Inc. and Texas Stock Exchange LLC
Published Date: 2/2/2026
Notice
Summary
FINRA and Texas Stock Exchange (TXSE) teamed up to split who watches over their shared members, so these companies won’t get double-checked and pay extra fees. This new plan, filed with the SEC, aims to make regulation smoother and less costly starting soon. If you’re part of these groups, expect clearer rules and fewer inspections coming your way!
Analyzed Economic Effects
5 provisions identified: 2 benefits, 1 costs, 2 mixed.
FINRA to Cover ‘Common Rules’
FINRA and the Texas Stock Exchange filed a January 12, 2026 plan under Rule 17d-2 where FINRA would assume examination and enforcement responsibilities for TXSE members that are also FINRA members (called "Dual Members") with respect to TXSE rules that are listed as "Common Rules." The filing says the Plan is intended to reduce regulatory duplication and unnecessary multiple examinations of common members.
FINRA to Process Registrations and Filings
Under the Agreement, FINRA will be responsible for processing and acting on applications for partners, officers, registered personnel, branch office openings/address changes/terminations, customer complaints, and advertising filings for Dual Members, and will handle enforcement proceedings for apparent violations of the Common Rules. The Agreement was filed with the SEC on January 12, 2026.
TXSE Keeps Trading Surveillance and DEA Duties
The Plan explicitly leaves with TXSE full responsibility for surveillance, examination, investigation and enforcement of trading activities or practices on TXSE's marketplace, TXSE's duties as a Designated Examining Authority under Rule 17d-1, and any TXSE rules that are not listed as Common Rules. That means Dual Members will still be subject to TXSE oversight for marketplace trading and DEA-related matters.
TXSE May Keep Concurrent Jurisdiction in Some Probes
The Plan provides that if a Dual Member is the subject of an investigation related to a transaction on TXSE, TXSE may, in its discretion, assume concurrent jurisdiction and responsibility for that matter even though FINRA will generally process apparent violations of Common Rules. The Agreement was filed with the SEC on January 12, 2026.
No FINRA Charge Now; 90-Day Notice Possible
The Agreement states there shall be no charge to TXSE by FINRA for performing the assigned Regulatory Responsibilities, but FINRA may decide to impose a charge in the future if it provides TXSE with 90 days advance written notice. If FINRA imposes a charge, TXSE may terminate the Agreement rather than accept the charge.
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