Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend IEX Rules 2.230 and 2.190 Regarding Retention of Jurisdiction and Voluntary Termination
Published Date: 2/2/2026
Notice
Summary
IEX is updating its rules to make it clearer how it keeps authority over former members and how members can quit the Exchange smoothly. This change affects brokers and dealers who are part of IEX, making membership exit simpler without any surprise costs or delays. The new rules kicked in right after filing on January 22, 2026, so members can start using them immediately.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 3 costs, 0 mixed.
One-Year Notice Keeps Enforcement Power
If you are a former IEX Member or a person who was associated with a Member, IEX can still pursue disciplinary matters that happened before you left so long as the Exchange provides written notice that an inquiry has begun within one year of the Exchange receiving your termination notice. This replaces the prior two-year rule that required filing a complaint within two years.
Faster Voluntary Termination Process
IEX removed the requirement that investigations and examinations be completed before a Member's voluntary termination takes effect, and it removed the 30-day automatic waiting period. That means Members can end membership more quickly without waiting for ongoing exams or investigations to finish.
Broader Financial Clearing Before Exit
Before a voluntary termination becomes effective, a Member must pay any outstanding fees, assessments, charges, fines, or other amounts due not only to the Exchange but also to the Commission and SIPC. The rule expands the prior requirement to pay indebtedness to the Exchange to include amounts owed to the Commission and SIPC.
Board Can No Longer Fast-Track Resignations
IEX proposes to remove the existing rule language that allowed the Board to declare a Member's resignation effective earlier than the rule conditions. That means Members can no longer rely on a Board override to make a resignation effective sooner.
Rules Effective Immediately After Filing
IEX designated this filing as non-controversial and the proposed amendments became effective upon filing on January 22, 2026, so Members can rely on the new one-year notice and streamlined termination process immediately. The Commission may suspend the change within 60 days if it acts to protect investors or the public interest.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-19260, Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4
The SEC wants to stop its federal rule that controls how shareholders can make proposals at company meetings, letting state laws and company rules take over instead. They’re also changing rules so companies can sometimes vote on proposals not in their official materials—but shareholders can opt out if they want. This affects investors and companies, with comments open until November 20, 2026, and could shake up how shareholder voices are heard and counted.
2026-18424, Political Contributions by Certain Investment Advisers
The Securities and Exchange Commission (the "Commission" or the "SEC") is proposing to rescind the political contribution rule under the Investment Advisers Act of 1940 (the "Advisers Act"), which prohibits investment advisers from providing investment advisory services for compensation to a government client for two years after an adviser or any covered associate of the adviser makes a contribution to certain categories of elected officials or candidates, among other prohibitions. In the more than fifteen years since the rule was adopted, implementation challenges associated with the political contribution rule have resulted in a range of significant unintended consequences, including compliance practices among some investment advisers that may have had the effect of restricting all political contributions by the investment advisers and their employees. Market participants also have stated that the political contribution rule is burdensome, complex, and both lacks clarity and creates a de facto strict liability standard. The Commission is of the view that other existing requirements of the Advisers Act and its associated rules, including prohibitions on fraud, fiduciary duty requirements, the compliance rule, and the code of ethics rule (defined below), are likely sufficient to address pay-to-play practices while allowing an adviser the flexibility to implement an approach that is more appropriately tailored to its particular risks, rendering the political contribution rule unnecessary. The Commission also is proposing to amend the rule under the Advisers Act pertaining to books and records consistent with the proposed rescission.
2026-18190, Transfer Agent Rules
The U.S. Securities and Exchange Commission ("SEC" or "Commission") is proposing to adopt new rules, amend existing rules, amend the existing form for registration with the Commission as a transfer agent (Form TA-1) and the existing form for reporting activities of transfer agents (Form TA-2), and rescind an existing rule governing registered transfer agents. The proposals are designed to modernize the rules governing registered transfer agents.
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
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.
Previous / Next Documents
Previous: 2026-01987, Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule General 8 Section 1 Related to Co-Location Services
Nasdaq BX is changing how it charges for co-location services, which means companies that rent space in its data centers will pay based on power usage instead of how many devices they pack in. This new pricing kicks in right away and aims to make fees clearer and fairer. If you use Nasdaq BX’s co-location spots, get ready for a fresh fee setup that could affect your costs starting now!
Next: 2026-01989, Hazardous Materials: Request for Feedback on Hazmat Transportation Risks: Heavy-Duty Electric Vehicles Versus Internal Combustion Engine Motor Carriers
The Department of Transportation wants your thoughts on how safe it is to haul hazardous materials using big electric trucks compared to traditional gas or diesel ones. They’re looking at how this switch might affect safety, emergency plans, and rules. If you’re involved in hazmat transport, speak up by May 4, 2026, to help shape future research and policies—this could impact costs and safety standards down the road!