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.
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